In afternoon trade on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1.1% to 7,301.8 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are racing higher:
Beach Energy Ltd (ASX: BPT)
The Beach share price is up 8% to $1.34 after investors responded positively to its investor update. That update has outlined Beach's low risk strategy to achieving production of 28 MMboe by FY 2024. This represents a 27% increase on the midpoint of its FY 2022 guidance of 21 to 23 MMboe. Management also advised that this target excludes exploration upside and pre-final investment decision projects.
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is up 3% to $11.97. This morning analysts at Macquarie upgraded the KFC restaurant operator's shares to an outperform rating with a $12.50 price target. Macquarie believes KFC is winning a greater share of the quick service restaurant market. It notes that the growth of the chicken category is now ahead of pizza.
Origin Energy Ltd (ASX: ORG)
The Origin share price has risen 4% to $4.70. This follows the release of an update on its investment in Octopus Energy. That update reveals that Generation Investment Management has acquired a 7% stake in the UK based energy retailer and emerging technology business for 211 million pounds. This values Octopus at $5.5 billion. Last year Origin agreed to invest a total of $507 million for a 20% stake in the company. Origin advised that it has also invested to maintain its current stake.
Tuas Ltd (ASX: TUA)
The Tuas share price is rocketing 35% higher to $1.38. This morning the TPG Telecom Ltd (ASX: TPG) spin off released its full year results. Those results revealed that Tuas' TPG Singapore business finished the period with 392,000 paid subscribers. This compares to 133,000 in September 2020. This led to revenue of S$34.3 million. The TPG Singapore business was launched in March 2020.
