afr article, page-9

I notice broker research on Watpac has NTA at current property prices at $2.14/share. This means sp is now below NTA. This is regardless of extremely low PE, high div yield & $1.1B work in hand. All professional research has valuations above $4.00. There are numerous research reports on watpac website (see Hunter Green) if anybody requires detailed professional analysis. A lot of leveraged investors have to sell right now & fear is driving irrational behaviour. This explains why the price is dropping. Apart from resources what stocks are not dropping.