Whitehaven Coal (WHC) Production growth no substitute for profits 19/06/2013 17:30
Whitehaven shares are down 38% in 2013 reflecting a swing from profits to losses and poor resource sector sentiment. However,...
Santos (STO) Fair value crimped by capex but trend to improving returns persists 13/06/2013 16:09
We reduce our Santos fair value estimate by 18% to AUD 14 per share after forecasting increased sustaining capital expenditure....
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BlueScope Steel (BSL) Asset sales positive but outlook still challenging 13/06/2013 14:13
We have taken a closer look at the Nippon Steel joint venture agreement. The deal saw BlueScope sell 50% of...
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Bradken (BKN) Strong headwinds will restrict growth 18/06/2013 08:58
We review our earnings forecasts, specifically re-evaluating the growth prospects of Bradken’s businesses with exposure to the resources sector.
Qantas Airways (QAN) Difficult to build a moat in the sky 19/06/2013 13:46
The airline industry is notoriously volatile, with earnings sensitive to a number of moving parts. Passenger numbers are a key...
Transfield Services (TSE) Continuing mining sector slowdown signals tougher times ahead 19/06/2013 10:39
We review our earnings forecasts specifically re-evaluating the growth prospects of Transfield’s businesses with exposure to the domestic economy and...
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REA Group (REA) Change in pricing model set to accelerate revenue growth 19/06/2013 13:43
REA Group is in the process of changing its pricing model. This adds revenue uncertainty within a business which operates...
Tabcorp (TAH) Assigning a narrow moat to Tabcorp 19/06/2013 15:02
After assessing the competitive advantages of Tabcorp’s operation, we are awarding Tabcorp a narrow economic moat. This is attributable to...
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Australian Equity Strategy
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Sigma Pharmaceuticals (SIP) Trans-Tasman consolidation; scale paves the way for increased competition 13/06/2013 16:00
Last week, New Zealand pharmaceutical and medical products company – EBOS Group – acquired leading Australian peer Symbion. While the...
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Challenger Limited (CGF) Challenger’s Update Highlights Strong Growth Prospects 19/06/2013 14:59
Challenger’s business update reinforces strong long-term growth opportunities for the annuity market as increasing numbers of superannuants move from the...
Charter Hall Group (CHC) Building up funds management platform is a low risk growth option 19/06/2013 18:43
Charter Hall Group's Core Plus Office Fund (CPOF) has formed a partnership with two other investors to acquire the AUD...
Platinum Asset Management (PTM) Impressive growth in FUM continues 19/06/2013 17:37
We update our forecasts following the release of Platinum’s May 2013 funds under management (FUM) and fund performance statistics. Narrow...
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DUET (DUE) Simplification is minor but worthwhile 19/06/2013 15:45
Management proposes modestly reducing DUET’s complexity and opacity via a restructure aimed at reducing the number of stapled entities in...
AGL Energy (AGK) Retail competition intensifying but dividend safe 13/06/2013 16:34
Major energy retailers, Origin Energy and Energy Australia (EA), are finally responding to AGL’s market share gains over the past...
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