Shares in the ASX slipped another -0.4% yesterday as it continues to trade around 5-year lows, not a big move in current times but another great example of the weak getting weaker with the stock now down ~40% over the last 18 months. The reaction to this month’s result has been negative but fairly muted compared to many but it’s hard to see a clear pathway back from their bungled CHESS project, Net profit came in at $317.3mn down 38% on the year and with CAPEX on the rise – we’re not a fan until further notice.
- We see no reason to consider this particular falling knife.
MM is neutral ASX around $57
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