CMI – value in the coal stack

I’ll start by saying CMI is really really cheap. It is so cheap that it has fallen into the realm of the elusive “net-net” (current assets – total liabilities > market capitalisation). CMI was listed in 1993 and has had a colourful corporate history (which I won’t get into). Much of that chequered history hasRead More

It’s a wrap

Sakura Sogo REIT successfully listed on the Tokyo Stock Exchange which brings the curtain down on GJT. As the sale proceeds from the property portfolio in Yen has been converted into Australian dollars at an exchange rate of A$1:¥78.08, shareholders are expected to get a special distribution between $2.68 and $2.69 and an ordinary distributionRead More

Initial Public Offerings

I read an interesting article on Bloomberg yesterday (click here to read) about Australian IPOs and how the odds of losing big from an Australian IPO is uncomfortable large. Bloomberg analysed 112 IPOs in Australia worth more than $50 million over a period from 31 Dec 2008 to 31 Dec 2015 and found that 17 out of 112Read More