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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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/

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

AUB Group

 AUB Group

Financials, Insurance

AUB Group Limited (AUB) is an ASX200 listed group comprising insurance brokers and underwriting agencies operating in 579 locations. The Company operates through five business segments.

Website: www.aubgroup.com.au

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Over the past 5 years, ASX:AUB has delivered strong growth, expanding its Underlying Net Profit After Tax (UNPAT) by roughly (200.2) million in FY25, up 17.1% year-on-year. This was driven by a (1.2) billion revenue surge and international expansion. 

Profitability has increased, with current net margins at 15.7% and ROE around 12.5%. [1, 2, 3, 4]

5-Year Financial Summary:

• Profit & Revenue: AUB has grown earnings significantly, achieving an average annual earnings growth of 24.5% over the past 5 years. In its FY25 financial results, the company reported revenue growth over 12% and lifted its Underlying Net Profit. [1]
• Return on Equity (ROE): The Return on Equity stands around 12.5%. While deemed a "high past performing company" overall, its ROE is slightly below the broader insurance industry average (15.4%). [1]
• Debt & Leverage: Net debt to equity is approximately 47.8%, which is considered somewhat high, but interest payments on debt are well covered by earnings. The leverage ratio is a manageable 1.97x, with $375 million in accessible cash and undrawn debt facilities. [1, 2]

• Dividends: AUB offers a trailing dividend yield around 3.29%. Over the last decade, dividends have steadily increased at an average rate of 7.5% per year, and payments are well covered by earnings. [1, 2]

Looks like a dividend aristocrat !

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The different ways coffee beans are processed before they are roasted

Processing

The type of processing used can vary a lot. This is sometimes based on the country that the farm is located in and the resources that are available. 

For example, Ethiopian coffees are often dry processed because water is a scarce resource.

So they favor dry processing more than other countries that have wetter climates.

Coffee beans are processed using several methods before roasting, with the main categories being

A. washed (wet)

B. natural (dry)

C. pulped natural. 

D. Honey

E. Anaerobic

F. Monsoon

Each method impacts the final flavor profile of the coffee. 

In fact how the bean is processed is probably as important as the type or species of the bean itself.

A. Washed Process (Wet):

1. Depulping: This is done 1st after harvesting.

The outer skin and pulp of the coffee cherry are removed mechanically or by hand.

2. Fermentation:

The beans, still coated in mucilage, are placed in tanks of water to ferment, breaking down the remaining fruit layer. (24 - 48hrs)

3. Washing:

The beans are thoroughly washed to remove the fermented mucilage.

4. Drying:

The beans are dried to a specific moisture content, often using mechanical dryers or the sun. 

The drying stage is very very impt. This stage takes up a huge portion of the coffee's life.

The drying stage can be for up to a couple of weeks depending on the conditions.

Sometimes they are laid out on tarps, sometimes they are elevated.

The washed process probably gives the cleanest and truest representation of the terroir of what the coffee can be.

B. Natural Process (Dry):

Also known as "clean natural".

Here, the coffee cherries are harvested and spread out to dry, either on patios or raised beds.

This method is probably the oldest method. They can be left for several weeks like this without removing the seed.

The cherries dry in the sun, with regular raking to prevent spoilage.

They ferment naturally and the cherry that surrounds the seed simply rots away exposing the seed/bean.

Depulping: After drying, the dried fruit (cherry) is removed, and the bean is extracted.

The bean is then left to dry again and its bagged.

It is not washed.

Sorting: The beans are sorted to remove defects. 

This is possibly the most difficult method. It's very difficult to control fermentation., temperature, 

the weather, etc. 

You tend to have lots of fruity notes in these sorts of coffees.

C. Pulped Natural:

In Central America, pulped naturals have come to be referred to as honey processed coffees.

Depulping: The skin of the coffee cherry is removed (often by squeezing the cherry), but all of the mucilage (the sticky layer) is left on the bean. The removal of the skin is typically done within 24 hrs after harvest. There is often less fermentation that the dry method.

Drying: The beans are dried with most of the pulp & mucilage still attached.

The beans are dried to a specific moisture content, often using patios or mechanical dryers. 

The coffee will ferment (as it is exposed to air and microorganisms) until it reaches an inhospitable moisture content for them ( typically 11% moisture). The trying time can be as long as 10-15 days.

The exposed fruit material increases risk of taints, spoilage, etc. It requires more labor in drying.

The coffees will also often have an uneven appearance in their green forms, which can be unappealing for roasters who are used to the more uniform cleanliness of a Washed coffee.

D. Honey:

Pulped natural and honey processing are often used interchangeably. Esp in Central America.

Both pulped natural and honey processes involve removing the skin of the coffee cherry 

(often by squeezing the cherry) and popping the bean out.

The beans are then dried with some or all of the mucilage (the sticky fruit layer) still attached. 

The key difference lies in the extent of mucilage removal. 

Pulped natural typically removes only the skin, leaving all the mucilage, while honey processing removes some of the mucilage, with the amount removed determining the "color" (yellow, red, or black) of the honey process.

Since the amount of mucilage left on the bean varies, this has lead to different classifications:

Yellow Honey: Less mucilage. 

Red Honey: More mucilage than yellow, less than black. 

Black Honey: Most mucilage is left on the bean. 

Often associated with Costa Rican coffee production. 

The term "honey process" is more recent and has become widely used in various coffee-producing regions. 

In essence, both processes aim to create a coffee with a sweeter, fruitier flavor profile than washed coffee, but with less intense and potentially more nuanced characteristics than natural processed coffee.

E. Anaerobic

The anaerobic coffee process involves fermenting whole, de-pulped, or de-pulped coffee cherries in a sealed, oxygen-free environment for a set period. 

This controlled fermentation shifts the microbial activity to specific bacteria and yeast that produce distinct acids, alcohols, and esters from the coffee's natural sugars, resulting in complex, fruity, and sometimes wine-like flavors in the final cup. 

After fermentation, the coffee is dried using various methods, such as the natural, honey, or washed process, to create a range of flavor profiles. 

 

Biochemical Transformation: The naturally occurring sugars and compounds in the coffee cherry are broken down by anaerobic microorganisms into different byproducts, such as lactic acid and esters. 

Absorption by Beans: These flavor-producing compounds are absorbed into the coffee beans, influencing their eventual taste. 

After fermentation, the coffee can be dried as a natural (dried with the whole cherry), honey (dried with some or all of the mucilage), or washed coffee (fully de-pulped and washed). 

The Resulting Flavor Profile:

Exotic Flavors: Anaerobic processing can produce more exotic and intense flavors compared to traditional methods. 

Complex Acids & Sugars: The process yields distinct acids and sugars, contributing to a complex taste. 

Boozy or Wine-Like Notes: Some coffees processed anaerobically can have a boozy, oak-barrel, or even whiskey-like note. 

Fruity & Aromatic: Expect more pronounced fruity aromas and flavors. 

F. Monsoon

Monsoon coffee, also known as Monsooned Malabar, is a specialty coffee from the Malabar Coast of India that undergoes a unique post-harvest process. 

During the monsoon season, green coffee beans are exposed to the humid, moisture-laden winds for several months, which causes them to swell, change color, and develop a mellow, low-acidity flavor with notes of spice and chocolate. 

History: The process originated in the 18th century when coffee beans were shipped from India to Europe on wooden sailing ships. The long, humid sea voyage caused the beans to absorb moisture and change, which the British eventually found developed a unique flavor.

Modern process:

After harvest, high-quality "A" grade Arabica beans are placed in open-sided, well-ventilated warehouses along the West Coast of India.

From June to September, the beans are piled in thin layers and regularly raked and re-bagged to ensure they are exposed to the humid, moist monsoon winds.

This exposure causes the beans to absorb moisture, swell to almost double their size, and change color from green to a pale gold or yellow.

The beans are carefully monitored and re-bagged frequently to prevent mold growth and ensure uniform moisture absorption.

After 12 to 16 weeks, the beans are sun-dried, sorted, and polished. 

Flavor profile

Low acidity: The process strips away the bean's acidity, resulting in a very smooth, mellow cup.

Rich and complex: Monsoon Malabar is known for its full-bodied texture and rich, complex flavor profile with notes that can include spice, caramel, chocolate, and nuts.

Ideal for espresso: The full body and rich crema make it an excellent choice for espresso, particularly for those who enjoy a darker roast style.

The flavor is distinct, often described as earthy and robust, with a unique aroma that some might find different at first. 

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Other Methods:

Semi-Washed/Semi-Dry:

This method uses a machine to remove the skin and some of the mucilage, but not all, before drying. 

Wet-Hulled (Giling Basah):

A unique Indonesian method where the parchment is removed while the beans are still wet and pliable. 

Glossary

Some terms you'll need to know:

Depulping: 

Coffee beans grow inside coffee cherries, which have a skin and pulp surrounding the beans.

This removes this outer layer, leaving the beans covered in a sticky mucilage.

This process is often done mechanically using a depulping machine, though hand depulping is also possible. 

This is a crucial step in coffee processing, preparing the beans for further treatment like fermentation and drying. 

The depulping method (and subsequent processing) can influence the final flavor profile of the coffee. 

The depulped beans are typically fermented in water to further break down the mucilage. 

After fermentation, the beans are washed and then dried. 

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Coffee index. Click here :

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

COH - Cochlear

 COH -Cochlear

29/6/26

Links

https://www.cochlear.com/au/en/corporate/investors

https://www.fool.com.au/tickers/asx-coh/

https://www.tradingview.com/symbols/ASX-COH/financials-overview/

https://stockanalysis.com/quote/asx/coh/statistics/

https://simplywall.st/stocks/au/healthcare/asx-coh/cochlear-shares

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

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Cochlear Limited (ASX: COH) is a global medical device leader that has delivered steady revenue growth and robust profits over the last five years, though recent earnings have faced headwinds from softer market demand and upgraded cost guidance, significantly depressing its stock price.

Financial Snapshot

• Market Capitalization: ~A$7.8 billion
• Revenue (TTM): ~A$2.34 billion, representing a compound annual growth rate (CAGR) of over 14% across recent years.
• Profit (TTM): ~A$345 million. The company has generally maintained healthy net profit margins around 14% to 17%.
• Return on Equity (ROE): 18.15%. 

Debt Profile & Balance Sheet

• Cochlear maintains a pristine balance sheet characterized by a very low debt-to-equity ratio of just 12.5%.
• It carries minimal long-term debt and generates strong cash flow, with a current ratio of 2.46, putting it in a low-risk position to comfortably cover liabilities. 

Performance Trends & Recent Challenges

• 5-Year Profit Trend: From 2021 to mid-2025, Cochlear saw a strong upward trajectory in both profit and EBITDA. However, 1H 2026 net income dropped 21% year-over-year to A$161.5 million due to cost-of-living pressures delaying customer upgrades. 
• 2026 Earnings Cut: In April 2026, Cochlear significantly cut its full-year profit guidance (lowering underlying NPAT to A$290-A$330 million) due to soft market growth and higher-than-expected costs, causing a sharp pullback in its share price. 
• Dividends: Despite the recent share price volatility, Cochlear has steadily increased its annual dividend payouts every year over the last 5 years (moving from $2.55 to upwards of $4.30 per share). 

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