I don't agree. I think these guys have done a good job in incredibly difficult circumstances. Manufacturing in Australia has been nigh on impossible in recent years and this company's field has been particularly tough. Their balance sheet is in a very good state considering what they have gone through.
The write-down was disappointing as it was directed at tangible assets, but it will reduce the depreciations in future reports.
I was the main buyer today and managed to pick up the 100,000 that sold at 15c. I have another bid there at the same price.
A recovery in housing is almost guaranteed by the reserve bank via its interest rate policy and we just need the patience to wait for it.
GPASAS
CAA Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
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