Treasury has the Midas touch
Notwithstanding troubles at its most profitable funds management business, Treasury’s less mature managers are performing impressively, which bodes well for future growth.
Goodman Fielder's deeply disappointing result
Goodman Fielder’s result may have looked good given the difficult conditions but, delving a little deeper, it wasn’t. And while there’s early evidence of cost pressures easing, the competitive environment is nastier than ever.
Salmat still slugging it out
Salmat used to be a relatively conservative investment with low borrowings, high free cash flow and little need for risky acquisitions. But with technological barriers falling faster than Brendan Nelson’s popularity, higher debt and acquisitions look set to continue.
Macquarie Airports sitting pretty
Chaos reigns amongst infrastructure funds. But Macquarie Airports enjoys a net cash position and is poised to take advantage of distress elsewhere.
Servcorp sits on the sidelines
The global real estate downturn is building up a head of steam. While it might hurt profits in the short term, Servcorp’s cash pile means it is ready to pounce on any opportunities.
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