Ann: March Quarter Trading Update, page-3

I suspect the legal is a ways off.

Very good recovery happening in the turnover at Star Vegas.

Continue to be hit by lower win rates at Aristo which is frustrating.

Expected more to be honest, though Feb was a very good showing and keeping costs under control is something at least.

Hopefully with full contributions of new tables, slots and junkets the 4th quarter numbers will be significantly improved again.

We need to see a normalisation of the Star Vegas back to at least to the historical run rate of the Thai Vendor's operation.

Looks like DNA might be able to achieve around A20m underlying profit for FY18, which put its at about 2.5c EPS. To put that in perspective in FY17 the underlying performance was A50m, or 6c EPS.

So you can see the big opportunity here for a re-rate if and when management demostrate a run rate that implies those numbers again.

IF that was achieved in FY19 then the stock is on a forward P/E of 4.25. If it re-rates to 10 times earnings the stock seems to track its a 60c+ stock again, or about 500m market cap.

Probably being hopeful here as it may be slower going as we are seeing now, however thats the opportunity over the next year or so in my opinion.