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SUN - Suncorp Group

Discussion in 'Stocks Q-Z' started by mmmmining, Jan 18, 2007.

  1. mmmmining

    mmmmining Well-Known Member

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    Cannot find any posting about SUN.

    I am start looking for undervalued stocks outside energy and resources to balance my extremely unbalanced portfolio. I found a few. One of them is SUN.

    Mix of bank and insurance business with PE at 13. The cheapest amount both bank and insurance sector. Could be a good takeover target too in the increasingly buyout environment. Let's see...
     
  2. Garpal Gumnut

    Garpal Gumnut Well-Known Member

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    Re: SUN - Suncorp-Metway

    SUN is a core stock for any Queenslander. I have accumulated this stock since its listing, buying on weakness in the AXO. It seems overpriced at present but who knows? Technically its behaving, higher highs and higher lows. The takeover of PMN is all too complicated for me. Possibility of further t/o activity. Its a political stock so any spectacular activity would need to be approved by politicians.
    Garpal Gumnut
     
  3. mmmmining

    mmmmining Well-Known Member

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    Re: SUN - Suncorp-Metway

    SUN crossed $22 first time in three months. Financial stocks are back. But SUN is still the cheapest one. I still believe this is the stock to park your hard earned resources money just in case.
     
  4. Garpal Gumnut

    Garpal Gumnut Well-Known Member

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    Re: SUN - Suncorp-Metway

    Any fundamentalists have ideas on SUN post merger with Promina. Is it a goer on the figures. I get confused at the checkout at Woolies, stressing over which way to put he credit card in, so have no hope of reading financial reorts p/e's , accruals etc.etc. Basically I'd like to know if it is likely that they won't go broke. If they do well the share price will increase, if they don't, and don't go broke they'll get taken over. If they go broke I'll lose. The charts can't help me on this so any numbers gals or guys out there please help me out. Garpal
     
  5. mime

    mime Well-Known Member

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    Re: SUN - Suncorp-Metway

    Trading halt is on SUN. Where to from here?
     
  6. Warren Buffet II

    Warren Buffet II Well-Known Member

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    Re: SUN - Suncorp-Metway

    Trading halt is due to the merge with Promina. The federal court has accepted the merge proposal and they will proceed with it this week. SUN will be out of the trading halt on Friday and Promina shareholders will receive SUN shares by then.

    WBII
     
  7. Julia

    Julia In Memoriam

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    Re: SUN - Suncorp-Metway

    Existing shareholders are apparently to be offered a fairly well discounted price on new shares.

    I held SUN for a few years but sold it on the Promina news and haven't regretted it so far.

    Julia
     
  8. Warren Buffet II

    Warren Buffet II Well-Known Member

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    Re: SUN - Suncorp-Metway

    SUN is offering new shares ot existing shareholders @ 27% discount. It is a juicy discount and I am sure I will be taking part of it.

    WBII
     
  9. mime

    mime Well-Known Member

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    Re: SUN - Suncorp-Metway

    Do you guys think it's a good thing for the stock price? Do you guys think the trading halt has saved SUN from the major fall on the market today or the fall will catch up with the stock?
     
  10. coyotte

    coyotte Well-Known Member

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    Re: SUN - Suncorp-Metway


    Kicking myself for not taking a bigger SHORT last week


    Cheers
     
  11. Garpal Gumnut

    Garpal Gumnut Well-Known Member

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    Re: SUN - Suncorp-Metway

    Dear Mime,

    You and all your family will from this day henceforth be paupers and dependent on the queue at DSS with the local Ice wholesalers and retailers.

    Seriously though, grab a coin and flip it, heads the market will go up, tails down. Nobody knows. Basic charts on ASX and o'seas indices indicate a downward trend beginning.

    If you are a short term investor I'd suggest getting out. A medium term i.e less than 6 month view get out. Long term debatable, I'd suggest stay in as this is a minor correction in the the long term. SUN I hold , and have since listing. Also Promina. I'll hold and accumulate unless market tanks +++ in next few weeks.

    ASX is way well above due a correction on long term charts.

    Garpal
     
  12. YELNATS

    YELNATS Non illegitimis carborundum

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    Re: SUN - Suncorp-Metway

    Maybe there will be a short term fall in SUN after the trading halt ends. I held PMN, so I will get some SUN shares. If SUN falls a bit, I'll take the buying opportunity. Long term, with the Promina and GIO businesses, plus their own core banking, plus a healthy dividend yield 100% franked, it should be a winner.
    regards. YN.
     
  13. Warren Buffet II

    Warren Buffet II Well-Known Member

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    Re: SUN - Suncorp-Metway

    Hi Mime,

    That is a very good question that I have been thinking about for the last 4 weeks.

    There are 2 scenarios IMO:

    1) Price drop due to the extra number of shares available, Promina shareholders selling and those who bought to get the new discounted shares

    2) Price holds as the company is much larger now and will get a higher weight in the indexes.

    I guess tomorrow we will see a drop until the share price stabilize.

    WBII
     
  14. mime

    mime Well-Known Member

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    Re: SUN - Suncorp-Metway

    So you guys believe it will drop sharply on Fri?
     
  15. mime

    mime Well-Known Member

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    Re: SUN - Suncorp-Metway

    Hey guys.

    Anyone know what ratio of discounted units can be purchased? I thought it said 2:15 can anyone confirm?

    P.S it look like SUN may have dodged the sharp fall because of the trading halt.
     
  16. tybutler

    tybutler Novice with some vices.

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    Re: SUN - Suncorp-Metway

    Yeah - it's 2 for 15 at $15.50 each...

    Ty.
     
  17. Garpal Gumnut

    Garpal Gumnut Well-Known Member

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    Re: SUN - Suncorp-Metway

    Taking into account it is ex entitlement, 2:15 , Sun close on Friday at 21.25 is a sign that the price will not fall, and may rise post merger.

    I note brokers are bullish on Sun after trading halt.

    Garpal
     
  18. mmmmining

    mmmmining Well-Known Member

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    Re: SUN - Suncorp-Metway

    Grapal, I have not received the form. When did you receive it? Thanks.
     
  19. makeorbreak

    makeorbreak Active Member

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    Re: SUN - Suncorp-Metway

    I cannot seem to find it anywhere...

    Does anyone know the true value promina shareholders were given for the takeover?

    I thought it was $7.60. And if that is the case, whats the breakeven price for suncorp shares (now that it has dropped)?
     
  20. questionall_42

    questionall_42 Well-Known Member

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    Re: SUN - Suncorp-Metway

    Anyone know the cost basis for us new SUN ex-PMN shareholders?
     
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