The impact of C-19 to date reinforces our view that Australian small/mid-cap contract miners are likely to financially outperform companies across most other industrial sectors in 2H20. We make our case in this note and suggest, given their current low trading multiples, share price outperformance as well through the full year reporting season. We are attracted to Macmahon (MAH) and Perenti (PRN) at these levels.
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