Company Interview / Fergus is stocking the warehouse with this healthcare pick

Key Points:

Preference for Sigma Healthcare (ASX:SIG) as a leveraged Chemist Warehouse growth play REA Group (ASX:REA) viewed as high quality despite macro, CGT and AI concerns Deterra Royalties (ASX:DRR) favoured as a more defensive mining exposure

Fergus Humble from Morgans sets out a constructive view on several healthcare, technology and resources names, highlighting both cyclical and structural themes across the ASX.

Humble points to Sigma Healthcare (ASX:SIG) as a preferred way to gain exposure to the Chemist Warehouse growth story, citing double-digit growth, GLP‑1 tailwinds and international expansion plans in the UK and New Zealand. In large-cap healthcare, Humble views CSL (ASX:CSL) as facing execution rather than structural issues and prefers to monitor the stock after a series of downgrades.

In technology, Humble stays positive on REA Group (ASX:REA), despite macro headwinds, regulatory uncertainty around CGT and concerns about Google and AI search. He notes robust double-digit revenue and EBITDA growth, resilient listings and the ability to push through price increases, particularly in premium products and Lux listings.

Within resources, Humble highlights Deterra Royalties (ASX:DRR) for iron ore and lithium exposure without direct mining execution risk, given its royalties over BHP’s $BHP Mining Area C and the Thacker Pass lithium project backed by General Motors. He also cites ongoing optimism around BHP, Rio Tinto $RIO and ALS (ASX:ALQ), supported by strong iron ore prices, copper exposure and broader mining services demand.