1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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Key points:
Strong outlook for ResMed (ASX:RMD) amid market share gains and margin expansion Favourable view on beaten-down Australian tech stocks: Pro Medicus (ASX:PME), Technology One (ASX:TNE), WiseTech Global (ASX:WTC), Xero (ASX:XRO) Amazon (NASDAQ: AMZN) identified as a US tech pick due to multiple growth drivers and investment in AI Positive long-term stance on energy (Santos, Woodside) and copper producers BHP, South32, AIC Mines, Develop, and Firefly
Heath Moss of HLM Investments expresses a strong preference for ResMed (ASX:RMD), highlighting its consistent outperformance and recent solid results, including beating revenue and EPS estimates. Moss points to ResMed’s gross margin, which has widened by 320 basis points to 62%, reflecting improved manufacturing and logistics costs. With Philips still unable to participate in the US market due to ongoing issues, Moss sees ResMed as capturing increasing market share. He remains comfortable accumulating ResMed for long-term growth, particularly while the price remains under $40.
Moss notes ongoing pressure across the Australian tech sector, which he attributes to valuations normalising from prior highs. Despite this, he continues to accumulate quality names such as Pro Medicus (ASX:PME), Technology One (ASX:TNE), WiseTech Global (ASX:WTC), and Xero (ASX:XRO), observing strong earnings growth and market leadership in niche segments. For US tech, Moss is particularly upbeat on Amazon ($AMZN), citing its favourable position for 2026, efficiency gains, and significant ownership in Anthropic, which he expects to outperform OpenAI over time.
Turning to resources and energy, Moss has recently added Santos (ASX:STO) and Woodside (ASX:WDS), focusing on long-term gas demand. He is bullish on copper, monitoring producers BHP (ASX:BHP), South32 (ASX:S32), AIC Mines (ASX:A1M), Develop (ASX:DVP), and Firefly (ASX:FMG), as AI and robotics drive a global resurgence in industrial metals demand.
