Fallen through 80c or 16c in the old language. Possibly...

Fallen through 80c or 16c in the old language. Possibly temporary, but little market confidence without the company also participating and buying (repurchasing shares). Fairly sure the blackout period is over today, and they will re-enter the market.

We're in an unfavoured sector with at best static house prices. The market is in no mood to value positives such as:

- NTA of $1.78 - $1 ahead of where we're trading.

- Operating NPAT of around $7m by my calc.

- Gladstone is booming ? just had a friend rent a 4br house for $650 pw, 20 min out of Gladstone. Our development there should be a ripper once we start selling.

- Q/land govt bringing forward buyer demand again, with $10,000 grant targeting new homes - a good chunk of which finds its way into developers pockets. Bureaucrats never learn.

- Now an extra 800 development lots at Eynesbury (50/50 JV), with the approval to turn the second golf course into 1,600 lots - at virtually no incremental cost. With the sales to date, the development has good appeal and earnings momentum, given the upfront infrastructure costs already sunk into it.

We are a low cost builder, so many will hurt long b4 us. Static house prices would be ok.

The cancellation of dividends in favour of buyback won't please many. Being a contrarian, happy if the company could buy back 10% at 80c. Suspect they also want to accrue cash for expansion. Income holders won't like it and some tossing in the towel.

Purchased more today on fundamentals but risky atm on technicals.