The exchange (ASX) is a good quality business, in general.
But on a simple regression model (forecast ROE, income growth) it stands out as relatively pricy, to our mind.
Overlay that with concerns about the blockchain replacement tech issues, and you’ve got reason enough to stay away, for now.
At the other end, ANN is absolutely bombed out, with the market quite convinced another downgrade is coming. Maybe so, there’s still that big inventory build to be dealt with.
But, on a simple regression model, the stock looks quite inexpensive.
That does compensate us, somewhat, for being wrong about the timing. ANN is one we will have to “hold” for now.
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