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David Allingham from Eley Griffiths says reporting season shows corporate Australia is in good shape and explains why they are keeping an eye on Mining...

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David Allingham from Eley Griffiths says reporting season shows corporate Australia is in good shape and explains why they are keeping an eye on Mining Services. One sector that proved controversial was mining services with companies such as Imdex, Ausdrill, Bradken and NRW all suggesting their outlooks were improving, off a low base. This is highly topical, as these stocks do appear to offer significant value, if this outlook proves correct. As a result the sector has performed strongly and there is increasing evidence that the June quarter may mark the low for mining services. However, second half FY14 revenue and margins suggest that there is still downside to consensus earnings which is likely to prevent a sustained rally from these levels. Having said that, we are certainly looking for positive data points (rather than the obvious negatives) that may underpin an investment in the space over the coming months.


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