George Beyrouthi’s editorial: 10/09/2014

IRON ORE – was our savior. Is it still (part 3)? Yesterday I wrote: …….., BHP Billiton, RIO Tinto and Fortescue can afford to decrease in

price down to $US 55 (all-in cash costs including all expenses) while small companies such as BC Iron, Arrium have a breakeven price around $US70. Atlas Iron and Mt Gibson Iron have a breakeven price around $US75 so it means there is a high probability that they will post an

underlying loss in this financial year.

However, BHP has reported higher profits last month, thanks to 12 months of brutal cost cutting and a huge increase in export volumes, which have more than offset lower export prices. This is the main reson why the iron ore price has been declining. Rising output has not stopped the mining companies’ shares from declining along with prices. Vale lost about 22 per cent of its market value this year, while Rio Tinto fell 8.9 per cent and Fortescue plunged 30 per cent. BHP retreated 5.2 per cent (www.afr.com). Another factor pushing down the price of iron ore is steel production in China. China forges as much steel as the rest of the world combined. The property sector accounts for almost half of all steel demand and a slowdown in this sector of China’s economy has a negative impact on the iron ore price.

But the trend for higher exports to outpace price declines is set to reverse soon. Miners are expected to raise iron ore exports by 12 per cent in 2014-15 – most are tipping bigger declines in iron ore prices, with consensus suggesting the benchmark price will be between 15 per cent and 20 per cent lower.

Part 4 tomorrow

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DOW 17,013.87 (96.98) -0.57% If you wish to receive our reports on a daily basis, please visit our website at www.fssecurities.com.au and subscribe. It is important to recognise that not every ––recommendation will suit everyone. You need to determine what your risk appetite is before you trade. Do you need a hand? Please call us. We have a lot of material in our daily report. You will find:

- Overnight summary

- Review on Gold, Silver and Crude markets

- Our recommendations cover:

o US market

o Commodities

o FX

o ASX Equities

- We do a full analysis on one stock (our pick)

- Stats showing the % change over two weeks

- Upcoming Dividends

- A lot more

Our predictions? What I predicted (at end January 2014):

- XJO (ASX 200) has about 200 points further to

go (up) in January the XJO was 5190

Next 3 months (at end May 2014) - XJO (ASX 200) Resistance around 5600 (+100),

Support around 5100 (-300)

- Gold to trade between 1250 and 1350 US/Oz (no

change from prediction in Jan 2014)

- The Australian dollar to remain weak and hover

around the 88 to 93 US cents (no change)

Next 3 months (at end July 2014)

- XJO (ASX 200) Resistance around 5750 (+100),

Support around 5350 (-300)

- Gold to trade between 1250 and 1350 US/Oz

- The Australian dollar to remain 88 to 95 US cents

S&P500 1,988.44 (12.92) -0.65%

NASDAQ 4,552.29 (39.60) -0.87%

E-STOXX 50 3,245.43 (22.07) -0.68%

FTSE 100 6,829.00 (5.46) -0.08%

DAX 9,710.70 (47.58) -0.49%

NIKKEI 225 15,749.15 44.10 0.28%

HANG SENG 25,190.45 (50.38) -0.20%

SHANGHAI 2,445.22 (3.91) -0.16%

GOLD (US$/oz) 1,255.88 0.41 0.03%

SILVER (US$/oz) 19.07 0.11 0.57%

COPPER (USc/lb.) 310.60 (6.25) -1.97%

CRUDE (US$/brl) 92.78 0.12 0.13%

WHEAT (US/bu.) 527.50 (6.00) -1.12%

SOYBEAN (US/bu.) 1,282.75 7.75 0.61%

COCOA (US/mt) 3,079.00 8.00 0.26%

CORN (USd/bu.) 344.25 (4.00) -1.15%

COTTON (USd/lb.) 65.79 0.74 1.14%

COFFEE 'C'(USd/lb.) 192.60 (1.85) -0.95%

FCOJ-A (USd/lb.) 148.75 0.15 0.10%

LIVE CATTLE(d/lb) 160.38 1.85 1.17%

AUD-USD 0.9203 - 0.67%

EUR-USD 1.2941 (0.0100) -1.10%

USD-JPY 106.1900 (0.0100) -1.10%

GBP-USD 1.6106 - -0.59%

AUD-EUR 0.7112 0.013 1.79%

Offshore Markets & Businesses Overnight and from around the globe we start with Wall Street with US stocks fell as bond yields hit their highest in a month on expectations interest rates could rise sooner than expected and as Apple shares fell. The Dow Jones Industrial Average index fell 97 points or 0.57% and finished at 17,013. The S&P 500 ended lower by 13 points or and finished at 1988. The Nasdaq the technology index was down 0.9%.

European major markets was down 0.68% at 3245. In London, the FT100 index fell 0.08% at 6829. In Japan, the Nikkei was up 0.28% at 15,749. In China, the Shanghai index was down 0.16% at 2445. On the commodities; Gold a short time ago was trading at $1256 US/Oz steady overnight. Silver, closed this morning at $19.07 also steady. Crude Oil this morning was at 93.12 US/barrel down $0.40 from this time yesterday. Copper, the world’s economic barometer was at 310.60 c/lb down 2% overnight Iron ore, which is important for our miners such as BHP, RIO, Atlas Iron and Fortescue, was down another 0.4% at $83.20 US /tonne. On the currencies, The Aussie dollar was at 92.03 US cents, 97.76 Japanese yen, 71.13 Euro cents and 57.15 British pence. On our market yesterday, The benchmark ASX 200 lifted 0.6% or 31 points, to close at the day’s high of 5608. The broader All Ordinaries gained 0.5% or 30 points, to 5609. The market snapped a four-day losing streak led by a rally in the miners and the big banks, but a dip in business confidence kept a lid on investor enthusiasm. The best performer amongst the leaders yesterday: AMP BHP RIO up 1.2%. The worst performers: NCM down 2%. On the economic news that can affect our market and those overseas: Australia: WBC/MI consumer confidence; Japan machine orders; US wholesale inventories. Locally, shares are poised to open lower. The SPI futures contract was down 18 points a short time ago indicating a lower start this morning. Yahoo, Bloomberg, SMH, ninemsn and AFR

Global announcements Updated on Wednesday, September 10, 2014

The full report has now shifted to Our Trades and Our Picks Report for subscribers!!!

FS Securities Picks On 08/09/2014 (new): Retail Food Group Limited (RFG) $4.95 On 04/09/2014 (new): Australian Pharmaceutical Industries Limited (API) $0.70 On 03/09/2014 (updated): Flight Centre Travel Group Limited (FLT) $47.74- reported NPAT up 9.8% to $263.6m, revenues from ordinary activities were $2.2bn, up 12.6% On 29/08/2014 (updated):

James Hardie Industries (JHX) $12.79 On 27/08/2014 (updated):

AWE Limited (AWE) $1.77

On 26/08/2014 (updated):

Western Areas Limited (WSA) $ 4.72 On 18/08/2014 (updated): Oil Search Limited (OSH) $9.44 - Net profit up 34% to US$152.5 million On 13/08/2014 (new): Domino's Pizza Enterprises Limited (DMP) $23.78 – DMP announced a full-year net profit after tax result of $45.8 million, a 50.4 per cent rise on the prior year On 01/08/2014 (updated):

Kathmandu Holdings Limited (KMD) $3.12 - colder weather in July will help the company recover a significant portion of the shortfall in sales revenue On 31/07/2014 (new): APA Group (APA) $7.48- APA will develop a new pipeline in the Goldfields region of Western Australia On 24/07/2014 (new):

Macquarie Group Limited (MQG) $60.00 - the bank’s 2015 financial year result will be in line with last year’s annual net profit of $1.27 billion. On 22/04/2014 (updated on 26/05/2014): CSR Limited (CSR) $3.40

FS Securities Trades On 02/09/2014: Rio Tinto limited (RIO) $62.60 – Iron Condor strategy On 01/09/2014: Commonwealth Bank of Australia (CBA) $81.22 – Iron Condor strategy On 28/08/2014: Macquarie Group Limited (MQG) $58.00 – Iron Condor strategy On 25/08/2014: S&P/ASX 200: INDEX (XJO) $5,630 – Iron Condor strategy On 20/08/2014: CSL Limited (CSL) $74.40 – Iron Condor strategy –UPDATED – rolled over to the next month

Note: the following picks are not necessarily trades that FS Securities are currently trading. They are offered as suggestions only. Please check with your broker first before trading.

Check it o ut by subscribing to our Trades and Picks

Indices and Commodities

GOLD: Gold futures for December delivery fell 0.5

percent to settle at $1,248.50 an ounce at 1:43 p.m. on the Comex in New York, after touching $1,248.10, the lowest since June 6 (Source: Bloomberg and CNBC)

SILVER: Silver futures for December delivery slid 0.2

percent to $18.92 an ounce on the Comex, after reaching $18.89, the lowest since June 6. (Source: Bloomberg.com)

CRUDE OIL: Brent crude dropped to the lowest level in almost 17 months, narrowing its premium over West Texas Intermediate, on concern global supply growth will outpace demand. WTI for October delivery rose 9 cents to $92.75 a barrel on the New York Mercantile Exchange. The contract slid to $92.66 yesterday, the lowest close since Jan. 14. The volume of all futures traded was 29 percent above the 100-day average. (Source: bloomberg.com and Yahoo.com)

*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.

Advances, Declines and Volume

Analysts rating changes: Stocks to watch (source SMH) Shaw Stockbroking retained a “buy” “high risk” recommendation on Transfield Services and has a price target of $2.40 a share on the stock. The following stocks will trade ex dividend today: Colorpak, ERM Power, Hunter Hall Int, LogiCamms, OZ Minerals, Oil Search, Perpetual, Pro-Pac Packaging, RCR Tomlinson, SDI Ltd, Village Roadshow

FS Securities recommendations for US market

Commodities and FX

ASX sectors and equities

FS Securities details stock picks

Ask for a copy if you would like to see the list.

ASX weekly market advances and declines Average Advances over total rose over 30 days from 50.5% recently to 51.9% (50.5 / 52 / 51.5 / 48 last 10 weeks)

Gainers and Most Active by volume

NOTES: ASX stocks show the daily changes.

Best and worst performing stocks (source:smh.com) Last

Day before

Day before

Sectors Performance

By looking at the above table readers will notice where the direction of the market has been on the day.

Last from low: Blue = closed in the top half of the day’s range.

Net Change is the daily movement in points.

% Change represents the daily movement in %.aud

WEEK ON WEEK CHANGE (and over two weeks as well)

OVERSEAS INDICES, FX AND COMMODITIES

WEEK ON WEEK CHANGE (and over two weeks as well) AUSSIE MARKET

Mini charts - Commodities and US markets

THE GRAPHS SHOW HOW FROM AN INDEX OF 100 SOME 52 WEEKS AGO THE VARIOUS INDICES OR COMMODITIES HAVE MOVED.

Sectors

THE ABOVE GRAPHS SHOW HOW FROM AN INDEX OF 100 SOME 52 WEEKS AGO THE VARIOUS ASX SECTORS HAVE MOVED.

Major stocks

Upcoming Dividends by date

1 Ex Div Date Symbol Name

Franked %

Current Div

Amount

Div Rate Per

Share Div Yield

% Last Type

2 8/09/2014 ORA ORORA LIMITED 0 0.03 0 0 1.725 Final 3 8/09/2014 IAG INSURANCE AUSTRALIA GROUP LIMITED 100 0.26 0.39 6.019 6.48 Final

4 8/09/2014 RCG RCG CORPORATION LIMITED 100 0.025 0.045 6.977 0.645 Final 5 8/09/2014 RGP REFRESH GROUP LIMITED 100 0.001 0.001 1.613 0.062 Final 6 8/09/2014 CSL CSL LIMITED 0 0.649 1.237 1.685 73.41 Final 7 8/09/2014 AGI AINSWORTH GAME TECHNOLOGY LIMITED 0 0.05 0.1 2.874 3.48 Final 8 8/09/2014 VED VEDA GROUP LIMITED 0 0.04 0.04 1.709 2.34 Final 9 8/09/2014 ARA ARIADNE AUSTRALIA LIMITED 40 0.005 0.01 2.353 0.425 Final

10 8/09/2014 TCN TECHNICHE LIMITED. 0 0.002 0.003 3.678 0.087 Final 11 8/09/2014 CTE CRYOSITE LIMITED 0 0.01 0.015 3.704 0.405 Final 12 8/09/2014 RHC RAMSAY HEALTH CARE LIMITED 100 0.51 0.85 1.623 52.37 Final 13 8/09/2014 SDG SUNLAND GROUP LIMITED 100 0.02 0.04 2.168 1.845 Final 14 8/09/2014 SDM SEDGMAN LIMITED 100 0.02 0.04 6.107 0.655 Final 15 8/09/2014 TOX TOX FREE SOLUTIONS LIMITED 100 0.03 0.06 2.19 2.74 Final 16 9/09/2014 VRL VILLAGE ROADSHOW LIMITED 100 0.14 0.27 3.664 7.37 Final 17 9/09/2014 SDI SDI LIMITED 100 0.005 0.007 1.186 0.59 Final 18 9/09/2014 OZL OZ MINERALS LIMITED 0 0.1 0.2 4.728 4.23 Interim 19 9/09/2014 CKL COLORPAK LIMITED 100 0.018 0.035 5.224 0.67 Final 20 9/09/2014 EPW ERM POWER LIMITED 100 0.06 0.12 6.154 1.95 Final 21 9/09/2014 PPT PERPETUAL LIMITED 100 0.95 1.75 3.55 49.3 Final 22 9/09/2014 PPG PRO-PAC PACKAGING LIMITED 100 0.01 0.02 4.301 0.465 Final 23 9/09/2014 RCR RCR TOMLINSON LIMITED 100 0.07 0.1 2.941 3.4 Final 24 9/09/2014 OSH OIL SEARCH LIMITED 0 TBA 0.044 0.455 9.58 Interim 25 9/09/2014 LCM LOGICAMMS LIMITED 100 0.035 0.055 5.164 1.065 Final 26 9/09/2014 HHL HUNTER HALL INTERNATIONAL LIMITED 98 0.064 0.134 6.381 2.1 Final 27 10/09/2014 HIL HILLS LIMITED 100 0.036 0.07 4.361 1.605 Final 28 10/09/2014 BKL BLACKMORES LIMITED 100 0.83 1.27 3.987 31.85 Final

Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders.[1]

When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be distributed to shareholders. There are two ways to distribute cash to shareholders: share repurchases or dividends.

[2][3] Many corporations retain a portion of their earnings and pay the remainder as a dividend.

Upcoming Dividends by %

1 Ex Div Date Symbol Name

Franked %

Current Div

Amount

Div Rate Per

Share

Div Yield % Last Type

2 10/09/2014 NZO NEW ZEALAND OIL & GAS LIMITED 0 TBA 0.05 7.028 0.71 Final 3 8/09/2014 RCG RCG CORPORATION LIMITED 100 0.025 0.045 6.977 0.645 Final 4 9/09/2014 HHL HUNTER HALL INTERNATIONAL LIMITED 98 0.064 0.134 6.381 2.1 Final 5 9/09/2014 EPW ERM POWER LIMITED 100 0.06 0.12 6.154 1.95 Final 6 8/09/2014 SDM SEDGMAN LIMITED 100 0.02 0.04 6.107 0.655 Final 7 8/09/2014 IAG INSURANCE AUSTRALIA GROUP LIMITED 100 0.26 0.39 6.019 6.48 Final 8 10/09/2014 MYS MYSTATE LIMITED 100 0.145 0.285 5.746 4.96 Final 9 10/09/2014 CYA CENTURY AUSTRALIA INVESTMENTS LIMITED 100 0.02 0.05 5.376 0.93 Final

10 9/09/2014 CKL COLORPAK LIMITED 100 0.018 0.035 5.224 0.67 Final 11 10/09/2014 AHE AUTOMOTIVE HOLDINGS GROUP LIMITED 100 0.125 0.21 5.172 4.06 Final 12 9/09/2014 LCM LOGICAMMS LIMITED 100 0.035 0.055 5.164 1.065 Final 13 10/09/2014 SIV SILVER CHEF LIMITED 100 0.16 0.3 4.831 6.21 Final 14 9/09/2014 OZL OZ MINERALS LIMITED 0 0.1 0.2 4.728 4.23 Interim 15 10/09/2014 AIZ AIR NEW ZEALAND LIMITED 0 0.139 0.092 4.645 1.97 Final 16 10/09/2014 TAN TANDOU LIMITED 0 0.01 0.02 4.598 0.435 Interim 17 10/09/2014 TGG TEMPLETON GLOBAL GROWTH FUND LIMITED 100 0.035 0.06 4.478 1.34 Final 18 10/09/2014 TME TRADE ME GROUP LIMITED 0 TBA 0.144 4.426 3.26 Final 19 10/09/2014 HIL HILLS LIMITED 100 0.036 0.07 4.361 1.605 Final 20 10/09/2014 SFH SPECIALTY FASHION GROUP LIMITED 100 0.02 0.04 4.348 0.92 Final 21 9/09/2014 PPG PRO-PAC PACKAGING LIMITED 100 0.01 0.02 4.301 0.465 Final 22 10/09/2014 FXL FLEXIGROUP LIMITED 100 0.085 0.165 4.177 3.95 Final 23 10/09/2014 BKL BLACKMORES LIMITED 100 0.83 1.27 3.987 31.85 Final 24 10/09/2014 WOW WOOLWORTHS LIMITED 100 0.72 1.37 3.773 36.31 Final 25 8/09/2014 CTE CRYOSITE LIMITED 0 0.01 0.015 3.704 0.405 Final 26 8/09/2014 TCN TECHNICHE LIMITED. 0 0.002 0.003 3.678 0.087 Final 27 9/09/2014 VRL VILLAGE ROADSHOW LIMITED 100 0.14 0.27 3.664 7.37 Final 28 10/09/2014 LBL LASERBOND LIMITED 100 0.002 0.004 3.636 0.11 Final

Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders.[1]

When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be distributed to shareholders. There are two ways to distribute cash to shareholders: share repurchases or dividends.

[2][3] Many corporations retain a portion of their earnings and pay the remainder as a dividend.

Upcoming Dividends by alphabetical order

1 Ex Div Date Symbol Name

Franked %

Current Div

Amount

Div Rate Per

Share

Div Yield % Last Type

2 8/09/2014 AGI AINSWORTH GAME TECHNOLOGY LIMITED 0 0.05 0.1 2.874 3.48 Final 3 10/09/2014 AIZ AIR NEW ZEALAND LIMITED 0 0.139 0.092 4.645 1.97 Final 4 8/09/2014 ARA ARIADNE AUSTRALIA LIMITED 40 0.005 0.01 2.353 0.425 Final 5 10/09/2014 AGO ATLAS IRON LIMITED 0 0.02 0.02 3.448 0.58 Final 6 10/09/2014 AHE AUTOMOTIVE HOLDINGS GROUP LIMITED 100 0.125 0.21 5.172 4.06 Final 7 10/09/2014 BKL BLACKMORES LIMITED 100 0.83 1.27 3.987 31.85 Final 8 10/09/2014 BLA BLUE SKY ALTERNATIVE INVESTMENTS LIMITED 100 0.07 0.07 2.373 2.95 Final 9 10/09/2014 BXB BRAMBLES LIMITED 30 0.135 0.27 2.83 9.54 Final

10 10/09/2014 CNI CENTURIA CAPITAL LIMITED 100 0.015 0.028 2.91 0.945 Final 11 10/09/2014 CYA CENTURY AUSTRALIA INVESTMENTS LIMITED 100 0.02 0.05 5.376 0.93 Final 12 9/09/2014 CKL COLORPAK LIMITED 100 0.018 0.035 5.224 0.67 Final 13 8/09/2014 CTE CRYOSITE LIMITED 0 0.01 0.015 3.704 0.405 Final 14 8/09/2014 CSL CSL LIMITED 0 0.649 1.237 1.685 73.41 Final 15 9/09/2014 EPW ERM POWER LIMITED 100 0.06 0.12 6.154 1.95 Final 16 10/09/2014 FXL FLEXIGROUP LIMITED 100 0.085 0.165 4.177 3.95 Final 17 10/09/2014 HIL HILLS LIMITED 100 0.036 0.07 4.361 1.605 Final 18 9/09/2014 HHL HUNTER HALL INTERNATIONAL LIMITED 98 0.064 0.134 6.381 2.1 Final 19 8/09/2014 IAG INSURANCE AUSTRALIA GROUP LIMITED 100 0.26 0.39 6.019 6.48 Final 20 10/09/2014 LBL LASERBOND LIMITED 100 0.002 0.004 3.636 0.11 Final 21 9/09/2014 LCM LOGICAMMS LIMITED 100 0.035 0.055 5.164 1.065 Final 22 10/09/2014 MYS MYSTATE LIMITED 100 0.145 0.285 5.746 4.96 Final 23 10/09/2014 NZO NEW ZEALAND OIL & GAS LIMITED 0 TBA 0.05 7.028 0.71 Final 24 9/09/2014 OSH OIL SEARCH LIMITED 0 TBA 0.044 0.455 9.58 Interim

25 8/09/2014 ORA ORORA LIMITED 0 0.03 0 0 1.725 Final 26 9/09/2014 OZL OZ MINERALS LIMITED 0 0.1 0.2 4.728 4.23 Interim

27 10/09/2014 PTL PENTAL LIMITED 100 0.001 0.001 3.429 0.035 Final 28 9/09/2014 PPT PERPETUAL LIMITED 100 0.95 1.75 3.55 49.3 Final

Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders.[1] When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be distributed to shareholders. There are two ways to distribute cash to shareholders: share repurchases or dividends.[2][3] Many corporations retain a portion of their earnings and pay the remainder as a dividend. A dividend is allocated as a fixed amount per share. Therefore, a shareholder receives a dividend in proportion to their shareholding. For the joint stock company, paying dividends is not an expense; rather, it is the division of after tax profits among shareholders. Retained earnings (profits that have not been distributed as dividends) are shown in the shareholder equity section in the company's balance sheet - the same as its issued share capital. Public companies usually pay dividends on a fixed schedule, but may declare a dividend at any time, sometimes called a special dividend to distinguish it from the fixed schedule dividends. Dividends are usually paid in the form of cash and shares in the company (either newly created shares or existing shares bought in the market.) Further, many public companies offer dividend reinvestment plans, which automatically use the cash dividend to purchase additional shares for the shareholder. Source: From Wikipedia, the free encyclopaedia.

Real Estate, are you in or out?

Did you know that FS Securities can help you with any Real Estate needs? Why deal with us? Because we can help you provide a bridging loan at a reasonable rate and provide you which choices in properties across Australia for investment.

We learnt that in Sydney the property median price has escalated by 12% above the all-time high level. In Melbourne it has moved up by 8 to 9% above the all-time high. In Queensland the median price is still 7 or 8% below the all-time high. RP Data Rismark figures recently showed Sydney home prices rose 2.5 per cent last month and 5.2 per cent in the last quarter. Melbourne also rose 2.4 per cent in a month and 5 per cent in the quarter.

Please go to our website: for the full report and trading positions. For further information call us to discuss. (07) 5630 4141 OR 0411 259 526

Please see our disclaimer on back page.

GENERAL ADVICE DISCLAIMER this document has been prepared for the general information of investors and does not take into account the investment objectives, financial situation and particular needs of any particular person. Persons intending to act on information in this document should seek professional advice to confirm that the investments or strategies mentioned are appropriate in the light of their particular investment needs, objectives and financial circumstances prior to taking any action. Email transmission cannot be guaranteed to be secure or error free and there is a risk messages may be corrupted, intercepted or lost in transmission. Therefore we do not accept liability for any viruses, errors or omissions in the contents of this message or attachments which arise as a result of email transmission. Statements contained in this email are general only and do not take into account the particular needs, objectives, financial circumstances or investment preferences of any person. George Beyrouthi is an Authorised Representative (AR# 315 563) of FS Securities (QLD) Pty Ltd AFSL# 410 183.