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Small cap share tips: SovGem and Choices

The share price discount to assets might reflect investor concerns about the risks of investing in China as well as early stage businesses generally. However, given management's track record of NAV accretion and de Lusignan's palpable enthusiasm for an array of investments within the portfolio, that discount should soon narrow.

Share price - 22.5p
Market cap - 5.1m
Recommendation - Buy

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Time to chuck out Choices

Less than a month after retailer Choices UK boasted ongoing restructuring had boosted interim sales, a worrying update has informed its financial performance for the year to July will be 'substantially below market expectations'.

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Macquarie Goodman NZ boosts year result

Macquarie Goodman Property Trust in New Zealand has posted an 87 per cent rise in annual net profit, partly reflecting the rising value of its properties.

After-tax profit for the commercial property investor rose to $NZ117.8 million ($A104.56 million) for the year ended March, including revaluations totalling $NZ65.9 million ($A58.49 million).

During the period, the company bought $NZ190 million ($A168.65 million) worth of properties and sold $NZ82 million ($A72.79 million).

"A clear strategy and a proven business model have contributed to a strong portfolio performance and an impressive operating result in 2007," chairman Jim McLay said.

"With an increased development capability this same strategy will ensure the Trust is well positioned to take advantage of a changing property and investment environment over the coming years."

Development land made up 7.6 per cent of assets.

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Australian Mining Stocks Advance, Led by BHP, Rio: Banks Drop

April 23 (Bloomberg) -- Australian mining stocks rose, led by BHP Billiton Ltd. and Rio Tinto Group, as metals prices increased.

``It's metals price related,'' said Eric Betts, a strategist at Nomura Australia Ltd. in Sydney. ``There's confidence that the commodity story is intact and China's growth is still on track.''

St George Bank Ltd. led banks lower on concern last week's gains outstripped their earnings potential.

Lihir Gold Ltd. declined after it sold A$972 million ($813 million) shares at a discount.

The S&P/ASX 200 Index added 1.7 points to 6209.20 at the close in Sydney. About 10 stocks rose for every eight that fell.

New Zealand's NZX 50 Index increased 0.5 percent to 4201.64 at the close in Wellington.