4 new ASX names enter Morgan Stanley’s Leading Ideas Portfolio

LiveWire12-03

In a market that is becoming increasingly selective, Morgan Stanley Wealth Management has updated its Australia Leading Ideas Equity Model Portfolio via a recent research note, adding new positions, ...

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The changes offer a window into the stocks the team believes can drive performance into 2026, particularly at a time when earnings certainty has become more valuable than ever.This is not a top-down thematic rotation. The newly added companies operate in four completely different industries. What unites them is that each is delivering identifiable progress that Morgan Stanley believes the market has yet to fully appreciate. These four stocks receive the greatest attention in the report, although the strategy team also made several trims and removals to sharpen the overall positioning.Below, we break down what has entered the portfolio, what has been removed, and how the weightings have shifted.REA Group : A textbook example of pricing power","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","STO.AU":"SANTOS LIMITED","WES.AU":"WESFARMERS LTD","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","SUN.AU":"SUNCORP GROUP LTD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","REA.AU":"REA GROUP LTD","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","BK7016":"应用软件","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","BK7153":"综合零售","BHP.AU":"BHP GROUP LTD","BSL.AU":"BLUESCOPE STEEL LTD","BK7082":"大卖场与超市","PLS.AU":"PILBARA MINERALS LTD","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","BK7095":"多种金属与采矿","LU0345774391.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) ACC","SCG.AU":"SCENTRE GROUP","BK7510":"REITs概念","XRO.AU":"XERO LTD","MS":"摩根士丹利","BK4516":"特朗普概念","SEK.AU":"SEEK LTD","BK4079":"房地产服务","CSGP":"科斯塔","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","CAR.AU":"CAR GROUP LTD","BK7034":"财产与意外伤害保险","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0882574139.USD":"富达环球消费行业基金A ACC","COL.AU":"COLES GROUP LTD","RIO.AU":"力拓","BK7501":"新冠治疗股","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","SIG.AU":"SIGMA HEALTHCARE LTD","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","BK4588":"碎股","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0971096721.USD":"富达环球金融服务 A","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","BK7041":"综合货品商店","LU0557290698.USD":"施罗德环球可持续增长基金"},"translate_title":"4个澳大利亚证券交易所新名称进入摩根士丹利领先创意组合","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SCG.AU":1,"STO.AU":1,"CSGP":1,"SIG.AU":1,"COL.AU":1,"SUN.AU":1,"REA.AU":1,"WES.AU":1,"RIO.AU":1,"SEK.AU":1,"XRO.AU":1,"BHP.AU":1,"BSL.AU":1,"CAR.AU":1,"MS":0.9,"PLS.AU":1},"content_text":"In a market that is becoming increasingly selective, Morgan Stanley Wealth Management has updated its Australia Leading Ideas Equity Model Portfolio via a recent research note, adding new positions, removing others, and rebalancing. The changes offer a window into the stocks the team believes can drive performance into 2026, particularly at a time when earnings certainty has become more valuable than ever.\nThis is not a top-down thematic rotation. The newly added companies operate in four completely different industries. What unites them is that each is delivering identifiable progress that Morgan Stanley believes the market has yet to fully appreciate. These four stocks receive the greatest attention in the report, although the strategy team also made several trims and removals to sharpen the overall positioning. \nBelow, we break down what has entered the portfolio, what has been removed, and how the weightings have shifted.\nREA Group (ASX: REA): A textbook example of pricing power\n\n\n\n\n\n\n\n\n\n\nREA 1-year chart. Source: Market Index\n\nThe decision to add REA Group reflects Morgan Stanley’s confidence in the company’s ability to grow through pricing and product expansion. The team describes REA’s model as one with “strong pricing power” and highlights the company’s capacity to generate “compounding shareholder value” through annual rate increases and higher depth penetration.\nThe report notes that REA’s margins are expected to advance from roughly 56% in FY25 to about 63% in FY28, underscoring the operational leverage that continues to support the business even as listing volumes fluctuate.\nMorgan Stanley also points to an expected 11% yield increase in FY26 and FY27, driven by a combination of price changes, rising depth take-up and incremental revenue from new products. While the report acknowledges risks including competition from CoStar (NASDAQ: CSGP), technological change, and leadership transition, the team states that REA’s current valuation “adequately reflects these risks” while still undervaluing its longer-term earnings opportunities.\nREA is the clearest example in this update of a company that retains control over its own destiny through the power of its platform.\nSigma Healthcare (ASX: SIG): A multi-year synergy and scale story\n\n\n\nSIG.png\" srcset=\"https://www.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBMVliRGc9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--f3bc52fa92b71849b1ae17d8bdba707b491b7793/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBPZ2wzWldKd09oUnlaWE5wZW1WZmRHOWZiR2x0YVhSYkIya0NBQVZwQXNBRCIsImV4cCI6bnVsbCwicHVyIjoidmFyaWF0aW9uIn19--8ed202be42b57b2a4a9aaabac30fb37339436460/SIG.png, https://www.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBMVliRGc9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--f3bc52fa92b71849b1ae17d8bdba707b491b7793/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBPZ2wzWldKd09oUnlaWE5wZW1WZmRHOWZiR2x0YVhSYkIya0NBQXBwQW9BSCIsImV4cCI6bnVsbCwicHVyIjoidmFyaWF0aW9uIn19--70530cc4acf6d76d2364263e13f5c6d6ed63307a/SIG.png 2px\" type=\"image/webp\" width=\"1280\"/>\n\n\n\n\n\n\nSIG 1-year chart. Source: Market Index\n\nThe second addition is Sigma Healthcare, which Morgan Stanley describes as “Australia’s largest domestic pharmacy distributor and franchisor.” Sigma’s merger with Chemist Warehouse has created a step-change in scale, and the report emphasises that the business is benefiting from strong sales momentum across major categories and elevated demand for GLP-1 therapies.\nMorgan Stanley highlights management’s target of $100 million in cost and revenue synergies, most of which are expected to emerge in years three and four. The team applies a blended valuation approach, resulting in a target price of $3.30, supported by expectations of network sales growth in the low double digits through FY26 and FY27.\nWhere REA offers pricing power, Sigma offers scale, operational uplift and defensive growth. In an environment where investors are rewarding visibility, Sigma’s long-term synergy profile appears to fit neatly into the portfolio.\nPilbara Minerals (ASX: PLS): Positioned for a recovery in lithium markets\n\n\n\n\n\n\n\n\n\n\nPLS 1-year chart. Source: Market Index\n\nThe addition of Pilbara Minerals brings cyclical exposure back into the model, although the report frames it as a quality-led opportunity rather than a speculative bet on commodity prices.\nMorgan Stanley states that the investment case centres on Pilbara’s “operational leverage and lithium market recovery potential.” The most recent quarterly result was a highlight, with mining rates running “approximately 45-50%” ahead of consensus expectations and unit costs “7-8% better” than forecast. Lithium recovery also improved meaningfully, rising to 78.2%.\nThe team believes lithium prices “have likely troughed” and that Pilbara’s production growth and post-expansion cost position place it in a strong position for the next phase of the cycle. Expansion optionality at Pilgangoora adds further appeal.\nPilbara is included not because the sector is fashionable again, but because it is executing well in a difficult commodity backdrop.\nBlueScope Steel (ASX: BSL): Resilience and improving US spreads\n\n\n\n\n\n\n\n\n\n\nBSL 1-year chart. Source: Market Index\n\nBlueScope Steel rounds out the new additions. The company has produced solid returns despite weak steel spreads in Asia and a subdued domestic construction cycle. Morgan Stanley points out that BlueScope delivered $738 million of underlying EBIT in FY25 and achieved a return on invested capital of around 6% in a tough environment.\nThe team notes signs of improvement, most notably in the United States, where spreads are expected to rise to about $480 per tonne in the first half of FY26. BlueScope is also progressing a cost improvement program targeting more than $200 million in FY26, along with longer-term initiatives that could produce around $500 million in incremental EBIT by 2030.\nBlueScope does not offer explosive growth, but the report characterises it as a company with a balanced risk-to-reward profile and a stable foundation for long-term returns.\nFour stocks removed from the model\nMorgan Stanley also exited several positions to make room for the new names and to maintain alignment with its broader Macro+ framework.\n\n\nXero (ASX: XRO) - Removed due to recent volatility and a shift in active weighting within the associated Macro+ model. This was not presented as a fundamental downgrade.\n\nScentre Group (ASX: SCG) - Removed after the Morgan Stanley strategy team moved domestic real estate from overweight to equal weight. The decision reflects positioning rather than a change in the business outlook.\n\nSantos (ASX: STO) - Removed because its “estimated risk-adjusted returns” were assessed as median across the energy coverage universe.\n\nCAR Group (ASX: CAR) - Removed in line with adjustments to the Macro+ model. The business remains high quality, but the portfolio is being refocused elsewhere.\n\nReweighting the existing holdings\nPortfolio weights were also adjusted to control volatility, tracking error and sector concentration.\nPositions reduced: \n\nBHP Group (ASX: BHP)\nWesfarmers (ASX: WES)\n\nPositions increased:\n\nColes (ASX: COL)\nRio Tinto (ASX: RIO)\nSeek (ASX: SEK)\nSuncorp (ASX: SUN)\n\nThese adjustments help fund the new ideas while maintaining a balanced profile across defensives, cyclicals and growth.\nA bottom-up refresh rather than a thematic swing\nThe latest update to Morgan Stanley’s Leading Ideas Portfolio does not signal a single unifying theme. Instead, it highlights four companies that are delivering tangible progress with credible catalysts. Whether through pricing, synergy capture, operational leverage or cyclical recovery, each new inclusion brings its own pathway to returns.\n\n\n\n\nNever miss an update\n\n    Enjoy this wire? 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