Ann: Appendix 4D and Half Yearly Report, page-5

Impressive cost control (Operating Expense down -29% vs pcp) in a period when government intervention has made it pretty hard for anyone to be insolvent; accordingly, Revenue from Services should normalise higher going forward.

FY21 NPAT guidance upgraded to +10%/+20% vs FY20 (equivalent to 17.9-19.6m$); at mid-range that implies a current cash-adjusted PE of ~6.5x. As 1H21 NPAT is already 11.2m$, I can see clear scope for this earnings guidance to be further upgraded.

With a FF dividend yield of ~5.5% pa (with room for increase) and further capital to be returned via buybacks, this Company looks like very good value to me, at its current price, given its countercyclical characteristics.