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Microsoft word - morning note 20 august 2009.doc

Reports in Today’s Issue
Thursday, 20 August 2009
MAH
Macmahon Holdings Limited
Buy
Market Overview
Market Indices
Index Close
US stocks closed higher on Wednesday as declining oil inventories sparked Exxon Mobil, Chevron and other energy companies higher, and Merck led health care into the green although industrials, including Deere, dented the market's gains. For the second day this week, big declines in China hampered stocks at the open. However, that weakness was erased after the US Department of Energy said US crude-oil inventories plunged unexpectedly last week. This decline fuelled a broad sector bounce for energy companies that lasted into the close. The Dow Jones Industrial Average ended up for its second straight day. Exxon Mobil gained $1.51 (2.3%) to $68, and Chevron tacked on $1.22 (1.8%) to $68.16. Also in the Dow, Merck rose 77 cents (2.5%) to $31.48. Helping the drug maker, a US judge has upheld a patent for Merck's best-selling product, asthma and allergy medication Singulair, handing Merck a victory in its battle to ward off early generic Commodities
Units/$US Latest
In the Standard & Poor's 500, energy climbed 1.9% and health care rose 1.2%, with industrials one of the few sectors to finish lower. But, as has been the case since last week's Federal Reserve policy statement, volume was light once again. Crude soared to a two-month high after US oil supplies tightened dramatically, though weak demand kept prices from rising further. A leading index of the Australian economy contracted at an annualised rate of 3.3% in June, compared with a contraction of 5.3% in May. The contraction was the smallest in seven months and added to a growing list of indicators suggesting a rebound in the Australian economy is in sight. Currency and Fixed Interest
Name Latest
Nov 08 Dec 08
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Apr 09 May 09
INTERSUISSE LIMITED ACN 002 918 247, AFSL 246827 Macmahon Holdings Limited
Thursday 20 August 2009
Well placed for growth in civil & infrastructure, with resources upside to follow
Recommendation:
Investment Rationale
Snapshot
MAH is customer-focused, efficient and capable. Acquisitions in specialist areas enable it to provide turnkey services in both mining and civil projects. Its margins improved steadily until the FY09 impacts, and working capital control is strong. MAH’s mining being mainly in iron ore and coal with majors is relatively defensive, and its civil business is set to grow strongly from the infrastructure catch-up aided by stimulus packages. MAH has large headroom in its credit, guarantee and operating lease facilities. It has reduced these by $25m, revising covenants and pricing after the $60m capital raising in June. LEI has been working well with MAH as a ‘partner of choice’ in infrastructure Investment Fundamentals
and resource construction projects, and both want the relationship to continue, Year-end Jun
FY08A FY09A
and expect to dispense with the ‘standstill’ on LEI’s shareholding level. With a very tough H2, the FY09 result was close to recent guidance but well short of expectations six months ago. Nevertheless, the share price has deservedly recovered somewhat given the one-off nature of the financial impact, share market improvement and MAH’s action taken. NPAT fell from a record $48.8m to $17.2m despite the revenue increase. FY06 FY07 F08 1H09 FY09 Dividend Yield (%) Source: Intersuisse estimates
Price Chart
Completions of five jobs including at BMA involved demobilizations with impact on morale and equipment put off-hire. This gear has now been substantially redeployed; redundancies cost some $10m. Some $16m of abnormal impacts arose from one poor construction contract, extensive rains in the Bowen Basin, scope reductions at Argyle and Olympic Dam Business Description
and other mining cutbacks seriously impacting mining margins in H2. Macmahon Holdings Limited (MAH) is an engineering contractor delivering specialised services to clients in FY09 saw particular difficulties and one-off costs in H2. CFO Ross Carroll Australia, New Zealand and Malaysia. Its core has identified over $30m of costs not likely to be replicated in FY10. businesses comprise Civil engineering, Open Cut Future workload is now much clearer, with substantial work in hand and Mining, Crushing and Underground mining. increasing prospects for more. The actions taken should ensure a return MAH’s well-proven management successfully to normal performance, driven by infrastructure projects and increasing leveraged a period of strong activity in the resource civil work, expected to move over 60% of revenues. FY11 should bring and infrastructure sectors. It chopped a very heavy more civil work and a resurgence of the wider margin mining contracting. debt burden, built up both its mining and civil activities CEO Nick Bowen is quite confident FY10 revenue will be $1.3bn or more. and its reputation and management depth. It has now He expects a strong rebound in profit and is looking to double FY09’s. again reacted smartly to changed conditions. Most of MAH aims to leverage its underground expertise into civil tunneling jobs its mining contracts are in iron ore and coal, with and build work overseas in Asia, India, Africa and the Middle East in major customers and of long-term or repeat duration. alliance with Leighton (such as underground rail and HATS projects in Civil work is now 57% of revenues and growing. HK) and Lafarge, extending their existing quarrying work. Leighton Holdings Limited (LEI) has built a 19% stake.
The presence of Leighton at 19% is a benefit for work flow and strategy. We see as most likely a slow share creep and increasing cooperation. Recommendation Impact
MAH has responded effectively to the severe changes in the resource sector and has emerged leaner and well placed for significant long-term growth. Buy.
Intersuisse Morning Notes Thursday, 20 August 2009 Refer to Page 10 for Disclaimer and Disclosures INTERNATIONAL OVERNIGHT NEWS
US stocks closed higher on Wednesday as declining oil inventories sparked Exxon Mobil, Chevron and other energy .US Economic News
companies higher, and Merck led health care into the green although industrials, including Deere, dented the market's In economic news, the US commercial real estate market is likely to stay weak into 2010, with any recovery unlikely until at least the second half of next year, the National For the second day this week, big declines in China hampered stocks at the open. However, that weakness was erased after the US Department of Energy said US crude-oil Treasuries chased stocks in a wide circle, settling only a inventories plunged unexpectedly last week. This decline fuelled a broad sector bounce for energy companies that lasted into the close. European and Asian Markets
Overall, the Dow Jones Industrial Average ended up for its second straight day. Exxon Mobil gained $1.51 (2.3%) to European shares fell for a second straight session on $68, and Chevron tacked on $1.22 (1.8%) to $68.16. Wednesday as investors moved to lock in profits, particularly in the banking, technology and auto sectors. Also in the Dow, Merck rose 77 cents (2.5%) to $31.48. Helping the drug maker, a US judge has upheld a patent for The pan-European Dow Jones Stoxx 600 index declined Merck's best-selling product, asthma and allergy medication Singulair, handing Merck a victory in its battle to ward off early generic competition for the drug. Still, the index is showing a gain of nearly 10% for the quarter, after banks rallied more than 20% and miners Among other indexes, the Standard & Poor's 500 gained 6.79 (0.69%) to 996.46, as energy climbed 1.9% and health care increased 1.2%. The Nasdaq Composite rose 13.32 The banking and auto sectors were among the worst performers in percentage terms on Wednesday, with lender BNP Paribas down 1.2% and PSA Peugeot Citroen down Weighing against the broad bounce for stocks, industrials were one of the few sectors to finish lower. Within that sector, Deere slid $1.31 (2.9%) to $43.78, after the world's Technology stocks were under pressure in Europe, with chip largest maker of farm equipment said its fiscal third-quarter maker Infineon Technologies down 0.9% and IT services profit fell 27% on a drop in sales and continued weak firm Atos Origin and mobile-phone maker Nokia down However, as has been the case since last week's policy Telekom Austria shares rose 5.4% after it said its second- statement from the Federal Reserve, volume was light once quarter net income fell 14.5% to EUR82.3m but reiterated its again. NYSE Composite volume was roughly 4.4bn shares, compared with about 6bn on average in 2009. Traders say Eurasian Natural Resources shares managed to outperform the light volume is keeping the market volatile. As volatility the mining sector, rising 6.2% after it said its first-half net remains high, some of the more long-term investors say they profit fell 58.8% to $553m but market conditions broadly may wait even if stocks decline in the coming days. The Dow's weakest component was aluminium giant Alcoa, Shares of SBM Offshore rose 5.2%. The oil-and-gas off 44 cents (3.4%) at $12.48. Analysts cut their investment services group posted a better-than-expected 12% rise in rating on Alcoa to neutral from buy, saying shares of the first-half profit to $95.5m. The firm didn't receive any major company are close to their $13 target, and they don't see new orders in the first half, which helped pull its order backlog down to $8.2bn from $9.5bn a year earlier. Financials were a mixed bag on Wednesday. Among the However, it said there are "serious opportunities" for decliners, investment manager Eaton Vance said its fiscal securing new orders in the second half of the year, and stuck third-quarter earnings fell 37% on a charge related to an to its sales forecast of around $2.9bn for the year, and for initial public offering and falling revenue. The company Shanghai stocks dropped 4.3% on Wednesday, leading a On the other hand, American International Group rose $2.09 broad Asian selloff for the second time this week, amid (8.5%) to $26.64. New AIG Chief Executive Robert concerns over further tightening in credit conditions and a Benmosche decided not to sell the company's investment lack of market-supportive measures from Beijing. adviser group of independent broker-dealers, a company Chinese resource companies posted some of the biggest spokesman confirmed on Wednesday. AIG had planned to losses, particularly copper producers, amid declining metals auction off the investment-adviser group as part of a large- prices and uncertainty surrounding the Chinese economy. scale sell-off of assets to repay its government bailout. Intersuisse Morning Notes Thursday, 20 August 2009 Refer to Page 10 for Disclaimer and Disclosures China's benchmark Shanghai Composite index is now down weighed by a drop in China's stock markets, which also led Hong Kong's Hang Seng index fell 1.7% to end at a one- Gold futures settled higher on stronger crude prices, a month closing low, while Japan's Nikkei Stock Average of weaker US dollar and speculative buying. Crude soared to a two-month high after US oil supplies New Zealand stocks ended slightly higher, reversing from tightened dramatically, though weak demand kept prices two days of losses. However gains were tentative as investors digested a string of corporate results. The NZX-50 ended up 0.3%, or 9.5 points, at 3,081.05. Currencies
Commodities
The euro gained against the US dollar with an uptick in US stocks, but languished versus the yen. Base metals on the London Metal Exchange traded down, adding to this week's losses as investor sentiment was AUSTRALIAN OVERNIGHT NEWS
build this stuff in Australia," Voelte said. "The fact is we've Australian Markets
built LNG trains versus the competition." First gas from Pluto 2 could be forthcoming by 2013, Voelte said. Construction of Pluto 1 has been assisted by Woodside managing to raise BHP Local shares are likely to open stronger with Wall Street capital from two separate bond issues. The company wouldn't specify how it intends to fund the Pluto expansion or Ahead of the local open the September SPI futures were 48 give a cost estimate, apart from saying it has a preference for bank debt. Woodside stuck to its annual production guidance of 81m-86m barrels of oil equivalent. Group Companies in the News
revenue fell to $2.03bn from $2.57bn due mostly to the fall in oil prices. Woodside declared an interim dividend of 55 cents a share, from 80 cents in 2008. WPL added $1.56 (3.65%) to Woodside Petroleum (WPL)
Woodside Petroleum reported an expected 12% drop in first CSL (CSL)
half profit due to the impact of lower oil prices, partly offset by currency gains. The profit numbers were largely CSL said full-year net profit rose 63% boosted by treatment expected, but Woodside lifted the market's spirits with bullish and vaccine orders and it expects further growth this year. statements on the possible expansion of its $12bn Pluto The company expects profit growth this year from positive liquefied natural gas project in Western Australia to three foreign exchange effects, a transition to its liquid intravenous production trains within five years. Woodside said that front- immunoglobulin product and on flu vaccine orders, which end engineering and design, or FEED, work on a second should offset slowing contributions from its human and third train at Pluto has already commenced and it said papillomavirus vaccine. Immunoglobulin is an antibody used for the first time that a final investment decision on a second in the treatment of blood disorders, while human train could occur in late 2010 and on a third train by late papillomavirus can cause cervical cancer. "We feel the 2011. It also said a fourth and fifth trains are possible. company remains well positioned for growth," and have boosted expenditure on research and development, and Woodside reported a fall in net profit for the six months to capital works to expand CSL's business," Chief Executive June 30 to $898m, from $1.02bn a year earlier. Underlying Brian McNamee told reporters on a conference call. The profit fell 11%, also to $898m, and was just ahead of market swine flu vaccine "will give that extra growth to the expectations of around $880m. It included an expected $347m foreign exchange gain. Woodside said that the initial production train at Pluto is 72.5% complete, putting that Profit in the year ended June 30 rose to $1.15bn, up from project on track to start shipping LNG by the end of 2010. $701.8m a year earlier, as total revenue grew 32% to Chief Executive Don Voelte told investors on a conference $5.04bn, from $3.80bn in fiscal year 2008. Analysts had call that Woodside's talking to five companies, with due expected profit of about $1.03bn. This fiscal year CSL diligence and negotiations "well advanced" with two of them. forecasts net profit of between $1.16bn and $1.26bn at Third party gas would be needed for about 40% of Pluto 2's average fiscal 2009 exchange rates, or 14%-24% growth on expected feed gas needs of 3.8 trillion cubic feet, Voelte the fiscal 2009 underlying operational profit of $1.02bn. The company's net profit included favourable foreign currency effects of $156m, arising from the conversion back to Chevron has said it's also considering buying third party gas Australian dollars of US$1.5bn held on deposit in anticipation for its proposed Wheatstone LNG project in WA, but Voelte of closure of the Talecris deal. About 87% of CSL annual said he's confident suppliers will be attracted to Pluto. "We're supplying people a hell of an opportunity.we know how to Intersuisse Morning Notes Thursday, 20 August 2009 Refer to Page 10 for Disclaimer and Disclosures "This year we benefited from favourable movements in that's the most optimistic statement I could make," King told foreign exchange, in contrast to the past four years of currency head winds," McNamee said. In the past few Origin's annual net profit leapt to $6.94bn after it sold half its months, CSL has received Australian and US government coal seam gas assets to LNG joint venture partner orders for its H1N1 influenza or "swine flu" vaccine. ConocoPhillips last year for up to US$8bn. Net profit last McNamee said the company could "reasonably" expect year was $517m. A 20% rise in underlying profit to $530m sales of $300m this year for its swine flu vaccine. CSL's from $443m was in line with both the company's most recent vaccine-making facilities were operating at full capacity and guidance of a rise of up to 20% and the consensus analyst's couldn't take any new orders, McNamee said. "Yields are forecast of around $533m. The rise was largely underpinned certainly lower than we anticipated so we are having to work by lower interest expenses following the ConocoPhillips hard to produce the vaccine," he said. CSL's seasonal transaction and contributions from new developments in influenza vaccine business grew 60% to $124m last fiscal Origin's power generation business. The company expects year from a year earlier and McNamee said he expects its earnings to keep growing, forecasting underlying profit to similar sales this year. Sales at its Behring blood products rise by about 15% in the current financial year. It said unit grew 38% to $3.7bn with a strong contribution from its earnings will continue to be boosted by the completion of immunoglobulins and critical care products, CSL said. Its more new power generators, a wind power development, bioplasma unit sales rose 32% to $334m driven by strong regulated electricity price increases in Queensland, and a demand and improved pricing for albumin in China, as well better performance from New Zealand's Contact Energy, as on strong demand for plasma therapies from Hong Kong, which had a terrible 2009 financial year. Singapore, Taiwan and Australia, it said. The albumin test screens for liver disorder or nutritional deficiencies. King said the ConocoPhillips transaction gave Origin the ability to invest in its business to support growth at a time Sales at its biotherapies unit gained 5% to $502m with when some other market participants were struggling in a growth in flu vaccine sales offsetting reduced Australian tight credit environment. Most analysts agree that the next sales of Gardasil, its human papillomavirus vaccine, the share price catalyst for the stock is a mention of any company said. CSL has licensed Gardasil to Merck for sales progress on customer negotiations for Origin's LNG joint outside of Australia and received $161m in royalties last venture with ConocoPhillips, planned for Gladstone in fiscal year, down from $167m in fiscal 2008. McNamee Queensland. Rival projects building LNG projects to be fed expects a similar sales and contribution from Gardasil this coal seam gas at Gladstone have already found some year. CSL is continuing to seek acquisitions of customers, and there are concerns that Origin and complementary, niche products and assets to add to its ConocoPhillips could miss the boat as rivals soak up suite, he said. The company will pay a final dividend of 40 demand and more supply comes on line from other countries cents, compared with 23 cents a year earlier. CSL fell 44 such as Qatar. King, however, played down such concerns. "We are effectively in the market for contracts for LNG for Macquarie Group (MQG)
2015 and beyond," King told reporters. "So we're not competing in 2010 to 2014. Clearly that's quite a way away Macquarie Group said it has set up two funds to invest in and that's a dialogue that's not going to happen overnight . infrastructure businesses in Greater China, in a joint venture (Offtake negotiations) will play out over the next six to nine with Hong Kong and mainland-based China Everbright. The months . I think that would be a sensible timeframe." King funds will be split between an international and domestic reiterated that the project is still targeting a final investment investor base and are looking to raise US$1.5bn in decision at the end of 2010, with first LNG to be shipped by aggregate, with a first close pegged for 2010, while the end of 2014. He said about half of Origin's $5.3bn Macquarie and Everbright will each contribute US$100m. balance sheet capacity would be earmarked for funding its The first fund will target non-China, non-retail investors LNG growth commitments. The company could raise more looking to buy into the toll road, airport, renewable energy, capital for acquisitions if it wanted to, he added. Origin's water and waste, port and rail sectors. These areas fall group revenue fell 3% to $8.04bn in the 2009 financial year under those classified as "encouraged" by Chinese from $8.28bn. The company declared a final dividend of 25 regulators the Ministry of Commerce and the National cents per share, from 13 cents in the previous corresponding Development and Reform Commission, Macquarie and period. ORG lost 30 cents (2%) to $14.70. Everbright said in a statement. The second fund will be a domestic vehicle allowing renminbi investors and will be Leighton Holdings (LEI)
subject to Chinese government law. MQG rose $1.13 Leighton Holdings said its John Holland unit, together with GHD, will deliver the $173m first stage of Barwon Water's Origin Energy (ORG)
Capital Works Program Alliance. The alliance will be responsible for more than 100 projects over the initial four- Origin Energy reported an annual profit near $7bn, giving it year contract, with the potential for a two-year extension, it the power to fund its LNG growth plans and still have plenty said in a statement. The total value of the six-year capital of capital left over to make acquisitions. Origin reiterated that works program is $355m, Leighton said. The partners will it's "very interested" in retail electricity assets being focus on pipeline and pump station installation, the privatised by the New South Wales government, but Chief development of water storage and treatment plants and Executive Grant King isn't as optimistic on the timing of the water recycling infrastructure in the area around Geelong, sale process as the government, which is targeting Bellarine Peninsula and Colac, in southern Victoria. LEI rose completion by the end of the year. "Even with the best of will, I'd say it would have to be into early next year now, and Intersuisse Morning Notes Thursday, 20 August 2009 Refer to Page 10 for Disclaimer and Disclosures
Qantas Airways (QAN)
Boral (BLD)
Qantas posted an 88% fall in annual net profit and couldn't Boral reported a 42% decline in full-year net profit following a say if it expects to remain profitable this fiscal year given sharp drop in demand for building products in Australia and uncertain global economic conditions. The airline had a profit the US, and the group said the outlook remains subdued. of $117m for the year to June 30, but recorded a loss in the Boral's profit growth has been hurt by a slowdown in second half as conditions deteriorated, in line with Australia and the US, where the housing market has been in International Air Transport Association forecasts of global a downturn for several years and operating at less than half industry losses in 2009 of around US$9bn. Qantas profit, of its peak, as well as by rising input costs. Boral said its net down from $969m a year ago, missed forecasts that centred profit for the year ended June 30 fell to $142.0m from around $131.5m, but its profit before tax of $181m was near $242.8m a year earlier. The result included a total of $11m in the top end of its April guidance of between $100m and one-time items, including gains from the sale of its stake in $200m. As it continues to juggle capacity in the volatile Adelaide Brighton, which were offset by other items such as environment and in a further knock to Boeing's 787 program, goodwill and asset writedowns. However, although Qantas also said it will lease four, and possibly five, extra underlying profit excluding items fell 47% on year to $131m, Airbus A330 aircraft for six years for its discount carrier this was ahead of market forecasts. The group had said it Jetstar because of the delay in delivery of the 787s. "B787 expected earnings of around $120m for the year. program delays means we have had to consider medium- Outgoing Chief Executive Rod Pearse said that while overall term options to support new long haul market opportunities depressed market conditions are expected to broadly for Jetstar," said Chief Executive Alan Joyce in a statement. continue into the first half of the 2010 financial year, second Jetstar helped prop the group's results with underlying half activity levels are expected to improve. But Pearse said earnings of $107m while its Frequent Flyer loyalty scheme it is difficult to give a forecast at this time. Still, the group generated $226m. Qantas' mainline flying operations were expects the Australian housing market has bottomed. "Lower hard hit by the global down turn and managed only $4m in interest rates combined with improvements to the First Home earnings, down from $1.36bn last year. The second half loss Owners grant have significantly improved affordability, and before tax of $107m was Qantas' first since 2003 when it flow-through is expected from the social and defence was combating the aviation slowdown from the Asian SARS housing component of the federal government stimulus epidemic, and was exacerbated by an engineers strike and package," Boral said, adding that this would support the an estimated $45m impact on profits due to the swine flu outlook for its Building Products arm. But it said construction pandemic. "There has never been a more volatile and materials earnings are expected to fall in the year ahead. challenging time for the world's aviation industry," said "While it remains unclear when a turnaround in US housing Joyce. "Through unprecedented and significant shifts in activity will occur.many economists are forecasting a operating conditions and demand we have remained recovery to begin from late 2009," Boral said. US housing starts, however, are expected to be flat on year, Boral said. It expects cost reductions and increased second half sales to The airline said that while passenger volumes appear to result in reduced losses from its US arm in the year ahead. have improved and profitability yields have stabilised since the end of June, high levels of volatility in the economic Boral booked a loss before interest, tax, depreciation and outlook, industry capacity, passenger demand, fuel prices amortisation of US$45m during the year just ended. The and exchange rates means it won't provide any profit group will give an update on trading at its annual shareholder guidance for this year. Joyce told reporters that while meeting later this year, Pearse said. Boral recorded sales of passenger numbers have started to improve from earlier in $4.88bn in the year to June 30, down 6% from $5.20bn in 2008, "we haven't seen any yield improvements as a fiscal 2008. Pearse said that the impact of the global consequence yet, and who knows how long that will take." recession created unprecedented challenges during the "We've seen a stabilisation (in yields),.we haven't seen it year, which intensified in the second half. "Our response to getting worse," he said. While the group cut capacity by the largely synchronised market downturns has been to 1.9% last year and is forecasting little change this year substantially decrease production to match sales and to through the retirement of aircraft and deferral of new plane management inventories, and to strengthen our focus on orders, Jetstar, which posted a 14% increase in capacity last widespread and rigorous cost reduction initiatives," he said. year, will continue to grow. From October, Jetstar will The group cut 2,460 jobs during the year, or around 11% of commence five daily flights between Sydney and its global workforce, to help mitigate the impact of soft Melbourne's Tullamarine airport, replacing some of its market conditions. Margins declined, to 11.1% from 13.2%. services to Avalon airport outside Melbourne, and will use The company said it will pay a final dividend of 5.5 cents a the leased A330s from late 2010 across Australia, South share, down sharply from 17 cents a year earlier. BLD East Asia and Asia Pacific. Jetstar Asia also said it will increase capacity by 46% this year, adding three more A320 Arrow Energy (AOE)
aircraft to its fleet. Qantas plans further cost cutting focused on sales and distribution efficiencies, fuel conservation and Arrow Energy said that the company has completed the sale improved aircraft scheduling, targeting savings of $1.5bn of a 12% stake in the Tipton West Joint Venture to a unit of over three years, including $500m this year. Full year group Royal Dutch Shell, subject to approvals. Shell paid Arrow revenue fell 6.9% to $14.55bn from an adjusted $15.63bn $49.5m, half of the purchase price of $99m, to obtain a and the airline did not declare a final dividend after paying 17 further 12% of the joint venture, with the balance payable cents a year ago. QAN firmed 9 cents (3.46%) to $2.69. after third party and regulatory approval, the company said in a statement. Shell also will reimburse Arrow for 30% of any Intersuisse Morning Notes Thursday, 20 August 2009 Refer to Page 10 for Disclaimer and Disclosures future contingent payments, or up to $21m, that the company towards the higher end of its NZ$113m to NZ$116m forecast makes to Beach Petroleum under the terms of the provided in July. Analysts had tipped a similar range. Arrow/Beach Tipton West sale agreement, Arrow said. After Chief Executive Nigel Morrison told an analysts briefing that the completion of the transaction, ownership of the joint one of the biggest challenges in the year ahead could venture is 70% Arrow and 30% Shell, the company said. potentially stem from the rising unemployment rate. "While the economic outlook appears to have stabilised and may be Bank of Queensland (BOQ)
starting to improve, should unemployment continue to increase we would expect this to curtail our growth Bank of Queensland abandoned plans to find a strategic opportunities," he said. Consumer and discretionary partner in favour of a $340m discounted capital raising, spending in both Australia and New Zealand have come which it said will boost its capital position and help fund under pressure as a global economic recession has crushed future growth. The lender had been on the hunt for a demand. New Zealand has been battling a recession since potential strategic partner amid depressed markets, which early 2008 and while Australia has so far avoided a have hampered the group's ability to fund growth through recession, the economy there has struggled. Morrison, traditional channels. But the group said proposals received however, was sanguine about the outlook, saying "our "were not sufficiently compelling on current business businesses are relatively resilient in softening economies." strategy or shareholder value grounds, particularly in light of Sky City said the profit was driven by "revenue growth, improved equity market conditions." Bank of Queensland operating performance at the company's business units, cost Chief Executive David Liddy declined to identify any of the control and active capital management including lower net parties the lender spoke to but said it was "pleased with the funding costs arising from tight control of capex and the interest from a number of parties in gaining a strategic company's equity raising in April-May 2009." The equity raising, which totalled around NZ$228m, was Following a comprehensive review of strategy, the bank will used for debt retirement and the company was able to raise a total of $340m. It will sell $197m worth of new shares strengthen its gearing ratio to 2.3 from 3.3, the company though a 1-for-9 pro rata non-renounceable entitlement offer said. Fiscal year earnings before interest, tax, depreciation to retail and institutional investors. It will also place $143m and amortisation, or EBITDA, were NZ$300.5m, on target worth of new shares to its biggest shareholder, BRED with its guidance. Sky City said its result was bolstered by a Banque Populaire, which will boost the French lender's stake strong second half performance at most of its business units, in the bank to 12.5%. Liddy said the raising was the largest which delivered increased earnings from the previous year. in the company's history. New shares issued through the "We've had a significant tale of two halves," Morrison said. underwritten placement and entitlement offer will be at sold EBITDA at its flagship Auckland casino was up 5% in the at $10 a share. Following the capital raising, Bank Of second half after contracting 5% in the first half of the year, Queensland will have a Tier 1 capital position of 9.9%. At the "led by table games growth and a focus on cost same time, one of its biggest shareholders, Linfox, said it will management." Sky City's EBITDA at its Australian casino in sell 8m of its shares in the group in a fully underwritten Adelaide was up more than 40% on the year, a record result placement at the same price. After the selldown, Linfox will since its acquisition in 2000. The company also reported hold around 0.8% of Bank of Queensland shares. Bank of strong growth in its cinema business, with fiscal year Queensland also confirmed its normalised cash net profit EBITDA rising 46% to NZ$7m and up 61% in the second growth guidance of around 20% for the year to Aug. 31 to half. In mid-2008 the company announced it was retaining approximately $186m. It also expects to pay a final dividend the cinema business after failing to reach a deal with a of 26 cents a share. Lending growth of around 10% is potential buyer. Sky City had previously written down the anticipated for the year, exceeding sector growth, and the value of its cinemas business by nearly NZ$60m. The group said its net interest margin in the second half improved company said it would pay a final dividend of NZ 6.5 cents from the first half. Bad debts are likely to rise but the group per share, adding that its dividend payout policy will be cut to said impairment levels are still well below those being 60%-70% of net profit. Earlier this year the company had reported by Australia's major banks. BOQ was halted from announced its dividend payout ratio would be reduced from 90%. SKC gained 11 cents (4.14%) to $2.77. Sky City Entertainment Group (SKC)
Perpetual (PPT)
Sky City Entertainment Group posted a higher fiscal year net Perpetual reported operating profit for fiscal 2009 in line with profit as revenue lifted strongly at its properties in New its guidance and said it is "well positioned" to capitalise on Zealand and Australia, and said it expects to further grow the market's recovery. Perpetual's operating profit after tax earnings. However, Sky City said it will be a challenge to for the year ended June 30 was $65.8m, down 51% from achieve double digit growth in the current fiscal year. "While $133.5m the year before. Perpetual said in May that our objective is to deliver double digit earnings growth again operating earnings would come in between $60m and $70m. in 2010, we recognise this will be challenging in the current Analysts were expecting, on average, operating profit of economic environment, both in Australia and New Zealand," $68.2m, slightly above what the company reported. Chief the company said in a statement. The casino operator said Executive David Deverall told reporters that management's its net profit for the 12-months to June 30 was NZ$115.3m ability to grow profits will be contingent on investor compared with NZ$49.9m the previous year when its result confidence returning, continued improvement in equities was impacted by a cinemas write-off. On a like-for-like basis, markets, acquisitions the firm makes in the private wealth net profit rose 13% on the previous year. The net profit was business and the growth of its mortgage processing Intersuisse Morning Notes Thursday, 20 August 2009 Refer to Page 10 for Disclaimer and Disclosures business. "I'm most concerned about the mood and the restocking phase and prices holding up well. "We have mindset of the average investor," Deverall said. "The received higher prices for the year to date.prices have held rebuilding of investor confidence is crucial." Perpetual up," he said. "We would expect, as volume returns, that the attributed the decline in profits for fiscal 2009 to the fall in second half pricing environment may be a little bit more equity markets over the financial year and said they couldn't competitive to secure that volume." Significant items give guidance for fiscal 2010 because the firm's earnings are affecting the profit included a $67.6m non-cash charge on so closely linked to the market's performance. three ore bodies the miner is no longer planning to develop, restructuring charges of $16.1m and a positive contribution Net profit for fiscal 2009 fell 71% to $37.7m in the fiscal year of $23.3m from the sale of Iluka's interest in Consolidated ended June 30 from $128.8m a year earlier. Analysts focus on net operating profit because that is what management guided earlier this year. Operating profit excludes losses on Iluka's gearing was 21.5% at June 30 with net debt standing the Exact Market Cash Fund, restructuring costs and gains at $309m, and the miner had undrawn lending facilities of or losses on the sale of investments. Revenue for fiscal 2009 about $340m. Iluka said it expects net debt at the end of the from ordinary activities was $375.1m, down 24% from a year year to rise to between $500 and $600m. Revenue from earlier. About 70% of the decline in Perpetual's revenue continuing operations for the half fell to $182.3m, from came from the fall in equity markets - the Australian market $426.3m a year earlier, while sales came in at $194.8m was down roughly 24% over the year - and the near closure before hedging costs. The miner paid no interim dividend, where it paid 10 cents last year, because of operating conditions and the tough operating environment. Iluka also "In the face of those challenges, we are very pleased with said the capital cost of its Jacinth-Ambrosia zircon project in Perpetual's continuing investment outperformance in key South Australia is currently on track to come in at less than funds, which helped maintain net inflow of funds from our $400m, below the original budget of $420m. ILU added 30 institutional clients even though overall funds flow was negative for the year," Chairman Bob Savage said in a statement. The company also cut costs in the period and Centennial Coal (CEY)
reduced underlying cash operating expenses by $40m, or Centennial Coal posted a full year profit at the upper end of 15%. Management declared a final dividend of 60 cents. its guidance and said it expects a recent spate of Chinese "While we remain cautious about the market outlook, we are buying of Australian coal to continue. The miner also said it comfortable that Perpetual's enhanced competitive position is confident it has enough port capacity to underpin its plans makes it well-positioned for market recovery and to capture for growing exports, despite a court ruling that could see it further market share," Deverall said. As for the securitisation cede capacity to Xstrata, revealing it is studying an markets, Deverall said he expects those will return to health, expansion of its Port Kembla facilities. Centennial made a but not back to robust form in which they were operating a full year net profit of $71.2m, down from $288.6m last year few years ago. Perpetual's corporate trust funds under when asset sales boosted earnings, but at the upper end of management include securitised products. Perpetual cut its guidance range for between $65m and $72m. The miner around 200 jobs during the downturn, much of which came said in a statement that profit from ordinary activities climbed through attrition, management said. Operational errors in unit 20% to a record $82.0m from $68.1m. Centennial said coal pricing cost the company $6m, which Deverall said he'd like production in fiscal 2010 is expected to be slightly higher to characterise as a one-off. PPT added $1.37 (3.94%) to than in fiscal 2009 and that exports are expected to rise by 25% to 5m metric tonnes in fiscal 2010, as the miner Iluka Resources (ILU)
implements plans to boost its exposure to the higher-margin export market. Iluka Resources posted a first half net loss of $55.8m, compared to a net profit of $15.6m in the same period a year The company said it continues to experience consistent earlier, and flagged lower full-year zircon sales. The results demand for its thermal coal, with little sign of demand for the six months ended June 30 were complicated by a weakness evident and customers still firmly focused on number of significant items and analysts said that once these security of supply. Managing Director Bob Cameron said were stripped out underlying earnings were in line with Centennial is continuing to receive inquiries from Chinese expectations. Iluka said the inventory replenishment seen in coal buyers and expects Australian coal sales to China to other commodities hasn't yet begun for mineral sands and continue. Centennial and other Australian coal miners have that the challenging business conditions that prompted it to this year begun exporting coal to China in the face of weaker cut back output in April have persisted in the second quarter. demand from traditional Asian customers, but questions As a result, Iluka now expects full year sales of the key have been raised over whether the trend will persist as product of zircon to be between 200,000 and 250,000 metric freight rates rise. "We continue to receive significant inquiries tonnes, lower than previous guidance for 350,000 and down from Chinese companies, particularly power companies, of sharply on the 437,840 tonnes the miner sold in 2008. course, and we have been doing business with them and they are now becoming a very important part of our mix," "Given the slow start to sales for the year, and global market Cameron said. "Our view is that China will remain a net disparities and uncertainties in relation to inventory importer of coal and this is to the benefit of ourselves and restocking versus resumption of usual purchasing trends, Indonesia." Revenue for the year climbed to $886m from Iluka believes a more conservative view on zircon sales for $764m last year and Centennial posted a final dividend of 4 2009 is appropriate," the miner said. Despite that cents a share, down from 17 cents last year when it boosted uncertainty, Chief Executive David Robb said there were some positive signs, with China possibly poised to enter a Intersuisse Morning Notes Thursday, 20 August 2009 Refer to Page 10 for Disclaimer and Disclosures the payout in the wake of asset sales. CEY advanced 5 operating cash flow was $28.20m compared to $19.04m last year. The final dividend declared was 6.5 cents, taking the full year dividend to 16.5 cents compared with 15 cents last Ausenco (AAX)
year. ARP increased 25 cents (6.11%) to $4.34. Ausenco reported NPAT down 56.6% to $12.16m for the half-year ended 30 June 2009. Revenues from ordinary Australian Economic News
activities were $240.99m, down 12.3% from the same period last year. Diluted EPS was 12.9 cents compared to 30 cents Leading Index
last year. The net operating cash outflow was $22.56m compared to an outflow of $22.97m in the same period last A leading index of the Australian economy contracted at an year. The interim dividend declared was 5 cents compared annualised rate of 3.3% in June, compared with a with 18.25 cents last year. The Company reported that it won contraction of 5.3% in May. The contraction was the smallest several significant contracts in the past few months and its in seven months and added to a growing list of indicators expanded service offering has seen its order book suggesting a rebound in the Australian economy is in sight. strengthen and its overall tender activity increase. Looking The index of where the economy is headed in the next three ahead, the Company expects growth into 2010 and 2011 as to nine months is compiled monthly by Westpac and a result of its sustainable growth initiatives and the increased Melbourne University's Institute of Applied Economic & transition of project opportunities to Engineering Social Research. A coincident index, which is a broad Procurement and Construction Management awards. AAX measure of current economic activity, contracted at an annualised rate of 0.7%, compared with a flat result in May. "The pace of contraction of the growth rate of the leading Macmahon Holdings (MAH)
index is easing considerably," said Westpac chief economist Macmahon Holdings said full-year net profit fell 65% to Bill Evans. "Clearly, the low point in the outlook for growth $17.2m, from $48.8m a year earlier. Revenue in the year has been reached and steady improvement can be expected ended June 30 was $1.49bn, up 19% from $1.24bn in fiscal from here," he added. Westpac expects the economy to year 2008. "We are confident of achieving 2010 revenue of grow by 0.2% in 2009, but Evans added that a recent surge at least $1.3bn with upside based on the timing of new in both business and consumer confidence places work," Chief Executive Nick Bowen said in a statement, considerable upside risks on the forecast. "But the new adding that Macmahon is "well placed to make a strong profit dimension of a Reserve Bank that appears to be signalling recovery in 2011." Macmahon was forecast to post net profit plans to raise interest rates must temper the outlook," he of $17.3m on analysts' estimates. The company didn't declare a final dividend, compared with 3.5 cents a year ago. MAH strengthened 0.5 cents (0.88%) to $0.58. Companies Trading Ex-Dividend or Holding AGMs
ARB Corporation (ARB)
ARB Corporation reported NPAT up 14.7% to $22.54m for the year ended 30 June 2009. Revenues from ordinary activities were $192.37m, up 10.3% from last year. Diluted EPS was 33.86 cents compared to 29.52 cents last year. Net Intersuisse Morning Notes Thursday, 20 August 2009 Refer to Page 10 for Disclaimer and Disclosures Important Information
This document is for the confidential use of the recipients only and is not to be reproduced without the authority of Intersuisse Limited. The persons involved in or responsible for the preparation and publication of this report believe that the information herein has been obtained from reliable sources and that any estimates, opinions, conclusions or recommendations are reasonably held at the time of compilation. No warranty is made as to the accuracy of the information in this document and, to the maximum extent permitted by law, Intersuisse Limited and its related entities, their respective directors and officers (“Intersuisse”) disclaim all liability for any loss or damage which may be suffered by any recipient through relying on anything contained or omitted from this document. These notes represent a brief snapshot of some corporate news and quick reactions to that news and do not purport to be comprehensive. The recommendations are of a general nature and are based on a consideration of the securities alone, and as such are conditional and must not be relied upon without advice from a securities adviser as to the appropriateness to you given your individual investment objectives, financial situation and particular needs. Whilst this document is based on information and assessments that are current at the date of publication, Intersuisse has no obligation to provide revised assessments in the event of changed circumstances. Intersuisse, its directors and associates disclose that they may have a relevant interest in securities mentioned in this document. Intersuisse receives commission from dealing in securities. Intersuisse and Phillip Capital Pty Ltd (an associated company of Intersuisse Limited) seek to do business with companies Intersuisse researches. As a result, Intersuisse may have conflicts of interest that could affect the objectivity of research in this report. If you would like to be removed from this mailing list please reply to this email with the word 'unsubscribe' in the subject field. Intersuisse does not warrant that the material contained in or with this document is free from computer viruses or other defects and it is provided on the basis that the user assumes all responsibility for any loss, damage or consequence resulting from use. Please notify the sender immediately if you have received this email by mistake and delete this email from your system. Intersuisse Morning Notes Thursday, 20 August 2009 Refer to Page 10 for Disclaimer and Disclosures

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Otc.meds1.doc

M A N Y F A C E S … M A N Y C A U S E S … M A N Y T R E A T M E N T S … Sinus Pain: Can Over-the-Counter Medications Why do we suffer from nasal and sinus discomfort? The body’s nasal and sinus membranes have similar responses to viruses, allergic insults, and common bacterial infections. Membranes become swollen and congested. This congestion causes pain and pressure;

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C l i n i c a l R e v i e w A r t i c l e Pain Management: Important Principles in the Drug Management of Pain Robert B. Supernaw, PharmD, DAAPM, DABFE s in the management of almost any medicaltherapy. It is vital that such a goal be established fromcondition, the best pharmacotherapeutic ap-the start so that the patient is not disappointed with theproach in the management of

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