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AUSGROUP: Prospects lifted by hot iron ore prices Written by Sim Kih Sunday, 11 April 2010 14:00
CIMB-GK MAINTAINED its “Buy” call with a target price of 96 cents on Ausgroup last week, citing its relatively cheap valuation in the offshore & marine universe.
The report was triggered by a structural shift in iron-ore markets in the past couple of weeks as the world’s largest 3 mining companies, Vale, BHP Billiton and Rio Tinto, announced a switch to setting the price of iron ore contracts every 3 months, ending a 40-year system of annual pricing.
The new price system will lift the cost of iron ore to Asian steelmakers to about US$110-$120 a ton for April-June contracts, up 80% to 100% from the US$60 level at which the 2009-10 annual contracts were settled.
CIMB-GK analyst Yeo Zhibin believes that higher iron-ore prices could accelerate capex spending in the mineral resource sector in Western Australia, benefiting specialist construction service companies like Ausgroup.
However for the high profile Gorgon oil & gas project, Australian fabricators such as Ausgroup have been priced out by Asian competitors due to a rising A$.
CIMB-GK expects Ausgroup’s earnings for the financial year ending Jun 2010 to grow 90% year-on-year, given its strong order book of A$470 million.
It has a target price of 96 cents based on 13x CY11 P/E, Ausgroup’s trading average since listing.
”We see stock catalysts from an acceleration in orders wins from LNG and mineral projects, improved margins and further sets of strong results.
Definately still worth buying ausgroup cos this is iol related stock.
yesterday missed the boat. today missed the ship!!
Can still buy?? pls advise
swiber is crap...regret getting them...haiz...hope ausgroup can break even for me..
This is a heavily played counter.. no venture no gain.
dual-listing always bring about such euphoria...no need to think about fundamentals.
1) Buy Ausgroup but think of Swiber...
2) Buy Swiber but think of Ausgroup...
3) Buy both....
4) Do nothing...
hahaa jkin...
Bon3260 ( Date: 12-Apr-2011 10:04) Posted:
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tankuku,
So Ausgroup / Swiber now?
U made me confuse ley...
('',)
tankuku ( Date: 30-Dec-2009 08:43) Posted:
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My broker recommanded buy with TP of $0.75 cos more contract to come. With the dual listing in australia, he say may reach the record high of $2 in months to come. Vest and good luck
thanks for the luck... 50 to 48c .. 2c gains.. :)
read the sgx announcement on the GM cessation
edwinteo ( Date: 11-Apr-2011 10:47) Posted:
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I start buying it when 34c and all the way down to 29c... but slold all at 37c... wah... so now what is the new TP?
I P O RE-RATING
Anyone have any news how much will be the IPO in ASX for Ausgroup?
really!!okie i log in in afternoon also.
alexchia01 ( Date: 11-Apr-2011 11:38) Posted:
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Actually, I think the Boat just begin to move only.
Still monitoring it for now and so far quite happy with what I see.
If by this afternoon, things still looks good, I would Buy.
yummygd ( Date: 11-Apr-2011 10:00) Posted:
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Nice to see.. this kangaroo jumped the hurdles...next .53c?.....80c????............................... $????
guppy724 ( Date: 01-Apr-2011 11:13) Posted:
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those who short..gd luck to you..
er, how to short to 50c when it is now 48c
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SHORT!!!!!!!!!!!!!!! 50c ANNOUNCEMENT OF CESSATION AS GENERAL MANAGER |
| Apr 11 2011 10:15:26 AM |
up 20% today..power.,..
used to be a $2 stock
ya me too... :(
dinola ( Date: 11-Apr-2011 09:22) Posted:
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