AOG

Results were good. The only issue is timing.
Cash flow is down for reasons we all know.
Lack of sales is reflected in increased stock for sale. Assuming this stock has been fairly valued then the shares have a very good upside.
If the stock doesn't sell then the valuation will need to be revisited. Whilst this is possible it seems unlikely.
The AOG model is generally well received by and needed in the market. Occupants want to defer expenses to after their life. They don't want to pay for all the expenses week by week.
Normal apartments don't have reception, handyman, nurse, bus to shopping centre, etc. These expenses need to be paid for by the resident or the estate.
The tension is between beneficiaries (usually children) and AOG.
There is considerable legislation to keep the parties in fair balance. The rest is mainly hype.
True some resident's will be on the wrong side of a contract. Do we allow the residents to have contractual freedom or do we take away their rights because they MAY make a bad deal?