AWM and IOOF tie the knot
Despite our ongoing concerns with the Ord Minnett acquisition, the proposed merger of Australian Wealth Management and IOOF looks much more sensible.
T for Trouble at Timbercorp
This company has been a strong recommendation of ours for more than 18 months. It’s now in an awful mess.
Balloons burst at Harvey Norman
This year marked Harvey Norman’s 21st annual meeting, but its coming of age party has been a fizzer. At least shareholders are getting the present of a cheap stock.
Fund managers go with the flow
The market downdraught and net outflows of funds have hurt the three fund managers we cover, but their underlying performance, at least in relative terms, has remained pretty good.
Cheap accommodation at Fleetwood
This caravan manufacturer has made a huge investment supplying temporary accommodation to the resources sector and, with the cycle now turning, profits are likely to fall. But a cheap stock price can make up for a lot.
Hothouse stocks: a year on
At an industry level, developments have largely been as expected since last year’s review of the power sector, but there have been some wild performances from individual companies.
Macquarie model misunderstood, not broken
The naysayers have it that Macquarie is a relic from the boom times, but a cold hard look at its various divisions shows that, for the most part, things are still ticking along.
Japanese property trusts fight for survival
High fees, high debt and misaligned incentives are a dangerous combination, and so it has proved for these Japanese property trusts. But with their beaten-down stock prices, there might be something in them – if you’re very brave.
RHG leaves investors in the dark
We turned up at the RHG annual meeting with high hopes of receiving a distribution. We left sorely disappointed.
Developers on their knees: part two
In the first part of our round-up of property developers, Australand, Devine and Becton were all vulnerable to nervous lenders. We can now add AVJennings to that list – and simultaneously hit the eject button – but Tamawood appears to offer an interesting opportunity.
Servcorp bound for Britain
Servcorp has pumped out plenty of cash in recent years. While management expects to spend some of it expanding into new markets, shareholders are also being rewarded with higher dividends.
Timbercorp income securities
Our confidence in the underlying Timbercorp business is not what it was, and that has ramifications for its income securities.
Worried about Timbercorp
The bad news keeps coming from this operator of agricultural managed investment schemes. Our faith is wavering.
Wesfarmers hauled over the Coles
Wesfarmers’ share price is finally starting to reflect the prospect of lower profits in several important divisions. But high debt levels and our concerns about top management prevent us from getting excited.
Flight Centre gets an upgrade
This travel business has given us a few bites of the cherry over the years, and late 2008 is shaping up as another tasty opportunity.
Blurred vision at Seek
Seek is about to find out whether it is truly a good business or whether it was simply in the right place at the right time.
McPherson's faces currency collapse
McPherson’s is having an emergency rights issue, thanks to an unprecedented decline in the Aussie dollar colliding with its high debt levels. But now is not the time to sell out.
Turning off the tap at GWA
With renovation activity set to weaken, we’re not convinced the downturn is fully factored into GWA’s share price.
A GPT confessional
We were broadly right with our views of the property trust sector. But in the aftermath of its implosion we have been specifically wrong in the case of GPT.
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