Gold Road – Buy
Gold Road Resources remains our preferred gold exposure.
JHX – Rallies 13.5%
James Hardie Industries was added to our model portfolio last month and is now up 13.5%
FY22 Guidance range has been upgraded from USD550-590m to USD580-600m.
After 20% growth into FY22 and FY23 analysts are forecasting slower growth of 10% in FY24. The stock trades on a forward yield into FY23 of 2.5% and a forward PE of 25x earnings
Pexa – Accumulate
Pexa Group has helped transform conveyancing from a clunky paper-based process into a digital one. PXA was recently listed on the ASX with a market cap of $3bn.
FY21 underlying earnings doubled to $110 million and analysts are forecasting a further 20% increase in FY22.
CBA & Link are major shareholders.
Domino’s Pizza – Algo Buy
Domino’s Pizza Enterprises is under Algo Engine buy conditions. Investors should consider accumulating DMP within the $95 – $120 price range.
Brambles – Algo Buy
Brambles is under Algo Engine buy conditions and has now been added into our ASX model portfolio.
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Bluescope Steel – Algo Buy
BlueScope Steel is under Algo Engine buy conditions.
US Infrastructure Bill
The passing of the traditional infrastructure bill is a strong positive for the economy and for markets, we expect to see continued strength in the materials sector.
Our preference is the (ASX:OZR}
Iron Ore Collapse
Iron Ore prices have collapsed to trade at 90 p/t. We shift to an overweight position and anticipate a rebound in the new year.
5-year graph
10-year graph
Gold Price Rally
Spot gold is up 1.2% to US$1,816.80 per ounce, as yields on the U.S. 10-year Treasury notes slipped to their lowest level in about a month.
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