worth review for investment, page-3

hi haka,

have had this on the watch list for some time now.

looking cheap on p/e multiple. 3 buys is a good sign as well.

can you explain something to me that i dont understand though.

the revenue model is based on operating revenue and revaluation.

operating revenue doesnt seem to fully cover expenses and the revaluation would appear to be rising values in land (i assume). Most of the profit therefore is generated by revaluation. This is accounting profit and obviously isnt great in the cash flow generation .

what happens if land values fall???

This is just my uneducated look at things so happy for you to tell me why i am hopelessly wrong.