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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/07/IM-23-1024x536.png</image:loc>
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    <lastmod>2026-06-29T11:17:42+00:00</lastmod>
    <priority>0.9</priority>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/06/Picture1-1.jpg</image:loc>
      <image:caption>Bar chart of daily ASX/S&amp;P 300 versus US S&amp;P 500 returns for the week, both negative, with each down roughly 1 to 2 percent. Source: IRESS</image:caption>
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    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/06/Picture2-1-1024x602.png</image:loc>
      <image:caption>Line chart of ASX/S&amp;P 300 versus US S&amp;P 500 returns from June 2025 to June 2026, with the US up about 18 percent and the ASX near flat. Source: IRESS</image:caption>
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    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/06/Picture3-1.png</image:loc>
      <image:caption>Hand-drawn cartoon of a man with luggage asking </image:caption>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/06/Picture4-1.png</image:loc>
      <image:caption>Line chart of Emeco surface equipment utilisation dipping below its normal 83 to 88 percent range in FY26 before recovering in FY27, annotated with wet weather and supply-chain factors. Source: EHL FY26 Results Presentation</image:caption>
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    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/06/Picture5-1.png</image:loc>
      <image:caption>Diagram of Emeco</image:caption>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/06/Picture6-1.png</image:loc>
      <image:caption>Map of the United States highlighting Cullman, Alabama, Reliance Worldwide</image:caption>
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      <image:caption>Two donut charts comparing Metcash operating earnings by pillar for FY26 and FY25: Food 48 versus 46 percent, Liquor 19 percent, Hardware and Tools 33 versus 35 percent. Source: FY26 Results Presentation</image:caption>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/06/Picture8-1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/04/Picture10.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/03/5-1024x536.png</image:loc>
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    <image:image>
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      <image:caption>FYTD: ASX and Wall Street</image:caption>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/03/Screenshot-2026-03-20-at-10.35.29-am-1024x867.png</image:loc>
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      <image:caption>CashApp features</image:caption>
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    <lastmod>2026-05-27T07:45:12+00:00</lastmod>
    <priority>0.9</priority>
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    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/02/Feb202026a.jpg</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/02/Feb202026B-1024x600.png</image:loc>
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    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/02/Screenshot-2026-02-20-at-1.58.04-pm-900x1024.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/02/Screenshot-2026-02-20-at-2.04.47-pm-1024x940.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/02/Screenshot-2026-02-20-at-2.10.19-pm.png</image:loc>
      <image:caption>Bluesteel US Division - Earnings and sales</image:caption>
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    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/02/Screenshot-2026-02-20-at-2.11.02-pm.png</image:loc>
      <image:caption>BlueScope Steel Australian Division – earnings and sales</image:caption>
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      <image:caption>Intraday usage of battery</image:caption>
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    <changefreq>monthly</changefreq>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/02/Feb132026b.png</image:loc>
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    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2026/01/Jan232026b.png</image:loc>
      <image:caption>FYTD: ASX and Wall Street</image:caption>
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      <image:caption>This week: ASX and Wall Street</image:caption>
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    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-1.32.21-pm-1024x422.png</image:loc>
      <image:caption>Forecast chart illustrating growth in rare earth magnet demand driven by electrification and technology adoption</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-1.37.51-pm-1024x675.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-1.40.34-pm.png</image:loc>
      <image:caption>Chart showing Greenbushes as the lowest-cost spodumene lithium mine globally</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-1.41.30-pm-1024x407.png</image:loc>
      <image:caption>Strategic framework diagram outlining IGO Limited’s long-term lithium and downstream processing strategy</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/reporting-season-concludes-earlypay-inghams-healius-and-economic-data-from-the-commonwealth-bank/</loc>
    <lastmod>2025-09-05T03:55:26+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/09/Picture101-1.png</image:loc>
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    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/profit-season-continues-we-report-on-more-than-15-portfolio-companies-this-week/</loc>
    <lastmod>2025-09-15T06:02:24+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture12.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture11.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture1-2.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture2-2.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture3-3.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture5-2.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture6-2.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture7-2.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture8-1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture9-3.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/company-profit-reporting-season-continues-csl-limited-judo-capital-seek-limited-bluescope-steel-origin-energy/</loc>
    <lastmod>2026-05-27T07:13:23+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture41-1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture42-1.jpg</image:loc>
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    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture1-1.png</image:loc>
      <image:caption>CSL plans for reinvestment</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/WD-8-Aug-4-1024x536.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture2-1.png</image:loc>
      <image:caption>Judo DPO and Impaired Assets as % of GLA </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture3-2.png</image:loc>
      <image:caption>JDO – 2-year Forward P/E ratio since listing </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture11.jpg</image:loc>
      <image:caption>ASX Banking Sector Forward PE since 2000 </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture5-1.png</image:loc>
      <image:caption>JDO Price to Book Value</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture6-1.png</image:loc>
      <image:caption>Seek strategic objectives</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture7-1.png</image:loc>
      <image:caption>SEK growth foundation</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture8.png</image:loc>
      <image:caption>BSL growth initiatives</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/WD-8-Aug-2-1-1024x536.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture9.png</image:loc>
      <image:caption>Origin (ORG) Electricity gross margin since FY-21 </image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/reporting-season-life360-seven-group-holdings-qbe-insurance-group/</loc>
    <lastmod>2026-06-29T10:26:37+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture111.jpg</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture1112.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Screenshot-2025-08-15-at-2.58.06-pm.png</image:loc>
      <image:caption>Table summarising First Samuel portfolio company results in early August 2025 and each result</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Screenshot-2025-08-15-at-11.03.05-am.png</image:loc>
      <image:caption>Chart showing Life360 app usage by global region, with Australia at 12 percent of the smartphone population. Source: company data</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Screenshot-2025-08-15-at-11.04.12-am.png</image:loc>
      <image:caption>Bar chart of Life360 core monthly active users growing each quarter, split by US and International users. Source: company data</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Screenshot-2025-08-15-at-11.04.43-am.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Screenshot-2025-08-15-at-11.07.43-am-1024x539.png</image:loc>
      <image:caption>Bridge chart of Seven Group Holdings FY25 EBIT growth, with gains from WesTrac, Boral and Energy and a drag from Coates. Source: company data, UBS</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Screenshot-2025-08-15-at-11.08.46-am-1024x546.png</image:loc>
      <image:caption>Chart of Coates Hire EBIT showing a small fall from FY24 to FY25 with UBS growth estimates to FY30. Source: company data, UBS</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Screenshot-2025-08-15-at-11.21.41-am-1024x665.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Screenshot-2025-08-15-at-11.22.15-am-1024x341.png</image:loc>
      <image:caption>Chart of QBE gross written premium growth since 2020 and quarterly average premium inflation since 2023, both slowing. Source: company data, UBS</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Screenshot-2025-08-15-at-11.24.51-am-1024x631.png</image:loc>
      <image:caption>Chart showing QBE trading at an attractive forward PE relative to the ASX200. Source: FactSet, UBS</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/steady-start-to-reporting-season-beach-energy-and-garda-property-group/</loc>
    <lastmod>2025-08-08T01:58:50+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture11-1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture12-1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture2.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture3.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture4.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture5.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture6.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture7.png</image:loc>
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  </url>
  <url>
    <loc>https://firstsamuel.com.au/the-calm-before-the-storm-what-to-expect-from-the-august-reporting-season/</loc>
    <lastmod>2025-08-01T06:54:43+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture2-1.jpg</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Picture3-1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/08/Screenshot-2025-08-01-at-10.59.31-am.png</image:loc>
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  </url>
  <url>
    <loc>https://firstsamuel.com.au/familiarising-investors-with-your-portfolios-largest-positions/</loc>
    <lastmod>2025-07-18T05:16:56+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/Picture1.jpg</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/Picture2.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/Investment-Matters-256-1024x774.jpg</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/Chart1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/Picture1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/Picture2-1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/Investment-Matters-256-1-1012x1024.jpg</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/Screenshot-2025-07-18-142906.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/fy-25-year-in-review/</loc>
    <lastmod>2025-12-30T06:51:53+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/image-53.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/image-54.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/image-3.jpeg</image:loc>
      <image:caption>Charts showing Commonwealth Bank share price performance and valuation multiples during FY-25</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/image-1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/image-4.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/image-5.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/image-2.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/07/image-3.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/the-disappearing-asx-understanding-australias-ipo-slowdown/</loc>
    <lastmod>2025-12-16T06:28:58+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/06/image-1.jpeg</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/06/image-51.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/iran-and-israel-missiles-as-shibboleth1/</loc>
    <lastmod>2025-06-17T06:26:32+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/your-investments-and-the-national-accounts/</loc>
    <lastmod>2025-09-15T03:07:45+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/06/image-1-1024x836.jpg</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/06/image.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/06/image-1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/06/Picture1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/06/Picture2.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/06/Picture3.png</image:loc>
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    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/06/Investment-Matters-247-1024x692.jpg</image:loc>
    </image:image>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/06/Picture4.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/06/Picture5.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/06/Picture6.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/lynas-and-develop-global-rare-earths-critical-minerals-and-geopolitical-tailwinds-driving-mining-stocks-in-2025/</loc>
    <lastmod>2025-12-08T06:21:23+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/05/image-48.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/05/image-47.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/portfolio-update-may-the-mini-reporting-season/</loc>
    <lastmod>2025-05-23T05:45:52+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/05/Chart1.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/05/Chart2.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/05/Picture2.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/05/Picture3.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/05/Picture4.png</image:loc>
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      <image:loc>https://firstsamuel.com.au/wp-content/uploads/2025/05/Picture5.png</image:loc>
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      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/07/image-5.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/07/image-6.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/year-end-stocktake-part-3-non-bank-financials-and-technology/</loc>
    <lastmod>2024-08-26T05:55:19+00:00</lastmod>
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    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Picturex1.png</image:loc>
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    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Picturex2.png</image:loc>
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  </url>
  <url>
    <loc>https://firstsamuel.com.au/lithium-and-domestic-economy-a-year-end-stocktake/</loc>
    <lastmod>2025-03-27T00:40:01+00:00</lastmod>
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    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Picture1331.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Picture1332.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/navigating-market-risks-portfolio-diversification/</loc>
    <lastmod>2025-03-27T00:45:13+00:00</lastmod>
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      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/image-3.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/image-4.png</image:loc>
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    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/image-2.png</image:loc>
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  </url>
  <url>
    <loc>https://firstsamuel.com.au/national-accounts-little-growth-other-than-in-population/</loc>
    <lastmod>2024-06-14T00:27:45+00:00</lastmod>
    <priority>0.8</priority>
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    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/image.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/image-1.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Screenshot-2024-06-07-110223.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Screenshot-2024-06-07-130458.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Screenshot-2024-06-07-110357.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Screenshot-2024-06-07-110512.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Screenshot-2024-06-07-110656.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Screenshot-2024-06-07-130601.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Screenshot-2024-06-07-110808.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Screenshot-2024-06-07-110910.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Screenshot-2024-06-07-110955.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Screenshot-2024-06-07-111216.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/06/Screenshot-2024-06-07-111722.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/forecasting-supply-and-demand/</loc>
    <lastmod>2024-05-24T05:15:53+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-24-134145.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-24-134236.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/image-2.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-24-143043.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/budget-matters/</loc>
    <lastmod>2024-07-08T05:44:53+00:00</lastmod>
    <priority>0.8</priority>
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    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/MicrosoftTeams-image-2-1.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/MicrosoftTeams-image-3.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-17-135617.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-17-140234.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-17-140909.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-17-141042.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/macquarie-group-and-perpetual-results-analysis/</loc>
    <lastmod>2026-04-25T07:42:40+00:00</lastmod>
    <priority>0.8</priority>
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    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/MicrosoftTeams-image.png</image:loc>
      <image:caption>Comparison chart of ASX and Wall Street index performance for the past week</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/MicrosoftTeams-image-1.png</image:loc>
      <image:caption>Financial year-to-date comparison chart of ASX and Wall Street index performance</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-10-113547-1024x575.png</image:loc>
      <image:caption>Macquarie Group Banking and Financial Services segment showing consistent growth across chosen segments in FY24</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-10-111922-1024x368.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-10-112101-1024x440.png</image:loc>
      <image:caption>Macquarie Group Banking and Financial Services segment showing consistent growth across chosen segments in FY24</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-10-112241-1024x328.png</image:loc>
      <image:caption>Macquarie Group Commodities and Global Markets segment showing underlying client growth in FY24</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-10-112502-1024x431.png</image:loc>
      <image:caption>Table of Macquarie Group equity investments held on balance sheet for future profit realisation, FY24 carrying value</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-10-112744-1024x568.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-10-113137-1024x386.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/Screenshot-2024-05-10-113245-1024x409.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/rba-raising-rates/</loc>
    <lastmod>2024-05-06T04:04:03+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/image.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/05/image-1.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/is-gold-the-new-haven-the-mystery-behind-the-price-surge/</loc>
    <lastmod>2024-04-29T04:29:33+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/image-9.png</image:loc>
      <image:caption>This week the ASK and Wall Street </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/image-10.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-19-110500.png</image:loc>
      <image:caption>Price of gold rise since 2021</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-19-110839.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-19-111516.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-19-112022.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-19-112208.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-19-112304.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/optimistic-optimism-strong-returns-to-both-australian-and-global-equities/</loc>
    <lastmod>2024-04-29T04:30:07+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/image-7.png</image:loc>
      <image:caption>This week: ASK and Wall Street chart</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/image-8.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-12-140604-1024x570.png</image:loc>
      <image:caption>Index returns from start of 2023</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-12-140958-1024x619.png</image:loc>
      <image:caption>Cartoon with business people, one is on the phone with a speech bubble that says </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-12-141320-946x1024.png</image:loc>
      <image:caption>Chart outlining Cycle-Adjusted Price Earnings multiples  comparing a year ago to current period for different countries</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-12-142148-1024x947.png</image:loc>
      <image:caption>two line charts outflinging: As the buyer</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-12-142554-1024x548.png</image:loc>
      <image:caption>S&amp;P private equity returns</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-12-142829.png</image:loc>
      <image:caption>The chart shows the difference between equity returns and bond returns (red line) and compares it to the “Leading Index,” a set of forward-looking economic and financial indicators. </image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/revisiting-takeovers/</loc>
    <lastmod>2025-12-08T06:51:18+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Picture3333-1024x635.png</image:loc>
      <image:caption>The Week: ASX compared to wall street</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Picture3334-1024x654.png</image:loc>
      <image:caption>FYTD ASX and Wall street</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-05-113642.png</image:loc>
      <image:caption>Chart showing global mergers and acquisitions per year by type of deal including strategic, private equity, SPAC and venture capital</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/04/Screenshot-2024-04-05-114100.png</image:loc>
      <image:caption>Table summarising proposed mergers and acquisitions with company names and deal activity</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/stockland_mirvac_garda_lendlease_property/</loc>
    <lastmod>2025-12-16T07:08:38+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-22-084451.png</image:loc>
      <image:caption>Cartoon with three business men. the first says </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-22-084641.png</image:loc>
      <image:caption>A cartoon with two businessmen discussing ASX results. One standing the other with his ear to the ground. One says </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/image-6.png</image:loc>
      <image:caption>ASX versus Wall Street market performance comparison</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/image-4.png</image:loc>
      <image:caption>ASX and Wall Street</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Stockland.webp</image:loc>
      <image:caption>Stockland Logo</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-22-090958.png</image:loc>
      <image:caption>Stockland 1H24 financial summary</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-22-091321.png</image:loc>
      <image:caption>Line Graph comparing First home buyers, upgraders and investors</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-22-091635.png</image:loc>
      <image:caption>Net sales by quarter compared to Enquiries by month</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Mirvac-logo.jpg</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-22-092316.png</image:loc>
      <image:caption>Mirvac shift in capital allocation towards living assets</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-22-092710.png</image:loc>
      <image:caption>Mirvac 1H24 financial results snapshot</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-22-093058.png</image:loc>
      <image:caption>CBD office vacancy rates by Australian capital city</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://gardaproperty.com.au/wp-content/uploads/2020/11/Garda_Logo_Black.png</image:loc>
      <image:caption>Garda Property Logo</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-22-094310.png</image:loc>
      <image:caption>Garda property valuations and cap rates</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://www.lendlease.com/globalassets/all-sites/logos/ll-logos-master_lendlease_primary_logo_corporate_rgb.svg</image:loc>
      <image:caption>Lendlease logo</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-22-094905.png</image:loc>
      <image:caption>Lendlease profit report </image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/profit-reporting-season-sandfire-perpetual-and-judo-bank/</loc>
    <lastmod>2025-03-27T00:52:28+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/image-2-1.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/image-3-1.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/1_Sandfire-Logo-Version1_CMYK.jpg</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-15-091857.png</image:loc>
      <image:caption>Cartoon drawing of officer with musical notes around him. with the text </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-15-092756.png</image:loc>
      <image:caption>Chart showing the increase in copper prince since pre 2000</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-15-093110.png</image:loc>
      <image:caption>A pie chart with numbers and text outlining the distribution between the users of copper. 
</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-15-093831.png</image:loc>
      <image:caption>A pie chart with numbers and a few percentages</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/ppt.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-15-095903.png</image:loc>
      <image:caption>A screenshot of a graphs that show growth in AUM/FUA supports revenue growth</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-15-100454.png</image:loc>
      <image:caption>Company result- Table presenting operating revenue, Expenses and dividends across each quarter for 1H24, 2H24 and comparing it with previous year. </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-15-101058.png</image:loc>
      <image:caption>Cartoon drawing of snakes eating each other with the speech bubble that states </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Judo_Assets_120721_Master-scaled.jpg</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-15-102428.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-15-103104.png</image:loc>
      <image:caption>Judo bank profit reporting - Profit and loss statement and key operating metrics comparing 2H23 and 1H24</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-15-103304.png</image:loc>
      <image:caption>Graph representing the lending margins over 1m BBSW</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/profit-reporting-season-cleanaway-emeco-paragoncare-and-worley/</loc>
    <lastmod>2024-04-23T01:24:39+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/image-3.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/image-1-1.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Cleanaway-logo.jpg</image:loc>
      <image:caption>Cleanaway logo</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/IM-bins-image-1024x518.png</image:loc>
      <image:caption>Cartoon of 3 bins growing in size. with descriptions on each one. 
bin 1: Waste
bin 2: might come in handy
bin 3: Put it in the garage</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Im-Cleanaway-graph.png</image:loc>
      <image:caption>The chart highlights the increase in growth capex, along with increases in maintenance required. The quality of the growth capex remains high, with significant resources devoted to new sustainability investments. </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Emeco-logo.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Emeco-graph-comparing-recevue-to-operating-EBITDA.png</image:loc>
      <image:caption>Emeco graph comparing revenue to operating EBITDA</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/ParagonCare-logo.png</image:loc>
      <image:caption>ParagonCare logo</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/IM-ParagonCare-table.png</image:loc>
      <image:caption>Tabel comparing ParagonCare performance with CH2</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Ch2-financials.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Worley.png</image:loc>
      <image:caption>Worley logo</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/IM-cartoon-2-1024x847.png</image:loc>
      <image:caption>Cartoon of two men talking. One dressed as a miner and the other as a businessman. The miner has a speech bubble that says </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Worley-graph-1024x340.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Worley-graph-2-1024x486.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/profit-reporting-season-week-3/</loc>
    <lastmod>2024-04-29T04:32:02+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/image-1.png</image:loc>
      <image:caption>A graph representing ASX and Wall street</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/image-2.png</image:loc>
      <image:caption>FYTD: ASX and Wall Street</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Ventia.jpg</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/work-in-hand-image.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/IM-image-2.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/JLG.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-01-161819.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/OIP.jpg</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-01-162124.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-01-162235.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/image-1024x528.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-01-162310.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-01-162356.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-01-162443.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/03/Screenshot-2024-03-01-162513.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/profit-reporting-season-week-2/</loc>
    <lastmod>2024-04-29T04:32:30+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/image.png</image:loc>
      <image:caption>This week the ASX and Wall Street as at 23/02/2024</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/image-1.png</image:loc>
      <image:caption>Financial yar to date : the ASX and Wall Street as at 23/02/2024</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/Inghams.png</image:loc>
      <image:caption>Inghams chicken company logo</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/Inghams-image-IM-0223.png</image:loc>
      <image:caption>A graph representing the Core poultry volume change vs PCP in Australia and New Zealand</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/Inghams-cartoon-2301.png</image:loc>
      <image:caption>A humorous cartoon that has two Chickens talking to each other with a speech bubble that says: It</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/QBE-logo.png</image:loc>
      <image:caption>QBE logo</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/QBE-graph-2302.png</image:loc>
      <image:caption>A series of 4 graphs that compare fy 22 and fy23 these graphs are
1. combined operating ratio %
2. Investment return %
3. Adjusted ROE %
4. Dividends per share (A$ cps)</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/RWC-logo.png</image:loc>
      <image:caption>Reliance Worldwide Corp logo</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/RWC-cartoon-2302.png</image:loc>
      <image:caption>Cartoon commenting on the RWC reporting. Text on the cartoon reads product called </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/RWS-diagram-2302.png</image:loc>
      <image:caption>RWS earning profile due to R&amp;R exposure</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/Woolworths-group-2302.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/woolworths-cartoon-2302.png</image:loc>
      <image:caption>Cartoon of woman at a computer with a speech bubble that says </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/woolworths-graph-2302.png</image:loc>
      <image:caption>show the Woolworths comparable sales growth</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/IMDEX-logo.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/Imdex-1h24-strategic-highlights.png</image:loc>
      <image:caption>Imdex strategic highlights</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/profit-reporting-season-update/</loc>
    <lastmod>2025-03-27T00:53:07+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/image-8.png</image:loc>
      <image:caption>The week ASK and Wall street as profit reporting continutes</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/image-9.png</image:loc>
      <image:caption>FYTD ask and wall street</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/CSL.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/Macquarie.png</image:loc>
      <image:caption>Macquarie logo</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/Profit-contribution.png</image:loc>
      <image:caption>Graph representing the growth of BFS net profit contribution</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/cartoon1-IM1602.png</image:loc>
      <image:caption>Cartoon showing two soldiers </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/SGH.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/HY24-Group.png</image:loc>
      <image:caption>Graph showing results from WesTrac, Coates, Boral etc</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/HY24-Group-1.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/cartoon2-IM1602.png</image:loc>
      <image:caption>Cartoon showing shop owner selling mining equipment.. </image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/Seek.png</image:loc>
      <image:caption>Seek logo</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/Seek-1.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/early-profit-reporting-season-and-news-update/</loc>
    <lastmod>2024-04-29T04:50:36+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/image-7.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/image-6.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/cartoon19224.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/cartoon29224.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/graph19224.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/cartoon39224.png</image:loc>
      <image:caption>A cartoon of two women working in a factory one with a speech bubble that says </image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/confessions-of-a-corporate-earnings-season/</loc>
    <lastmod>2024-04-29T04:50:50+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/image-4.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/image-5.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/Woolworths-cartoon-2.2.23.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2024/02/Bapcor-cartoon-2.2.24.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/judo-capital-back-to-the-future-of-banking/</loc>
    <lastmod>2026-03-03T11:35:48+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/image-2.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/image-3.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/Picture1.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/Picture2.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/Judo1.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/Judo2.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/Judo3.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/perpetual-finding-a-way-to-unlock-value/</loc>
    <lastmod>2026-04-25T08:08:13+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/image.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/image-1.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/graph1-812.png</image:loc>
      <image:caption>Line chart showing Perpetual’s Asset Management scale and diversification from 2017 to 2023, highlighting a significant increase in assets under management following the BT/Pendal acquisition despite declining returns.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/graph2-812.png</image:loc>
      <image:caption>Bar graph illustrating the steady growth and strong margins of Perpetual’s Corporate Trust business, showcasing it as a stable, undervalued asset within the group’s total market capitalization.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/cartoon1IM812-1024x577.jpg</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/cartoon2IM812-1024x567.jpg</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/graph3-812.png</image:loc>
      <image:caption>Comparative bar chart from Macquarie and ABS showing that recent growth in Australian domestic demand is driven entirely by government spending (public demand), while private sector demand remains flat.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/graph8-812-1.png</image:loc>
      <image:caption>Economic line chart showing Australian real disposable household income per capita falling to levels seen 15 years ago, reflecting the impact of taxes and rising interest rates on household wealth.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/graph9-812.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/graph4-812-1.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/graph5-812-2.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/graph6-812-2.png</image:loc>
      <image:caption>Line chart showing Perpetual’s Asset Management scale and diversification from 2017 to 2023, highlighting a significant increase in assets under management following the BT/Pendal acquisition despite declining returns.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/graph7-812-1.png</image:loc>
    </image:image>
  </url>
  <url>
    <loc>https://firstsamuel.com.au/premier-investments-a-deep-dive-into-a-new-opportunity/</loc>
    <lastmod>2025-12-16T06:45:00+00:00</lastmod>
    <priority>0.8</priority>
    <changefreq>yearly</changefreq>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/MicrosoftTeams-image-76.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/MicrosoftTeams-image-77.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/premier-investments.png</image:loc>
      <image:caption>Premier Investments portfolio showing key retail brands and equity stakes</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/smiggle-cartoon-1024x767.jpg</image:loc>
    </image:image>
    <image:image>
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      <image:caption>Premier Investments sum-of-parts valuation chart comparing contributions of Smiggle, Peter Alexander and Breville</image:caption>
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      <image:caption>Chart showing 20-year trend of Premier Investments retail store numbers by brand</image:caption>
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      <image:caption>Bar chart comparing sales per store across Premier Investments brands including Peter Alexander, Smiggle and Just Jeans</image:caption>
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    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/premier-investments-4.png</image:loc>
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      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/12/premier-investments-5.png</image:loc>
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  <url>
    <loc>https://firstsamuel.com.au/steadfast-in-its-approach/</loc>
    <lastmod>2025-12-16T07:14:16+00:00</lastmod>
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      <image:caption>Steadfast Group commercial insurance premium growth since 2014</image:caption>
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    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/11/Net-Acquisition-spend.png</image:loc>
      <image:caption>Steadfast Group historical acquisitions and growth since IPO</image:caption>
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    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/11/Untitled.png</image:loc>
      <image:caption>Steadfast Group historical acquisitions and growth since IPO</image:caption>
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    <image:image>
      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/11/US-member-map-by-region-1.png</image:loc>
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      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/11/Comparative-market-size.png</image:loc>
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      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/11/Investment-Matters-80-1024x809.jpg</image:loc>
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  </url>
  <url>
    <loc>https://firstsamuel.com.au/growing-in-two-very-different-ways/</loc>
    <lastmod>2024-08-15T04:26:14+00:00</lastmod>
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      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/11/IMtable41711.png</image:loc>
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      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/11/IMtable61711.png</image:loc>
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  <url>
    <loc>https://firstsamuel.com.au/falling-share-prices-an-opportunity-not-to-be-wasted/</loc>
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    <loc>https://firstsamuel.com.au/inghams-laying-golden-eggs/</loc>
    <lastmod>2024-04-29T04:53:25+00:00</lastmod>
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  <url>
    <loc>https://firstsamuel.com.au/lynas-gets-a-rare-earth-licence-reprieve-in-malaysia/</loc>
    <lastmod>2026-06-29T10:46:27+00:00</lastmod>
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      <image:loc>https://staging.firstsamuel.com.au/wp-content/uploads/2023/10/MicrosoftTeams-image-67.png</image:loc>
      <image:caption>The week: ASX and Wall Street (bar chart): &quot;Bar chart of daily ASX/S&amp;P 300 versus US S&amp;P 500 returns for the week, both negative, with the US down about 3.3 percent. Source: IRESS&quot;
</image:caption>
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      <image:caption>FYTD: ASX and Wall Street (line chart): &quot;Line chart of ASX/S&amp;P 300 versus US S&amp;P 500 financial-year-to-date returns from June to October 2023, both falling to roughly minus 5 to 7 percent. Source: IRESS&quot;
</image:caption>
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      <image:caption>Woolworths volume growth versus Coles (bar chart): &quot;Bar chart comparing Woolworths and Coles Australian like-for-like food sales volume growth by quarter from 3Q20 to 2Q24, with Woolworths generally ahead. Source: UBS&quot;
</image:caption>
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      <image:caption>Line chart of year-on-year food inflation from 2012 to 2023 across ABS, Coles and Woolworths measures, spiking in 2022 then easing toward 2 percent. Source: Macquarie</image:caption>
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