Turning to #Australia #Opec #Property Bank of Queensland - BOQ Channel Ten The market was weighed down on Thursday by the miners and energy stocks, but as I have been saying I do see some respite coming over the medium term. However we are likely to see some pressure in the oil sector particularly as the short term impact of OPEC’s decision weighs. Looking over to the financials I note that loan approvals at Bank of Queensland have shot up 20 percent between September and October underpinned by brokers (which have only been used in the past 12 months) and marketing campaigns. There has been a lot of talk about the hot spots in the Australian property market, and I expect there will be ongoing efforts to cool them. However I think that BOQ has a great advantage being concentrated in Queensland which has lagged many other regions. I think we will see ongoing catch-up here, and particularly as the benefits of a lower AUD filters through to the touristic region. Meanwhile the ‘behind closed doors’ auction at TEN might be heating up. The company of course recently announced that it was looking at a number of options, with several parties having expressed interest. Time Warner of course was the big media behemoth that really got the ball rolling with an ‘indicative’ offer of 25 cents. A number of private equity firms are set to be in the running, and no doubt sense the value that it is up for grabs. It has also been suggested that Discovery Communications and Foxtel are preparing to lay out a cash-and-share offer structure in an effort to win over shareholders, which includes 14.9 percent stakeholder Bruce Gordon. The game is certainly on. We think this will be a hotly contested auction and remain of the view that a price floor has been set at 25 cents per share with the eventual price for Ten likely to be much higher. And if the deal is done, the media landscape in Australia will be in for a massive shakeup. Have a great weekend! Angus.
Posted on: Fri, 28 Nov 2014 06:17:46 +0000
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