Strong 1H for Soul Pattinson, but Headwinds for Coal and TPG
We maintain our AUD 14.10 per share sum of the parts-based fair value estimate for no-moat-rated Soul Pattinson. Adjusted first-half fiscal 2018 net profit after tax of AUD 166 million was 24% higher than a year ago. The result beat our expectations thanks to the uplift profit from 50%-owned associate New Hope, and the solid performance of TPG Telecom, which delivered a flat result despite competition from the NBN rollout. The building products division of associate Brickworks also performed wel...Washington H. Soul Pattinson and Company is engaged in the ownership of shares; coal mining; gold and copper mining and refining; property investment; and consulting. Co.'s operating segments are: Investing activities, which invests in cash, term deposits, and equity investments; Energy, which engages in coal, oil and gas activities; Copper and Gold operations, which engages in copper and gold mining activities which includes exploration, mining and processing of ore into copper concentrate, copper sulphide and gold; Corporate advisory, which provides corporate advisory services; as well as Property, which engages in property investment activities.
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