I did wish i stuck to my stop losses closer to 1.40 but given the failure to do so i was takinf a look at where fri stands value wise given the evident downtrend in sp and thr apartment space. The order books up but obvious concerns are apartments are readily available in projects that have reached settlement and future bank lending tightening to investors is a concern come settlement of their large pipeline.
That said i wonder with the caveat that past performance is not guaranteed goinf forward, the div yield is 8.6% the nta and book value is 1.04, just under 1.16 sp currently. Price to book is edging. Closer to 1.
I can't help but weigh all this up and wonder what some patience and accumulation of shares as it hovers closer downwardw will bring in 5 years.
Both south perth projects seem popular and i wonder if these will herald the future over the more u popular leederville and north perth, maylands etc projects which arent selling out.
Has anyone crunched the numbers or have thoughts?
Cant help but question if these historical based numbers will drop or if a good value, long term play is slowly festering.
FRI Price at posting:
$1.15 Sentiment: None Disclosure: Held
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