Viewpoint: Bullish
The broom is clearly going through Crown Resorts (CWN) at a rapid rate with director Andrew Demetriou resigning overnight – a must in our opinion to regain its NSW gaming licence. There remains Jamie Packers 35% stake in the business, once this overhang has gone, assuming it’s to a respected organisation (s) we envisage some healthy rewards for investors.
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MFG has struggled over the last 6-months and while we are a little frustrated not to have exited earlier we feel the stocks starting to present excellent value.
VUK has already rallied +22% this year but similar to Z1P we can still see further upside hence we are again in no hurry to take profit on this position.
Z1P has more than doubled so far in 2021 but we still believe its cheap, especially when compared to Afterpay (APT) and its peers in the US. Hence the answer to the question I’ve heard a bit recently “where should we take profit in Z1P” is be patient, our target is above $15.
Base metals are a widely used leading indicator to the health of the global economy and copper has just made fresh recent highs as we targeted a few weeks ago – hopefully the producers like OZ Minerals (OZL) which we purchased on Tuesday will follow suit.
US stocks had a quiet session overnight with the S&P500 closing unchanged even after a muted January inflation print, opinions are divided as to the impact of the masses of stimulus of this important economic number moving forward with MM believing it will ultimately be the catalyst for rising interest rates.
When Crown (CWN) commenced trading yesterday post the announcement that it was currently in no fit state to hold a gaming licence in NSW the stock initially spiked down almost 9% only to steadily recover to end the session down only -3.3%. Like ourselves it appears the market believes the company will ultimately get its house in order and regain its lost licence
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Newcrest (NCM) +4.05%: A good set of numbers from NCM this morning for the half with a big earnings and dividend beat relative to some low expectations, plus they put forward a credible plan to increase production at Lihir by around 10%.
