SYDNEY (Reuters) - Australia’s two biggest share listings this year will highlight a polarised investment landscape: the strong, expanding allure of high-growth technology, versus entrenched demand for coal-linked assets that offer a steady stream of high dividends.Canada"s Brookfield Asset Management BAMa.TO will early next month offer investors a coal terminal in Queensland that, according to Credit Suisse analysts, could be valued at up to A$3.5 billion ($2.5 billion). The deal promises a dividend yield of more than 5.5% and will likely be Australia"s biggest initial public offering (IPO) in about two years. Soon after, Macquarie Group MQG.AX plans to target the opposite end of the investment spectrum with a stake in a technology firm that offers the potential for capital gains. At first glance Macquarie"s Nuix IPO-NUI.AX, which sells software to analyse unstructured data and is valued at about A$2 billion, looks to be the pick of the two: in the past two years it has boosted sales at average compound rates of over 15%. But even as concerns about carbon dioxide emissions and climate change exert growing influence on investment decisions, healthy demand is expected for Brookfield"s Dalrymple Bay Coal Terminal (DBCT) IPO-DAL.AX, with the dividend a particular lure for retail investors. “The world has become quite barbelled,” said Jun Bei Lui, portfolio manager at Tribeca Investment Partners, referring to the bifurcation in investment landscapes. “Everybody is paying for growth and yet there’s no dividends around, so I think (the DBCT dividend) will appeal to the other end.”
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