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.
Temporary relief for Harvey Norman
Sales in Australia are holding up relatively well thanks to the company’s market power. But we can’t help feeling it’s a brief respite.
Does Soul Pattinson add up?
There are, apparently, many ways to skin a cat. Sticking to something we know more about, the same can be said of valuing this traditional conglomerate.
Two into one at Australian Wealth
It’s time to vote for the merger of Australian Wealth Management and IOOF. The attractions of the combined business are many, but the cost cutting potential and a canny recent acquisition make it an easy decision.
Speculating on B & B Japan
We’ve kept an eye on B & B Japan since it listed and shied away from its high debt and onerous fee structure. While the debt remains a significant threat, its fallen unit price has piqued our interest.
QBE's quality assurance: Part II
If you own QBE for long enough, you will experience some nasty surprises. The risks need to be understood, but they’re part and parcel of the insurance business.
Flight Centre's American blowout
Management must now regret the late 2007 acquisition of US company Liberty Travel. Shareholders certainly do. But today’s price for the stock remains too cheap.
TREES to be felled
The cessation of distributions on TREES2 and TREES3 securities could give us the best possible exit from these miserable mistakes.
Mortgage Choice enters The Confessional
The demise of competition in the home loan market is a real threat to the mortgage broking industry. With the full effects of last year’s commission cuts yet to hit, and the departures of senior management, we’re growing increasingly concerned about Mortgage Choice.
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