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@berthon_jones "$CBA.AX $CBA NIMs are good but middle of the global pack. It's ROE's are good but others are quite a bit higher e.g. $JPM.US. It's loan book is sizeable but certainly not thie biggest. And yet the valuation differential is half way off the chart"
@berthon_jones on X 2025-06-04 23:31:43 UTC 2144 followers, XXX engagements

"Hard to see why you would bother with a $CRN.AX when $SMR.AX $WHC.AX $NHC.AX and friends are right there. You'd make very good money as opposed to awesome money if all those names get through the current cyclical lows but you wouldn't face oblivion if the lows drag on"
@berthon_jones on X 2025-05-16 02:50:36 UTC 2143 followers, 2485 engagements

".(since WFH/pandemic era) unused office space will be removed. In general bodes well for the office players that remain $CHC.AX $DXS.AX $COF.AX as a longer run story"
@berthon_jones on X 2025-06-24 03:07:22 UTC 2144 followers, XXX engagements

"Given the market just hit all-time highs and trades richly you can make an argument for taking profits on some of the recent winners (thinking of the unstoppable run of $CBA.AX which continues to defy logic imv)"
@berthon_jones on X 2025-07-17 01:40:02 UTC 2144 followers, XXX engagements

"Utilities are hard beasts to understand; lots of moving parts surprisingly opaque working capital provisioning hedges swaps & the like. But $AGL.AX has sold off on fears of weak earnings and $ORG.AX upgraded guidance on the comparable bit due to "favourable mkt conditions""
@berthon_jones on X 2025-05-26 23:20:50 UTC 2144 followers, XXX engagements

"Going hard at $CBA.AX because of a bit of slope seems rather baffling to me"
@berthon_jones on X 2025-07-02 02:13:44 UTC 2144 followers, XXX engagements

"A whole bunch of punting would appear neccessary given industry profitability has been decimated and even before COVID eps growth has been scant. $RHC.AX $RHC. CEO clearing the decks and accountability for a share price in the low 30s that's followed the earnings"
@berthon_jones on X 2025-01-30 23:08:33 UTC 2144 followers, XXX engagements

"Still not obviously cheap today either. $IEL.AX"
@berthon_jones on X 2024-11-21 03:30:55 UTC 2144 followers, 1442 engagements

"Big capex project winds up soon and after that (given it's normally pretty cash generative) FCFs should pick up quite a bit"
@berthon_jones on X 2025-07-23 04:25:23 UTC 2145 followers, XXX engagements

"Strong Aussie PMI's coming through for the July release"
@berthon_jones on X 2025-07-23 23:03:51 UTC 2144 followers, XXX engagements

"With the oil stocks it's hard to go past this. Yes lots of company specific stuff (cost margin cashflows balance sheet production guidance etc). But if you think oil demand is still robust in 2040 let alone 2050 these things are massively undervalued. $WDS.AX $WDS $STO.AX"
@berthon_jones on X 2025-05-07 00:06:52 UTC 2144 followers, 2222 engagements

"When the line goes vertical or near vertical you know you have a problem. (mind you the number one problem thus far has been not owning it but there you are). $CBA.AX $CBA. Forward PE of 30x. Brisk to say the least"
@berthon_jones on X 2025-06-20 02:34:37 UTC 2144 followers, 1266 engagements

"Still a surprising disconnect to me. $TWE.AX. Share prices follow earnings and it is certainly possible those earnings wind up a lot lower but as it stands it's growing. Just the amount it expected to grow is less (hence the forward EPS estimates drop)"
@berthon_jones on X 2025-06-27 02:23:06 UTC 2143 followers, XXX engagements

"With $TWE.AX two things seem to be true. They are growing less quickly than they expected and the market was thus right to price in lower growth. And for a business that's growing at double digit EPS a forward PE of 13.8x seems crazy. $BRG.AX trades at 30x for example"
@berthon_jones on X 2025-06-23 23:09:00 UTC 2144 followers, 1116 engagements

"The move to free up capital for $LLC.AX $LLC continues. Given the stock trades at a fairly material discount to NAV (some 0.77x) the news is good"
@berthon_jones on X 2025-05-15 01:33:39 UTC 2144 followers, XXX engagements

"$FBU.AX keep managing to sound very downbeat on the NZ housing market (& broader building market) and yet as I look at the @AntipodeanMacro metrics it's not all doom & gloom. Fletchers' now share the subindustry volumes/stats and they are what they are but still interesting"
@berthon_jones on X 2025-07-24 06:34:30 UTC 2143 followers, XXX engagements

"Given the wettest three month period in XX years the $WHC.AX $WHC ability to maintain smooth/continuous/uninterrupted operations is pretty impressive. Guidance maintained"
@berthon_jones on X 2025-06-02 23:13:47 UTC 2144 followers, 1238 engagements

"Looks a bit dramatic the trend in Aussie employment growth just by having the two flat months back to back. Participation rate moving up is at least 10bps of it I suppose. Still "line go up" equates to bad generally speaking for the unemployment series"
@berthon_jones on X 2025-07-17 01:38:55 UTC 2144 followers, XXX engagements

"Lithium and (US) housing stocks fall out of bed today. $PLS.AX to keep adding supply in an already oversupplied market $JHX.AX $RWC.AX with a consistently weaker set of US housing everything (starts sales units under construction)"
@berthon_jones on X 2024-06-21 02:02:39 UTC 2144 followers, XXX engagements

"Seems very reasonable (iov) to think this thing trades at 20x given the business model is under pressure (student visa numbers/approvals being rebased). Earnings and pricing momentum is negative; where's the good news $IEL.AX"
@berthon_jones on X 2024-07-14 02:36:06 UTC 2144 followers, XXX engagements

"No denying Amcor's $AMC.AX $AMC enthusiasm for the Berry merger and the resultant uplift to earnings growth / TSR expectations. Of all the corporate M&A out there (admittedly not much) the savings on cost/procurement/SG&A seem most plausible"
@berthon_jones on X 2025-04-30 23:04:40 UTC 2145 followers, 1061 engagements

"Solid from $WDS.AX. Production tickled up at the lower end of the range realising a premium to oil-linked prices with hub-linked pricing unit costs lower major projects coming online soon and progressing well. First class operator"
@berthon_jones on X 2025-07-22 23:20:06 UTC 2145 followers, XXX engagements

"This $DXS.AX $DXS piece re: the office market is interesting. They point to the ongoing bifurcation in the market where high-quality "core" (as opposed to "fringe" or "the bad places" locations) rents are growing quite well. Book values rose for the first time in two years"
@berthon_jones on X 2025-06-30 23:49:07 UTC 2145 followers, XXX engagements

"Gorgeous graph even if you disagree with the relevance of using p/i or p/r as the key valuation metric"
@berthon_jones on X 2025-07-22 00:32:23 UTC 2143 followers, XXX engagements

"This commentary from $DXS.AX $DXS seems very bullish to me relative to very depressed expectations. Incentives lower vacancy in long suffering Melbourne CBD declining for the first time in years. Subleasing way down. All really quite strong for a stock on 12x PE + c5% yield"
@berthon_jones on X 2025-05-05 23:33:48 UTC 2144 followers, XXX engagements

"The Ampol $ALD.AX quarterly trading update is solid if unspectacular. The recovery in refinery margins (Lytton) to US$8.81 from in the $6's at one stage was pleasing alongside steady growth in convenience retail"
@berthon_jones on X 2025-07-23 04:24:36 UTC 2145 followers, XXX engagements

"China's steel production data looking very grim. Not much joy for $BHP.AX $RIO.AX $FMG.AX"
@berthon_jones on X 2024-09-16 03:35:40 UTC 2144 followers, 1892 engagements

"On the face of it this $LLC.AX announcement is quite positive. But no mention of the possible mandate losses to $MGR.AX that the Aus and AFR have been tabling. Seems like something worth discussing given they mention the $1.5bn of new mandate wins that support FUM growth"
@berthon_jones on X 2025-07-16 07:33:55 UTC 2143 followers, XXX engagements

"Noting an interesting step up in Office-to-resi conversions in the US from the CBRE data. From essentially nothing as it was "too hard to do" to lots as ideal sites have been identified learnings gathered and from the look of it a material amount of hithertofore"
@berthon_jones on X 2025-06-24 03:06:44 UTC 2144 followers, XXX engagements