Company Interview / What's on Heath's "buy" list

Key points:

Moss expects strong US earnings and AI-driven capex to support mega-cap tech Favourable on selective Aussie tech: WiseTech, TechnologyOne, ResMed, Pro Medicus Cautious on Cochlear, prefers CSL among large-cap healthcare Positive on copper and resources: BHP, Sandfire, Develop Global, AIC Mines, plus gold Near-term Australian market outlook seen as challenging due to rates and geopolitics

Heath Moss from HLM Investments views global markets as relatively resilient, with geopolitical tensions around Iran receding in importance while investors refocus on US earnings. Moss notes that US reporting season starts strongly, highlighting the major banks, Tesla (NASDQ:TSLA) and Intel (NASDAQ:INTC) as examples of robust results. He expects next week’s mega-cap tech updates from the likes of Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) to be strong, with guidance and capital expenditure on AI likely to drive sentiment.

Moss points to accelerating AI demand, citing Google’s TPU progress and surging workloads, as well as growing sales at Anthropic. He suggests this theme is already constraining chip supply and supporting the broader tech complex. For local tech, Moss prefers selective exposure, favouring WiseTech Global (ASX:WTC), TechnologyOne (ASX:TNE), ResMed (ASX:RMD) and Pro Medicus (ASX:PME), arguing these businesses have durable moats and can use AI to enhance rather than threaten their models. He is more cautious on Life360 (ASX:360), seeing potential for disruption.

In healthcare, Moss is sceptical on Cochlear (ASX:COH) near term, questioning management credibility but still rating its products. He prefers CSL (ASX:CSL) on blood plasma growth, and sees the best opportunities in resources, especially copper names such as BHP (ASX:BHP), Sandfire Resources (ASX:SFR), Develop Global (ASX:DVP) and AIC Mines (ASX:A1M), with some gold exposure.