WAM Research Limited (ASX:WAX) has released its October 2026 investment update, disclosing a net tangible assets (NTA) per share of 73.47 cents cum-dividend and 68.47 cents ex-dividend, following payment of a 5.0 cent per share final dividend on 28 October 2026, partially franked at 50%.

Key Points

  • October 2026 NTA was 73.47 cents per share cum-dividend and 68.47 cents ex-dividend, compared to 77.16 cents in September 2026
  • Final dividend of 5.0 cents per share, partially franked at 50%, was paid on 28 October 2026, with shares trading ex-dividend on 15 October 2026
  • Total assets stood at $144.4 million as at the update date
  • The investment portfolio decreased in October, with LGI a contributor and Maas Group Holdings a detractor
  • The net current and deferred tax asset position for October 2026 was 9.01 cents per share, including 7.39 cents per share of income tax losses available in future periods

October 2026 NTA and Dividend Details

According to the filing, WAM Research's NTA per share before tax stood at 73.47 cents cum-dividend and 68.47 cents ex-dividend for October 2026, following the payment of the 5.0 cent final dividend. The company's month-end share price as at 30 October 2026 was $0.785. The full year FY2026 dividend totalled 10.0 cents per share, 55% franked in total, comprising an interim dividend of 5.0 cents per share franked at 60% and a final dividend of 5.0 cents per share franked at 50%. The company disclosed a profits reserve of 36.1 cents per share and total dividends paid since inception of 174.0 cents per share.

Portfolio Performance and Key Holdings Movements

The WAM Research investment portfolio decreased in October 2026. Renewable energy company LGI (ASX:LGI) was a contributor to portfolio performance, with its share price increasing following the acquisition of two operational solar farms in Queensland for $22 million. The Chinchilla and Brigalow solar farms provide a combined export capacity of 42 megawatts and are expected to contribute between $2.1 million and $4.0 million in annual EBITDA at current electricity prices. Maas Group Holdings (ASX:MGH) was a detractor, with its share price falling sharply after Firmus Technologies withdrew its initial public offering, creating uncertainty around approximately $700 million in outstanding contracted work held by Maas Group Holdings.

FY2027 Dividend Franking Outlook and Portfolio Composition

The filing states that should WAM Research maintain a full year dividend of 10.0 cents per share in FY2027, the Board currently expects the dividend to be partially franked at approximately 10%, based on the projected franking account balance and anticipated franking credits, assuming no tax is paid on realised profits during the year. The investment portfolio's since-inception annual performance stands at 12.1% per annum versus the S&P/ASX All Ordinaries Accumulation Index return of 8.9% per annum. As at 31 October 2026, the portfolio held 2.9% in cash, with the largest sector allocation being Industrials at 22.6%.