I've got this one as my buy of the year. It reminds me of FKP (now AOG) a year ago when nobody wanted it and it was selling at a fraction of its NTA. AOG doubled over the last year after a generous rights issue is taken into account. There was very little change over the year in its results or plans and it simply seemed to me that the negativity dried up and disappeared.
Devine is selling at around 57% of its NTA after severe write downs. It is in an industry expected to have improving fortunes with the Reserve Bank pushing for increased housing. Devine has big brother Leighton on board to ensure it doesn't get into serious trouble. There must be a chance of Leighton either taking it over or selling it up.
I know the recent past has been bad and the comments on Hot Copper are generally negative but often that is the time to come on board which I have done.
The graph appears to be forming a base ready to take off and as I write, there are virtually no sellers under a dollar.
GPASAS
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