BUY APN OUTDOOR (APO) Digital advertising format evolution is driving higher yields. Digital as a proportion of revenue has grown from 7% two years ago to 26%. Can also grow through acquisition. 
$6.31 BURSON GROUP (BAP) Burson recently reported a strong first-half result and an upgrade to guidance. Sales growth was notable. Has a five-year plan we believe can further generate earnings growth.
$4.62 HOLD FORTESCUE METALS GROUP (FMG) With growth plans complete, FMG will focus on lowering its debt burden. Given the rally in the share price, FMG is a hold.
$2.56 MEDIBANK PRIVATE (MPL) While risks are to the upside, given potential for claims initiatives to drive stronger gross margins, the recent rally suggests most of this is factored in.
$2.90 SELL ILUKA RESOURCES (ILU) Mineral sands price increases unlikely, although they may have found a floor. Little upside given the cooling of the Chinese economy, ILU's major market.
$6.62 OIL SEARCH (OSH) With global LNG supply projected to grow by more than 100mtpa over the next five years from projects in construction, significant oversupply is likely by 2019.$6.52