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Copy of an article in The Australian Newspaper today 25/10/07


Amcor (AMC) $7.18

THE global packager's annual gabfest yesterday makes us all the more confident of Tuesday's "sell" call at $7.24, in that there was little to suggest a rapid turnaround in fortunes.

Amcor chief Ken MacKenzie warned the Aussie dollar would strip $35 million from full-year profits if it continued at current virile levels, but was happy with market consensus of modest improvement this year (7 per cent in earnings per share terms).

There were no nasty bombshells, but not much inspiration either. MacKenzie says Amcor's get-fit program, The Way Forward, is removing corporate flab, but it looks like the savings will only offset input cost increases.

As for the box cartel stuff - water under the bridge. Sell maintained.

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