Telstra (ASX: TLS), ASX Ltd (ASX: ASX), Cleanaway (ASX: CWY), and Perpetual (ASX: PPT)

Hi David,

• Telstra (ASX: TLS) – We discussed TLS in detail 2-months ago here, concluding “MM is bearish towards TLS around $5.10“. The stocks now trading ~$4.80, even though the ASX has recently tested all-time highs. We saw nothing in this week’s result to see us buying TLS here, but we would get more interested in the mid $4 area (~$4.50) for the Income Portfolio.
• ASX Ltd (ASX: ASX) – Has hit our short-term target ~$64 but we wouldn’t go short as market turnover increases – so far, the average turnover in 2026 is +9.6% that of 2025. Plus, surely the company cannot kick any more own goals! We’re more positive than negative on the ASX here and now.
• Cleanaway (ASX: CWY) – The risk around the EQT bid appears to be price, i.e. whether EQT’s indicative $3.13 offer is sufficient to win over shareholders given the quality of Cleanaway’s hard-to-replicate infrastructure assets, even accounting for the company’s recent operational disappointments. The stock trading ~15% below the bid suggests optimism is low. Regulatory approval is the other hurdle, with both ACCC and FIRB clearance required, but at this stage there’s no obvious indication that either is a deal-breaker.
• Perpetual (ASX: PPT) – has two potential suitors, with EQT progressing due diligence and Janus Henderson reportedly emerging as a competing bidder, potentially adding tension to the process. Separately, PPT has agreed to sell Wealth Management to Bain Capital for A$500–600m, with completion due in 4Q26 and proceeds largely used to reduce debt. Ultimately PPT looks likely to be sold but the successful suitor and price are no foregone conclusion.

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Telstra Group Ltd (TLS)

LAST UPDATED 14/08/2026 10:49

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Telstra Group Ltd (TLS)

LAST UPDATED 14/08/2026 10:49