Shortlisted

Editorial director of Switzer
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After a big run up last week, Leighton Holdings is on our watch list.

“Leighton Holdings huge run last week seemed to come out of nowhere,” Paul Rickard said. And it was also unusual, given that it had one of the biggest short positions on the market.

But major-shareholder Hochtief Australia Holdings has been using the creep provisions to buy more stock to boost its holding to 58.77%, and this morning has made an off market offer that would increase its holdings to 74.23%. (Pro rata offer to buy three shares for every eight shares held by other shareholders, at $22.15 plus the already announced interim dividend of 60c).

“On the buy side, Telstra continues to languish – with at least one very active seller. In a relative sense, it is good value around current levels” Paul says.

Peter thinks Computershare (CPU) is now looking expensive (up 9.0% this year).

“The only people not tipping Computershare are taxi drivers and when they start giving me tips, I liquidate my portfolio,” he says.

Meanwhile, Charlie Aitken is extending his East Coast property boom predictions to high-end property for Sydney, which he says is being priced like London, New York and Hong Kong, where global money competes with domestic buyers.

“I just have a feeling the high-end Sydney property market is going to go bananas in the next few years and locals will be priced out of the equation by foreigners and expats coming home. This is exactly what has happened in London, New York and Hong Kong,” he says.

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