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21
Shares / Re: FY 18-19 ARs
« Last post by galumay on August 28, 2019, 02:42:08 PM »
TGR

TGR released AR today and also went into a TH pending a CR for expansion of the prawn farming part of the business. First glance the results look great with significant higher margin growth coming from the prawns. Happily retail investors get a chance at the CR, although given the company's performance in the past year, I suspect we will be heavily scaled back! Will participate

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22
Shares / Re: FY 18-19 ARs
« Last post by galumay on August 28, 2019, 02:39:56 PM »
SXE

Good result for SXE posted today, missed their revenue guidance slightly but all metrics up strongly, looks like the Heyday acquisition has bolted on well. Good execution from management. May look to accumulate

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23
Shares / Re: FY 18-19 ARs
« Last post by galumay on August 28, 2019, 02:36:44 PM »
SRV

Looks like a fairly poor result but impairments of nearly $20m distort the picture, profitable, no debt, a business I paid far too much for, but eventually may come good!

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24
Shares / Re: FY 18-19 ARs
« Last post by galumay on August 28, 2019, 02:31:37 PM »
SFC

SFC released their AR this week and while revenue was down a bit in the leather sector, cost reductions meant the drop in profit was smaller. The share price dropped back about 10% and I took the opportunity to build my position a bit more, I continue to see the leather business alone as justifying the current price with the significant property portfolio and the small concrete cladding business for nothing. Happy to accumulate the (rare) dips.

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25
Shares / Re: FY 18-19 ARs
« Last post by galumay on August 28, 2019, 02:27:54 PM »
MYX

Another poor year with large impairments. A long play!

26
Shares / Re: FY 18-19 ARs
« Last post by galumay on August 28, 2019, 02:23:36 PM »
NWH

Another stellar year for NWH, results inline with expectations, NPAT dropped from PRP, but NWH went from having significant tax losses to use last year, to paying significant tax this year, so not unexpected. Cash flow remain strong, capital management is positive as well, structural debt soon be zero and only debt will be asset leases. Mr Market liked the result.

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27
Shares / Re: FY 18-19 ARs
« Last post by galumay on August 28, 2019, 01:09:34 PM »
LBL

LBL released their AR and results exceeded both guidance and market expectations, jumping nearly 20%. Its great to see a well researched, high conviction position play out as I had hoped. My strategy of averaging up as I saw the business executing has paid off very well.

It is approaching my range of IV now, so I probably won't increase position unless there is further evidence of organic growth.

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28
Shares / Re: FY 18-19 ARs
« Last post by galumay on August 28, 2019, 01:05:16 PM »
KME

Another stellar year for KME, one of my higher conviction positions. Will look to accumulate the dips

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29
Shares / Re: FY 18-19 ARs
« Last post by galumay on August 28, 2019, 12:59:32 PM »
SDI

Its been a long and patient ride to see this play out, the conviction came from the financial strength, low debt, niche market, founders with skin in the game etc.

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30
Shares / Re: FY 18-19 ARs
« Last post by galumay on August 28, 2019, 12:54:00 PM »
JYC

Another little business I have held for a while now, another solid year with pleasing results for the FY released today. Will look to accumulate some more if the price settles after the euphoria of the AR!
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