MHJ - Michael Hill International.

[James108]

I hardly think they are a "turn around" case. Their continuing operations are very successful and they have proved up their growth in Canada, which is a larger market than Aus - although they do not seem to be targeting all of it at the moment. I see the shares as good value with one caveat below.

What concerns me is the unexplained $10m increase in corporate costs, I could understand this being temporary due to the relatively large change that has been undertaken this year - However if overheads have permanently increased by $10m it would be a bit concerning. Hopefully some 'colour' is provided around this in the conference call.