An empire under Crown
Even in tough times, gambling is a profitable business. But when you're trying to parlay your local operations into a world-spanning empire, you're placing far bigger bets.
Mortgage Choice offers value
The business model is under scrutiny and the share price is down in the dumps. But we think the future for this mortgage broker is much brighter than many are predicting.
AUWfully interesting times
Australian Wealth Management has been hit hard in the recent stockmarket falls, but it has predictable, recurring revenues and fat margins. It looks to us like the baby is being thrown out with the bathwater.
Throwing the book at Macquarie
There are a number of ways you can look at Macquarie, but based on its shareholders’ equity and the returns it makes on that equity, the shares are looking cheaper than ever.
Hardly normal times for Harvey Norman
Despite a first-class interim profit result, skittish investors have sent Harvey Norman’s share price down 50% in three months. That looks like a major overreaction to us, and the Harveys themselves would seem to agree.
Uncertainty reigns for poker-faced Tatts
This year is shaping up as a watershed for Tatts Group, with the Victorian Government set to announce the future structure of the state’s gaming industry. Throw a poor interim profit into the mix, and you’ve got a share price back at 2005 levels. Is it time for an upgrade?
Westpac well placed for the crunch
Recent talk about the credit crisis has been overwhelmingly negative, but there may also be a few positives for a big bank like Westpac.
Future not so clear at Clarius
This recruitment company has a good reputation in industry circles and the share price is down sharply. What’s not to like about it?
RHG - How bad can it get?
The situation at RHG Group has deteriorated since we first put an outright Buy recommendation on the stock in October last year, but the price is discounting most of the problems and allowing little for any upside.
Treasury's rising stars shoot for Orion
Treasury Group’s three less developed fund managers are coming along nicely. But with market conditions turning nasty, their big brother might be in for a tougher time.
Goodman to miss out on Dairy Farmers?
Goodman Fielder’s half-year result was better than expected given commodity price increases. But despite the company’s interest in buying Dairy Farmers, we don’t think it’s in the running.
General's grand plan unravels
Just three years after GPT set up its European joint venture with Babcock & Brown, the plan lies in tatters - but is this the opportunity we’ve been waiting for to buy this venerable stock?
Centro announces writedowns
Centro Properties has released a dreadful half-year result, with a loss of $1.1bn after writedowns of $856m. $578m was wiped from the company’s $4.3bn New Plan acquisition.
Not so easy at ABC
Like many of its customers, ABC has tried to run before it could walk. But while a kiss and a cuddle should make things better for a toddler, the company’s own problems are more lasting.
Salmat settles down
Highly competitive markets and competent management. Which will prevail and, with the share price down 35% since July 2007, does its poor half-year result offer an opportunity?
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