worth some research, page-2

one for your watchlist i've watched with interest the listing of srh onto the asx, 'Analyser' like your good self

whilst the business seems right given the current favourable cyclical enviroment in the infrastructure sector,i reserve my judgement as to whether srh will live up to expectations on a longer term basis and be a key player(or will they just tread water and be buffered around by exchange rates for the later benefit of private equity firms)for the following reasons:

1-low market cap
2-illliquid market in srh
3-relatively low sales volume and npat
4-not many large instos on the books

the only real thing that will significantly help drive eps
growth and the more importantly the share price, will be large scale capex which will inturn increase the p/e and possibly gearing depending upon how the capex is funded and might put pressure on other important ratios

the initial loss of a key personnel shortly after listing
might raise some questions

mgmt need to understand that an asx listing is not right
for every business/entity

private structures are now the in thing,some are now heading back to the private structure model which has served so many well in the past

they have come to the sudden realisation that its alot easier to report to themselves and not be faced with having to deliver year on year better npat just to keep the instos/research depts happy because some, have lost sight of the fact when you go into business your there to make a PROFIT

those thinking about listing on the asx should divest themselves from the noise and movement coming from investment banking world seeking their buiness for listing, in order so they can better make an formed decision

at the end of the day the market (primarily the instos)will help set the price which will inturn have some affect on any srh capex raisings for any bolt on acquisitions and from then on its all up to mgmt and staff to prove their real worth and make a real difference

as at 25/9/06 the closing price =$150.5
listing price =$1.00 = 50.5%
so those who got in on the ground floor (so to speak), can't be to unhappy and its a fair call to say in light of the above that this stock has had more than a good run
in a relatively short time frame