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.
Macquarie result in preview
All eyes will be on Macquarie’s upcoming interim result. Here’s what we expect to see.
Westpac increases profit - for now
There wasn’t a lot of big bad news in Westpac’s latest results, but there was still plenty to worry about.
Déjà vu at Aristocrat
With no one in charge and four profit warnings and counting, we wonder how bad things can get for Aristocrat. We only have to go back to 2003 for a clue.
Fantastic goes back to the future
The managing director of Fantastic Holdings has seen a tough retail climate before. And he’s behaving exactly the same way as last time.
Market mauls STW
The risks have increased at this company, although management’s tone is at odds with the market’s pessimism.
Wal-Mart shows Brambles who's boss
The short-term impact of CHEP’s new deal with Wal-Mart may be small, but the long-term impact is huge.
What's in store for Harvey Norman?
With a vigorous competitor, struggling international operations and a slowing local economy, Harvey Norman is doing it tough. James Greenhalgh addresses these key concerns.
ANZ keeps eye off the ball
As expected, the latest numbers from ANZ weren’t pretty. But shareholders may have more to worry about with the bank’s expansionist management team.
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