ADZ adsteam marine limited

adz - bounced back nicely

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    earning per share estimated at 20 cents therefore price to earnings is around 5-6 at current price. what surprises me is that in november last year the company flagged that earnings would be down. so when they released their results there were no real surprises apart from the withdrawal of the interim dividend. i think therefore most of the selling was done by people holding the stock as an income stock and selling at any cost. overdone in my opinion and i'm looking for it to get back to around $1.50.

    also bear in mind that they have virtually had a monopoly holding in australian ports up until last year. i have heard it be said that there are many barriers to new entrants and therefore competition would not have too much affect.

    if you actually look at the result the australian and uk businesses were basically in line and the fall came from northland in the us where we all know the economy is on the brink of recession.

    anyway i topped up yesterday afternoon.
 
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