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Austal (ASB) $2.33

ASB +4.02%: We talked about shipbuilder Austal (ASB) last week flagging their move into steel ship production in the US and today we saw an incrementally positive update towards that end. While the contract is small ($3.6m of design work) it adds weight to our thesis that ASB will be supported by their largest customer in a transition towards a profitable steel manufacturing operation in Mobile Alabama. The facility is being equally funded by ASB and the US Government each investing $US50m. We own ASB in the Emerging Companies Portfolio, we’re down on the position but keen to add to it around current levels.

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MM are bullish ASB
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Austal (ASB)
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