dare one say u are bearish??, page-13

Oz has indeed outperformed the NZ economy. My thrust is that retail figures(when they appear) are possibly/probably not as bullish as commentators and indeed managers were expecting at beginning of december. The other issue is margins. Food margins are high but electrical goods and discounted clothing has meant profits may disappoint. Time will reveal all but my hunch is the downside is considerably greater than the SP continuing to rise. I forecast WES to pay a 42c interim div in late Feb. So holding WES for divi return is unrealistic with many shares paying close to double this return. WES holders have enjoyed a fantastic 12 months. i expect some/many to cash-in their profits and cap any more substantial rise in SP.