Elders Sells Out Of Indonesia

Elders has decided to sell its beef feedlot and processing assets in Indonesia, and has confirmed more deals that will deepen its investment more in its Australian agricultural chemicals business and livestock agency operations. The news saw Elders shares jump more than 3.6%% to $7.99.

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ELD – Citi rates the stock as Buy, Speculative

Buy, Speculative rating remains in place, but the price target has fallen to $0.65 from $0.70 post the company’s released set of interim results. The analysts believe these results showed progress and sustainability in its core operations, but the non-core ones continue to weigh. Management’s guidance for the year seems to disappoint at face value, but the analysts suspect that has more to do with a cautious approach.

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ELD – Citi rates the stock as Hold, Speculative

Citi analysts rightfully argue there was little value in AWB’s ((AWB))  results release given suitor Agrium will soon own the complete business, but the analysts also comment the read-through from the result is broadly neutral for Elders. The Landmark operations performed well, but Citi suspects this is more related to fierce cost cutting than to an industry-wide uptick in activity.

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Elders’ Shock Downgrade

Rural services company Elders has downgraded earnings guidance and now expects a full year loss because of low prices for farm supplies, subdued real estate activity and the collapse of management investment schemes in the timber and forestry sector.

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Looking At Elders Anew

Elders Limited (ELD), or what we used to call Futuris Corporation, is one of Australia’s largest rural services companies. However, Elders, and the rural services industry has seen some pretty tough times over the past two years, as have managed investment schemes and the automotive sector, which are two of the group’s other key segments. However, with an improving outlook, moves to address a stretched balance sheet undertaken and a strategic review in progress, some renewed interest in Elders among the Australian stockbroker community is emerging.

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