Report Cover Page

Contents

Where are we in the Cycle?
Even some of the least fashionable parts of the commodities space, such as thermal coal, can show strong leverage to changes in market balances near the trough of a cycle.      More...

Market Directions
Record stock prices are being recorded at a time of lowered risk perceptions and highly supportive monetary policies. The improved risk appetite is evident across multiple assets including those connected to the resources sector.    More...

Portfolio Performance and Positioning
The PortfolioDirect macro model has underperformed the benchmark index during August as Phase I stocks have failed to hold onto prior strong gains. No portfolio changes have been suggested. Without an improvement in the PortfolioDirect cyclical guideposts, high cash positions have been retained.   More...

Stock Reviews and Rating Analysis
Kasbah Resources (KAS:AU) has been made an offer it could have refused. On paper, the value proposition favours rejecting the stock and warrants bid from TSX-listed Asian Mineral Resources (AMR) for all the shares in Kasbah. In recommending acceptance of the bid, Kasbah directors have implicitly conceded that AMR is the better able of the two to fund the Achmmach tin project in Morocco. In committing support for the bid, Kasbah’s major shareholders also appear to have concluded that AMR’s development credentials and capital market connections are more likely to bring the long delayed project to fruition.
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Although the statements of fact in this communication have been added from and are based upon sources E.I.M. Capital Managers Pty Ltd, the publisher, believes to be reliable, their accuracy is not guaranteed and any such information may be incomplete or condensed.

All opinions and estimates in this communication constitute judgments by E.I.M. Capital Managers as of the date of this communication and are subject to change without notice. The publisher is under no obligation to make public any change in view about any matter referred to in this or any linked documents.

No references to past investment performance should be taken to indicate anything about future performance.

This communication is directed only to Australian wholesale investors and licensed financial advisers for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of a security.