Despite its in depth involvement in the global economy, Australia largely managed to escape from the repercussion of the global financial crisis. Recently however, due to a downturn in global investment sentiment, economic uncertainty in Europe, fears over Chinese demand and the proposed ‘super profits tax,’ Australian sticks have plunged 14% since October 2009. As a proxy for world resource prices and global sentiment, Australian shares have leveled over the past month as sentiment begins to drive small gains in the influential American Market.
A Cheap Speculation
With this emerges a share which has plunged in value, however with solid assets, is predicted to make gains over the next 12 months. Carnarvon Petroleum (CVN) is an oil and gas producer with operations active in Australia, Thailand and Indonesia. In mid-May, CVN reached a 52-week low at 30c, however since has demonstrated consistent growth. Whilst many anticipate the Australian mining boom to be over, Carvarvon’s operations. Having recently improved its board credentials, cash assets increasing by 70% since 2008 and outlining their intentions to increase that further, CVN’s stability should increase in coming months. Despite not currently paying dividends, CVN’s revenue increased 30% between 2008-2009 to over $100 million with net profits increasing by a similar margin. Carnarvon closed last week at $0.35 AUD.
Proven success story
Another affordable stock with over $100 million in revenue and no debt is Western Australia’s nickel miner Panoramic Resources (PAN). Priced at $1.10 in October 2008, Panoramic has proved a consistent and relatively predictable stock, perfect for those with a moderate knowledge of financial markets. An increase in forecasted Nickel prices and a moderating of the Super tax proposition has seen this exploration company move into favour with investors. WHilst production has decreased over the 2009-2010 financial year, a reduction in the Australia dollar has made exports more competitive, and the proposition for a stronger Chinese yuan should have further positive implications.
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