QBE's quality assurance: Part III
It’s blatantly obvious that QBE is earning outsized returns. The difficult part is working out why.
Time to act on the big four banks
With share prices surging in recent months, the time has come for investors to act on the substantial risks in the banking sector.
Great Southern TREES get the chop
It’s looking increasingly likely that Great Southern will go the way of Timbercorp. Having dusted more than 90% of our initial $100 investment in both TREES2 and TREES3, the question is what to do with the remaining 10%?
Four more capital raisings
The investment binge of recent years has given way to an almighty hangover. As companies seek to repair the damage, capital raisings are providing interesting opportunities for nimble investors.
APN's annual meeting likely to bring bad news
Japanese Brewer Kirin’s bid for Lion Nathan shows that there is still corporate demand for strategic assets and strong brands. APN News & Media has those, but it also has a lot of debt.
Omens are bad for Goodman PLUS
The probability of a real estate crash is increasing. Some property groups are fortifying their balance sheets, unfortunately Goodman Group isn’t one of them.
Select's troubles and opportunities
Timbercorp generated more than half of Select Harvests’ profit last year. Will Timbercorp’s demise take Select down with it?
SEEKing cash
Following a debt-fuelled foreign expansion, Seek is asking shareholders to chip in more cash. But with management treating shareholders as customers, rather than fellow business owners, is it worth risking your money?
Stockland's phony 11% yield
Australia’s largest diversified property group will pay a 34 cent distribution following its full year results to 30 June. We recommend investing it wisely, because 2010’s distributions will likely disappoint.
STW shores up its balance sheet
This group’s capital raising decreases the chance of a great outcome, but increases the chance of a good one.
Messages from STW Communications' annual report
Beginning with the qualitative and quantitative aspects of this group’s recent annual report, our research director then explores the investment case in detail.
Aristocrat: The money goes in
Despite appointing a new chief executive, shareholders continue to be treated poorly and the profit downgrades continue.
Fletcher's second century woes
Fletcher Building celebrates its 100 year anniversary in 2009. But a poor acquisition has come home to roost and a cyclical downturn means the party is already over.
Still value in Timbercorp debt securities
These two debt securities are trading at prices that more than compensate for Timbercorp going broke.
Fisher & Paykel: Opportunity in crisis?
This company’s founders might be rolling in their grave but the current turmoil may be providing a rare opportunity for investors.
Abacus adds up
In May 2008 we shied away from Abacus’s high debt and expensive price tag. Almost a year later, after raising $211m, attracting a major cornerstone investor, and a 76% price fall, Abacus adds up.
Timbercorp's darkest hour
It's time to bite the bullet on what has been one of our worst ever recommendations.
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