Mt aso - crater depart

 

WES : Wesfarmers

 WES wesfarmers

30/6/26

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Over the last five years, Wesfarmers (ASX:WES) has maintained exceptional financial health, characterized by steady profit growth, strong return on equity (ROE), and robust market performance. The company’s Return on Equity (ROE) has consistently hovered between (30%) and (36%), significantly outperforming industry averages.

5-Year Financial & Operational Highlights

• Profit Growth: Net profit after tax (NPAT) has grown consistently. The company reported full-year NPAT of ($2.93) billion in FY 2025 and an even stronger 1H FY 2026 net income of ($1.60) billion (a (9.3%) increase on the prior corresponding period). [1, 2, 3, 4, 5]

• Return on Equity (ROE): Driven by disciplined capital allocation across its diverse retail and industrial portfolio, WES recorded an impressive ROE of approximately (30%) in FY 2024 and expanded further to a range of (33%) to (36%) over the trailing twelve months. [1, 2, 3, 4]
• Debt & Leverage: The company’s debt-to-equity ratio has averaged around (128%) to (131%). While this indicates a leveraged balance sheet, it is typical for mature conglomerates. Wesfarmers has successfully managed this with stable operating cash flows and strong interest coverage. 

• Dividends: A reliable income generator. Slowly growing over the last 6 years. WES shares have maintained strong, fully-franked distributions, with a 5-year average dividend yield near (3.4%). 

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CBA

 CBA Commonwealth Bank

04/07/26

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ASX:CBA has delivered stellar long-term total returns, buoyed by strong profitability. However, premium valuations have faced recent headwinds. [1, 2, 3]

Over the last 10 years, CBA’s key financial milestones include:

• Profitability & Revenue: CBA’s net profit has climbed significantly over the decade, consistently hovering between A$9 billion and A$10 billion annually in recent years. [1]

• Return on Equity (ROE): CBA maintains an excellent banking sector ROE. Historically, it has reliably averaged between 13% and 14%. [1, 2, 3]

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The Net Interest Margin (NIM) measures the difference between the interest income a bank generates from loans/assets and the amount it pays out to depositors, relative to its interest-earning assets. It is a primary indicator of a bank's core profitability, lending efficiency, and overall financial health.

A bank's interest-earning assets are the financial instruments on its balance sheet that generate income through interest, making them the primary engine of a bank's core revenue.

The most common types of interest-earning assets include:

• Customer Loans: These are the largest source of interest income and include mortgages, personal loans, credit card balances, and commercial/business loans. [1, 2, 3, 4, 5]
• Investment Securities: Banks invest a portion of their funds in interest-bearing securities like government bonds (e.g., U.S. Treasuries, Australian Government Bonds), corporate debt, and mortgage-backed securities. [1, 2, 3]
• Interbank Loans: Money lent overnight or for short terms to other financial institutions (often referred to as federal funds sold or reverse repurchase agreements). [1, 2]
• Deposits at Central Banks: Cash reserves and balances held at central banking institutions (like the Reserve Bank of Australia or the Federal Reserve) that yield interest. [1, 2]

The profit generated from these assets is called Net Interest Income, which is calculated as the difference between the interest earned on these assets and the interest paid out to depositors on interest-bearing liabilities.

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• Debt: As a retail and commercial bank, CBA carries high raw liabilities (over A$200 billion in wholesale/debt securities), but maintains very healthy Tier 1 capital ratios heavily scrutinized by the Australian Prudential Regulation Authority (APRA). [1]
• Share Price Growth: Despite a recent double-digit pullback caused by shifting federal budgets and geopolitical/lending uncertainties, long-term investors have more than doubled their capital over the decade, including a share price that has sat well above the A$150 mark. [1, 2, 3]

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dividends

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The world's top 10 coffee shops 2025

 The world's top 10 coffee shops, according to the World's 100 Best Coffee Shops list, are: Toby's Estate Coffee Roasters (Sydney, Australia), Onyx Coffee LAB (USA), Gota Coffee Experts (Austria), Proud Mary Coffee (Australia), Tim Wendelboe (Norway), Apartment Coffee (Singapore), Kawa Coffee (France), Coffee Anthology (Australia), Story of Ono (Malaysia), and Tropicalia Coffee (Colombia). Toby's Estate in Sydney, Australia, has been named the best coffee shop in the world. 

Here's a more detailed look at the top contenders:

1. Toby's Estate Coffee Roasters (Sydney, Australia):

Toby's Estate has a flagship cafe and roastery in Chippendale, Sydney, which was named the best coffee shop in the world. 

2. Onyx Coffee LAB (Rogers, Arkansas, USA):

With multiple locations in Arkansas, 

3. Gota Coffee Experts (Vienna, Austria):

Gota is praised for its award-winning coffee and hands-on workshops where visitors can learn about coffee processing, roasting, and brewing. 

4. Proud Mary Coffee (Melbourne, Australia):

Proud Mary is a well-regarded coffee shop with a focus on quality and a strong connection to its coffee growers. 

5. Tim Wendelboe (Oslo, Norway):

Tim Wendelboe is a renowned coffee professional 

6. Apartment Coffee (Singapore):

7. Kawa Coffee (Paris, France):

 

8. Coffee Anthology (Brisbane, Australia):

Coffee Anthology is a Brisbane-based coffee shop that has earned a reputation for showcasing a rotating selection of Australia's finest coffee producers. 

9. Story of Ono (Petaling Jaya, Malaysia):

Story of Ono is a coffee shop in Malaysia that has made its mark on the world stage with its unique offerings and contributions to the local coffee culture. 

10. Tropicalia Coffee (Bogota, Colombia):

Tropicalia Coffee is a Colombian coffee shop that represents the country's rich coffee heritage and is known for its high-quality beans.

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A fav bookstore/ cafe in Sydney

https://www.ampersandcafe.com.au/

BTI - Bailador Technology Investments

 BTI

030726

https://au.finance.yahoo.com/quote/BTI.AX/

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ASX:BTI (Bailador Technology Investments) has experienced mixed performance over the last 5 years. While the company maintains minimal debt and consistently pays a high dividend, its core earnings have declined and the stock price has traded at a significant discount to its underlying Net Tangible Assets (NTA). [1, 2, 3, 4, 5]

Financial Snapshot (5-Year Overview)

• Profit & Earnings: Core earnings have seen an average decline of roughly 6% per year over the last 5 years. In FY2025, BTI reported net earnings of A$19.25 million, down from $20.67 million the previous year. [1, 2, 3]
• Return on Equity (ROE): The trailing twelve months (TTM) ROE hovers near 9.8%, having historically tracked in the solid 8% to 9% range. [1, 2]. The ROE is not consistently growly as are earnings , so forecasting future profit, dividends, etc is difficult

• Debt Levels: BTI maintains a very strong balance sheet with negligible levels of debt (a debt-to-equity ratio of practically 0. The company finances follow-on investments using its robust capital and cash reserves. [1, 2, 3, 4, 5]
• Dividends: BTI is a strong income stock with a dividend yield exceeding 8%. The company has increased dividend payouts by an average of 39% annually over the past 5 years, maintaining a payout ratio of roughly 44% to 45%. [1, 2, 3]

• Share Price vs. Value: Over the 5-year period, BTI's stock has trended down, resulting in a 5-year share price return of approximately -29%. Because the share price has lagged, it regularly trades at a deep discount—frequently between 30% and 44%—to its pre-tax NTA

I look at this as a dividend stock.  There is mostly sideways share price movement. very little long term growth in the share price. But if you can buy it at low PE ratios the regular income is welcome

PE Ratio

5.60 9.11         8.37 31.17 6.00 6.77

2026 2025 2024 2023 2022 2021

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Timemore C3 ESP grinder

 Ideal for espresso but still versatile enough for pour-over and French press with the right settings.

Its very good value for money---about $100AUD. It's often described as a entry level grinder, but I think the taste is excellent .

Timemore is a Chinese brand.

Equipped with S2C (Spike-to-Cut) 660 stainless steel burrs (38 mm), inherited from the higher-end Chestnut X series, delivering consistent grind quality and efficient cutting performance.

Offers 30 clicks per rotation—a marked improvement over the standard 12-click models—allowing fine-tuning of grind size. 

Each click adjusts by approximately 0.0233 mm (23 µm), offering better control that is essential for dialing in espresso.

All-metal construction using aluminum alloy and stainless steel for durability and improved heat management; there are no plastic internal components. Textured exterior ensures a secure grip even when grinding espresso-fine settings. 

Silicone base adds stability and minimizes noise when placed on surfaces. 

Holds 20 g–25 g of coffee beans, thanks to the redesigned, larger body compared to earlier C2 versions. 

The C3S variant, however, caters more broadly to filter brewing and is a smidge more affordable.

I use this primarily for espresso at my work. I have a La Pavoni Professional.

For espresso, the settings are 0.5.2 - 1.1 rotations from zero.

So half to a full rotation from zero.

.

Though the grind setting is inside, its really simple. I usually only need to make minor adjustments when I'm dialing in a new coffee.

The S2C660 conical burrs on the left are used in the C3 ESP.

They are stainless steel.

six "core" -- prebreakers ?

These have been designed for use with the 

Timemore C3, Silm 3 and G3.

These  were derived from the S2C860 on the original chestnut model.

To the left are S2C 880 conicals used on the Timemore X LITE

Bigger prebreakers than the 660?

For a comparison, the highly regarded Timemore C2  uses stainless steel 38mm 5 core Burrs (E& B Burr set).

Outer Burr Diameter: 38mm

Outer Burr Height:         17mm

Center Burr Diameter: 29.3mm

Center Burr Height: 20mm

The chestnut C2 is a very fast grinder for french-press, aero press etc , but I think its slow for espresso... though it can grind fine enough.

 The C2 is made completely from metal.

This E&B (espresso & Brewing) burr set hails from 2019 and was released in the C2, NANO, Slim and G1.

pentagonal shape

Some other Timemore conical designs.

heptagonal vs Hexagonal

Generally, the more teeth, and how aggressive the teeth are... the faster the grind.

The time the bean spends inside the burr will effect the particle size distribution. That is, the coffee rolls over and over inside the burr while grinding and the longer the time the more the risk of fines being created.

Generally, coffee moves faster through flat burrs and thus less fines.

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Grinder adjustments for Espresso: 

Many grinders have a 30-micron increment that can be too coarse for dialing in espresso.

In general, the lower the the microns per click, the better your grinder will be for espresso.

By increasing the threads on the adjustment axle, we can increase the number of available adjustment settings thus making it easier to achieve the very precise grind sizes needed for espresso.

A good grinder adjustment for espresso is a step size that's between 5 and 15 microns per click to allow for precise dialing in the shot. Though some grinders are stepless, offering infinite adjustment. The best adjustment size depends on the specific grinder and the sensitivity of your espresso setup, as a single click can significantly affect your shot time and flavor.

Examples of Grinder Adjustments 

Kinu M47: each full revolution having 50 divisions,

                  resulting in a precision of approximately 5 microns per click

1-Zpresso Jmax: 8.8 microns per click

1-Zpresso J-Ultra : 8 microns / click

1-Zpresso JE-Plus & JX-Pro : 12.5 microns / click

Comandante C40: 25-30 microns per click

Comandante C40 with Red Clix: 15 microns per click

Pietro by Fiorenzato : 15 microns/click

Timemore C3 (standard not the ESP version): 83 microns per click

Timemore C3 ESP: 23 microns per click

Timemore C5: 31 microns per click

Timemore C5 ESP: 15 microns per click

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Coffee index. Click here :

https://djjondent.blogspot.com/2024/03/coffee.html