UGL / CIMIC: Unconditional Off-Market Bid
10 October 2016:CIMIC Group Ltd (CIM AU) announced that it intends to make a final, unconditional offer to acquire the shares of UGL Ltd (UGL...
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Holdco Updates: Close Cosco, Hold onto Hochtief
Mean Reversion Complete for Cosco Capital Ever since we wrote on how Cosco Is Cheaper Than Ever, it has reverted back to its mean. We think that...
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Hochtief - Stub Value All-Time High
Over the past 3 months, Cimic Group Ltd (CIM AU) is down 32% while Hochtief AG (HOT GR) is flat. This is a significant dislocation. HOT's current...
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CIMIC Versus Downer - Neither Is Cheap but Downer Currently Represents Better Value
We think the market remains overly optimistic on the translation of strong growth in public infrastructure spending to earnings and cash flows,...
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Retain Defensive Bias as the Reluctant Rate Cutter Likely to Deliver More Stimulus
Interbank Cash Rate Futures point to a 65% probability that the RBA will cut the Overnight Cash Rate (OCR) by 25 basis points to 1.5% on...
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