HOLD

Sunday Herald Sun - - Finance -

The re­cent mar­ket cor­rec­tion has not helped, how­ever man­age­ment is first class; they have no debt and a div­i­dend yield of above 7 per cent. With a solid bal­ance sheet and fur­ther con­sol­i­da­tion in the pri­vate in­surance space ex­pected, it has the ca­pac­ity to in­crease its div­i­dend or make a size­able ac­qui­si­tion. Uncer­tainty sur­round­ing the com­pany’s LAMP project and the Malaysian gov­ern­ment’s in­struc­tions to move all the wa­ter­leached pu­rifi­ca­tion from that project is a neg­a­tive. The com­pany is down Strug­gle St. Com­pe­ti­tion is hurt­ing mar­gins. De­spite the 22 per cent fall in the share price this year, fur­ther down­side is ex­pected.

$5.14 $2.38 $1.68 $2.44

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