Probably worth more attention, page-2

I have been slowly amassing a position in this stock for the same reasons you outline. There is absolutely no doubt this stock is cheap, which always has you wondering why?
So the risks are:
That they are a construction company with low margins
They work not entirely but very much in the office fit out sector (kind of a downer).
So these things dont look great especially with the slowing economy and WFH.
The offsets to these risks are:
They have a huge amount of cash
There contracts are mainly of short duration and low overall value, thus reducing the risk that anyone one contract will cause them huge problems
They are diversifying, geographically by opening new offices in Newcastle & the Gold Coast and also across new industries, like defence, education and health (which all look good considering the outlook for infrastructure spending) and now producing modular buildings, since they made a small acquisition
They see a huge short to medium term opportunity in cladding replacement
The management, the culture and the reputation they have created are all outstanding

The main things that I can see holding them back is that the founders and management still hold a huge amount of stock, so the free float is tiny. And that people look at them and think they are just an office fit out company and thus just dismiss them.

But I have always found that so long as the company keeps performing, and thus one seems to be, then the market will finally notice and the stock eventually reflects its true value. Finding them early and getting in before the market usually gives you a great return, also they pay a really nice dividend. But this is all my opinion and I probably dont know what I'm talking about