The shipbuilder was off more than 8% in the week and that comes after taking into account a 4c unfranked dividend. The reason for the tumble comes on the back of speculation aluminium being used in the current build of a number of Australian naval vessels was not up to spec and had to be replaced with the issue delaying delivery of 6 boats by up to 16 weeks. A small setback in the grand scheme of things and one that has been accepted by the Navy.
MM remains positive ASB, although acknowledge we’re punching into a reasonable swell at the moment!
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