ASX 200 Reporting Season Wrap: 5 Earnings Surprises That Signal Buy Opportunities Heading Into March

ASX 200 reporting season- five stocks the market rewarded

The ASX 200 touched a fresh record high of 9,202 this week, wrapping up a reporting season that told investors one thing loud and clear: quality matters. The benchmark climbed 3.7% in February, but this was not a rising tide lifting all boats. Companies that beat expectations and raised guidance were rewarded aggressively, while those that missed were sold off just as fast. That sharp divide is exactly where opportunity sits heading into March.

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What Drove the ASX to Record Territory and Why Breadth Matters

What stands out about this rally is how many sectors contributed. Materials led the charge, surging 7.79% in February and extending an extraordinary eight straight months of gains. Financials pushed near record highs on solid Big Four bank results, while energy stocks hit their highest level since October 2024. Healthcare names like Ramsay surprised to the upside. We believe this multi-sector breadth signals a healthier rally than 2025’s narrow leadership. When gains are spread across miners, banks, energy, and healthcare, the foundation tends to be more durable.

5 Earnings Winners That Still Look Worth Buying

Wagners (ASX: WGN) delivered an outstanding half, with Construction Materials revenue up 21% and Composite Fibre Technologies jumping 36%. First-half EBIT beat guidance by 9.5%, prompting an upgrade to full-year EBIT guidance of A$62 to A$66 million. The structural demand from Southeast Queensland infrastructure and the Brisbane Olympics pipeline suggests this story has further to run.

IDP Education (ASX: IEL) surged nearly 14% on its report day after a 15% jump in student placement yields and tight cost control drove an upgrade to full-year EBIT guidance of A$120 to A$130 million. While the stock gave back some of those gains on Friday as investors weighed the 25% decline in placement volumes, the underlying guidance upgrade suggests the pivot towards higher-value services is working, and for patient investors, the re-rating may just be starting.

Ramsay Health Care (ASX: RHC) jumped 10% after revenue grew 9.7% to A$9.34 billion and underlying profit rose 8.1% to A$171.7 million. The interim dividend lifted 6.3% to 42.5 cents fully franked. In our view, Ramsay represents a healthcare rotation play with further upside as elective surgery volumes normalise.

Super Retail Group (ASX: SUL) posted record first-half sales of A$2.2 billion, up 4.2%, with positive like-for-like growth across key banners. For investors questioning whether consumer spending is about to fall off a cliff, these numbers say otherwise. Watch margin trends in the second half closely.

Capricorn Metals (ASX: CMM) delivered a record half and declared its maiden fully franked dividend of 5 cents per share. Sales revenue soared 64% to A$350 million, profit surged 130% to A$144.8 million, and all-in sustaining costs of A$1,627 per ounce sit well below the current gold price. The maiden dividend signals management confidence in sustained cash flow as Capricorn transitions from a growth story to a cash-generating producer.

The Investor’s Takeaway: Can This Rally Last Into March?

The earnings foundation supporting this rally is real. However, we believe selectivity matters more than ever at these levels. The RBA has hiked rates to 3.85%, markets are pricing further tightening, and financials look stretched on valuation after a strong run. Commodity prices also need to hold to justify mining sector premiums.

Our preference heading into March leans towards companies that delivered earnings beats with upgraded guidance rather than chasing sectors that have already re-rated. Stay selective, focus on earnings quality, and remember that at record highs, the best opportunities tend to be stock-specific rather than market-wide.