Ann: 30 June 2015 Preliminary Final Report-Appendix 4E, page-3

3c final dividend is great.

For a conservative company their outlook statement is incredibly bullish.

On a micro level they have some great developments coming on stream. On a macro level, their affordable housing is far from bubble territory. Top end Sydney properties are not their market.

Expect min 10.5-11c earnings in current year, and dividend of 5c.

6x prospective earnings, 7.3% yield. That will do me. Target price a dollar.