SKL, CMO, ABA, HGH

SKL

CMO – sales are likely to slow down and margins are likely to be squeezed further over the next 2 as

the economy slows down and costs increase especially as the kiwi dollar weakens. Net operating

cashflows are already under pressure.

HGH – OVER - PRICED! Tougher times ahead and NEGATIVE NET OPERATING CASHFLOWS OVER THE

PAST 3 YEARS IS A CONCERN! Times could get tougher, making net negative operating cashflows a

likely continuing trend, until such time as the NZ and Australian economies get back on a relatively

strong growth trend.