17 mill profit for 5 mill investment property, page-8

The downward momentum is certainly dramatic. For those techies there is a gap to close at 2c, which would be a nice price to buy!

At this price they are looking cheap if the EPS for 2008 is still on track for 2.5cps, and it is looking quite absurd if they post a profit of 9.2cps for 2009.

They did not really state whether there has been any significant downgrade in earnings expectations, though the hint at disappointing sales and the desire to get better terms on finance for the Port Geographe project suggest that things aren't all peaches and cream there. The early payment for the century project would also presumably mean deriving less total income in exchange for early payment.

I think I'll wait and see what happens with the price before buying more - it looked to be correcting an over-reaction when it hit 19c only to tumble again at the close. I'm not sure where the selling is coming from, though you always get concerned about someone close to the action getting out before soon-to-be-revealed bad news when you see such heavy selling down (in the context of usual AXI volumes) at the end of the day on consecutive days.