Since posting an intraday low of $65.60 on October 26th, shares of CBA have risen over 5% and reached $69.90 in early trade today.
Investors have cause to be pensive as the banking giant will hold its AGM in Brisbane today and round 7 of the bank Royal Commission will start on November 19th.
We see technical price resistance in the $70.25 area and initial support at $67.30.
Commonwealth Bank
It’s been estimated that over $250 million was wagered on yesterday’s Melbourne Cup.
It’s reasonable to believe that many punters would have placed bets using one of the TAH platforms.
TAH has been an enigma for investors over the last three months as the share price has traded in a narrow $4.50 to $5.00 price band.
It’s worth remembering that TAH reported a 71% jump in earnings in their last update and is currently priced at a 4.60% yield.
TAH is part of our ASX top 100 portfolio and we suggest accumulating shares at current levels for a move back over $5.25 over the medium-term
Tabcorp
Shares of BHP have slid lower in early trade as the mining giant has suspended all iron ore operations in WA after a runaway train with 268 wagons had to be derailed.
We don’t see this as an impediment to the pace of exports out of Port Hedland or the $14 billion share buy back and special dividend program.
BHP has been on an ALGO buy signal since September 11th at $31.20.
We see good technical support in the $32.85 area and initial resistance just under $35.00.
BHP
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We recommend accumulating Crown Resorts near the $11.75 price range
CWN offers investors an attractive return with a partially franked dividend yield of 4.9% and is trading at 20x FY19’s estimated earnings.
Crown
UniBail-Rodamco is the European property conglomerate which acquired the global shopping center giant, Westfield.
As UniBail continues consolidating their expanded portfolio, investors can expect to hear more about “non-core” asset sales.
The long-term play for UniBail is to keep the best of the high quality assets from the combined groups.
A combination of higher bond yields and impatient retail investors have seen the stock price fall to $12.50.
This places URW on a 6% yield and we’re now looking at a share price that should start to find institutional buying interest.
Unibail
Our ALGO Engine generated a buy signal in Oil Search at $7.50 on October 30th.
With LNG prices firming, we recommend investors accumulate OSH shares at current levels.
OSH is our preferred value opportunity even though WPL and STO also look reasonable over the medium-term.
Oli Search
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Macquarie Group was added to the ASX model portfolios following the recent ALGO Engine buy signal at $115 on October 12th.
1H19 NPAT is up 5% on the same time last year, and importantly, the group has upgraded its guidance for FY19 profit to be up approximately 10%.
Macquarie Group
After testing a 12-month low at $11.90 in early trade, shares of Crown provide an opportunistic entry level for both investors and traders. The share price has been washing out following last week’s average earnings result.
With the share price sliding over 20% lower since mid-August, we believe we’re now looking at an inflection point with new buying demand ready to build.
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