Catching up on a mixed bag

It's been a while since we last looked at some of our second line stocks. Here's a selection of some companies we have neglected.

Recommendation
Catching up on a mixed bag
View company profile for FMH

Date 19 May 2000
Current Price n/a

Buy
below
Hold
up to
Sell
above
Buy Hold Sell Meter

Looking glum

Namoi Cotton Co-Operative (NAM - $0.69), a NSW-based cotton ginner, reported sales rose 60% to $588m in the year ended 29 February 2000, but net profit after tax fell 35% to $10.3m. A final unfranked dividend of 3.5 cents was declared, as against 5.5 cents a year ago. The drop in profit was mainly a result of a cotton seed trading venture that went bad, since the company actually raised its ginning of cotton by 13%. The poor result, combined with the expectation of a poor crop this year, has caused Namoi stock to look glum - the NTA is 75 cents. For now, we're switching our recommendation from the Accumulate of issue 29 (Buy below $0.90 - $0.90) to HOLD.

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