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Gavin Wendt, MineLife
BUY RECOMMENDATIONS
Matsa Resources (MAT)
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Chart: Share price over the year

All eyes are on the company’s Killaloe project in Western Australia, which has been previously explored for nickel. Sirius Resources, and now S2 Resources, have a record of exploration success at Polar Bear, which is right next door to the Killaloe project. Killaloe’s potential to host similar high grade gold mineralisation is a major draw card for investors. We will be examining further exploration results with great interest. 
Antipa Minerals (AZY)
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Chart: Share price over the year

The stock maintains a first class acreage position within the mineral rich Telfer province of Western Australia. An agreement with mining behemoth Rio Tinto Exploration allows Rio to spend up to $60 million on Antipa’s Citadel project. Also, Antipa has separately started drilling on a new and highly prospective gold deposit called Minyari, where mineralisation was outlined by previous owners. Antipa’s projects already boast a sizeable 1.6 million ounce gold equivalent JORC resource.
HOLD RECOMMENDATIONS
Aurora Minerals (ARM)
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Chart: Share price over the year

Represents a mini resource investment house. Under a revamped and experienced management team, ARM has utilised its cash reserves to invest in three promising up and coming ASX-listed resource plays, encompassing gold exploration in West Africa and base metals, lithium and graphite in South Korea. Aurora has cash and investments totalling $12.9 million, which compares with a recent market value of just $5.8 million  – a 55 per cent discount to net tangible assets.
West African Resources (WAF)
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Chart: Share price over the year

The company continues to be boosted by high grade gold results from drilling on its M1 deposit in Burkina Faso. Gold mineralisation at its M1, M2, M3 and M5 deposits is so robust that the company in now investigating a larger scale CIL (carbon in leach) development scenario, where an expanded bankable feasibility study is underway. The key is the high grade nature of gold mineralisation being encountered, which should enhance project economics and boost overall mine life.
SELL RECOMMENDATIONS
BHP Billiton (BHP)
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Chart: Share price over the year

The mining giant has recovered from its lowest levels since the GFC – below $15 – to trade at $18.67 on June 30. In my view, the stock would have continued to fall if not for a minor rally in the iron ore price during the first half of 2016. The outlook for iron ore is static at best and BHP has its fortunes heavily tied to this one commodity, which accounts for around 50 per cent of its earnings. 

Woodside Petroleum (WPL)
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Chart: Share price over the year

Despite a robust performance by crude oil prices so far in 2016, Woodside’s share price performance fails to reflect this, registering only modest gains. This is likely due to the company’s big LNG exposure and not as much exposure to crude oil prices compared to other international petroleum heavyweights. Also, uncertainty exists around the profitability of expensive LNG developments, as the cost of energy falls. 
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Matthew Litchfield, PhillipCapital
BUY RECOMMENDATIONS Crown Resorts (CWN)
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 Crown management has taken proactive steps to unlock shareholder value by proposing to demerge most of its international assets into a separate company and by also considering a separate property trust float comprising most of its Australian hotels. Although further approvals are required, it’s a positive move, as share price performance was highly correlated to the troubled performance of its investments in Macau. Vocus Communications (VOC)
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 A full service vertically integrated telecommunications player that was built organically and through numerous acquisitions over the years. We like Vocus because it’s growing earnings at a rapid rate, and I believe management will continue searching for growth opportunities. I see any price weakness due to Brexit as a buying opportunity.  HOLD RECOMMENDATIONS Emerchants (EML)
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 Uncertainty following the Brexit vote had a negative impact on EML’s share price. Regarding its UK operations, management expects the impact to be immaterial in fiscal years 2016 and 2017. We expect this payment solutions provider to continue benefiting from its growth and diversification strategy.  Telstra (TLS)
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 Investors seeking stability in the equity market should consider holding Telstra due to its defensive nature and solid dividend payments. Further, investors can expect details of a new capital management program to be announced at its August results given the sale of its Autohome investment. SELL RECOMMENDATIONS Medibank Private (MPL)
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 News that the Australian Competition & Consumer Commission alleges the insurer engaged in misleading conduct by failing to notify members of changes to benefits is my reason to reduce exposure after a successful float in late 2014. While the outcome is unknown, I see better opportunities for growth and income elsewhere. WorleyParsons (WOR)
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 Our research suggests this engineering group is trading above fair value. In our view, resource project activity has declined, shrinking the available pool of work. We believe any fall in oil prices would create further headwinds and reduce revenue and earnings.
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Simon Herrmann, wise-owl.com
BUY RECOMMENDATIONS
WPP AUNZ (WPP)
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Chart: Share price over the year

Formerly STW Communications, this Australian services company focuses on advertising, marketing and communications. While STW, as a single entity, posted six consecutive years of revenue growth, merging with WPP should further enhance its competitiveness. Successful integration of the two individual businesses and consolidation of the industry are expected to be primary drivers of growth. We’re bullish and expect to see upside during the next 12 months. 
Adacel Technologies (ADA)
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Chart: Share price over the year

Develops advanced simulation and control systems for aviation and defence. Adacel has a strong order pipeline and 60 per cent of revenue is recurring. The company has increased revenue for the past two years and generates free positive cash flow. Adacel has $11.3 million in cash and no debt. Recent implementation of dividends and enhanced liquidity could drive further capital growth.
HOLD RECOMMENDATIONS
Gold Road Resources (GOR)
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Chart: Share price over the year

Offers speculative exposure to the domestic gold mining industry. We’re attracted to the quality and the quantity of its land in the Yarmana region of Western Australia, existing reserves at Gruyere and track record of low discovery costs. Funding requirements and the volatile gold price are the risks. Gold prices have risen this calendar year, so we retain a hold on the stock. 
Astro Japan Property Group (AJA)
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Chart: Share price over the year

Government initiatives to re-inflate Japan’s economy could alleviate two decades of structural real estate market declines. Astro Japan is positioned to benefit after rationalising its portfolio and re-capitalising its balance sheet. We’re attracted to its income profile and capital growth potential. But taking into account the recent share price rise, we believe a hold is appropriate. 
SELL RECOMMENDATIONS
Computershare (CPU)
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Chart: Share price over the year

This share registry company has been travelling in a down trend since reaching a high in March 2015. Earlier this year, the company announced a marginal fall in revenue. Recently, investors heavily sold the stock due to its UK exposure. The share price is down about 20 per cent this calendar year. 
Cadence Capital (CDM) 
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The share price of this listed investment company is significantly down this calendar year. In the 12 months to May 31, 2016, gross returns fell by 8.8 per cent. Compare this to a decrease in the All Ordinaries Index of 1.25 per cent during the same period. The stock is underperforming and we believe there’s better opportunities elsewhere. 

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