Where to now for the big banks?
A little over three months ago, we published a key piece of research on the big banks. In this review, we reflect on the price movements so far and survey the scene for early signs on whether our fundamental call might ultimately prove to be wrong, or right.
Elders shareholders raise a toast: To Malcolm!
The situation is improving for Elders shareholders. The company is not out of the woods yet, but its CEO deserves recognition and praise for his progress so far.
Premium Investors slims down
Roll up, roll up, to the great LIC liquidation. Our first candidate is Premium Investors, which is set to perform the amazing feat of shrinking to one-fifth of its original size.
Weighing up Macquarie Group
The group's recent annual meeting raised a number of small red flags, but they must be weighed against the broader outlook and current share price, which is not particularly demanding.
Stokes stalks Consolidated Media
The media has had fun speculating about Kerry Stokes’s raid on James Packer’s media investment company. Having followed the stock for some time, we've been pondering the likely end game and its implications for investors.
Servcorp tastes the Big Apple
The recession and the company’s expansion plans are set to chew up a chunk of Servcorp’s cash pile. Profits are also destined to fall, but this is a stronger business than ever.
An opportunity in Australand's ASSETS
Ordinary Australand securityholders have been diluted twice within a year. But on the flipside, that’s provided holders of its ASSETS income security with two extra layers of protection.
Good riddance to the 'Macquarie model'
The recent Macquarie Airports highlights the vulnerability of one part of Macquarie's business and the strength and diversity of the rest of its operations.
MAp takeoff poorly planned
Macquarie Airports securityholders want to extricate themselves from the clutches of Macquarie Group. Rightfully so, but they should be careful not to give too much away.
Willmott PINES present a conundrum
Our investment in the PINES income security hasn’t been disastrous compared to stockmarket returns over the past two years. But the new terms being offered for the next five years mean holders are caught between a rock and a hard place.
Wesfarmers gets Coles format right
Wesfarmers has been trying new store formats in its Coles supermarket division. We recently visited the company’s seventh pilot store in Sydney’s Balgowlah and came away impressed.
Banking profits on Babcock & Brown Japan
High risk is part and parcel of investing in speculative stocks. But unless the potential returns compensate for the risks, you’re better off elsewhere. We've now got a yen to take the money and run.
Two buys amongst international LICs
If you’re a firm believer in the benefits of global investing, then international listed investment companies are a good place to look for bargains. We have a few on our buy list.
Discounts ripe for the LICking
For the listed investment company class of 2003/04, significant discounts to net tangible assets have persisted since listing. But, with recent corporate agitation, there’s reason to think returns might be about to improve.
Foster's Group's wine spritzer
Disastrous wine investments have diluted one of the best companies in Australia. But the situation at Foster's might be soon rectified as the company looks to sell its underperforming division.
Amalgamated's attractive assets
While its more aggressive brethren entered this downturn geared to the eyeballs, tourism and leisure conglomerate Amalgamated Holdings has plenty of financial firepower. Having $760m worth of property assets on the balance sheet helps, too.
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