*** tip: one to watch ***, page-8

1200 [Dow Jones]STOCK CALL: Macquarie Bank says Burns Philp (BPC), now trading
steady at 72 cents, looks cheap vs its 80-cent valuation, 87 cents 12-month
price target. Notes BPC will need to rely on next acquisition to drive future
growth; expects BPC to look for inefficient or distressed assets in North
America. Adds BPC has A$1.6 billion in cash. Keeps short-term Outperform rating,
long-term Underperform. (RJN)