Ann: Change of Director's Interest Notice, page-6

He probably does it for tax purposes. i.e. claim capital tax loss on TRS this financial year, offset capital gains from, say, lotsa gains from flogging off a couple of properties.

So the fact that he bought what he sold off and a few more could indicate somewhat of a support for future gain to offset property losses.

TRS is a so-so business. But it's not as bad as the market makes it out to be. I mean, it's still making profit right?

It's a retailer selling non-essentials most of the year. So its second half are often poorer than the first half where Xmas and new year serve it well.

Medium to long term, fair value would be around $8 a share. Unless it successful expand to NZ or overseas, which is rare and unlikely; or it adopt a new business model... say convenience and perhaps franchise out to get mom and pop operators to help fund further expansion and market share, I'd put its value at $8.

It's a value play and so far I got a pretty good wooping. But can't always catch a falling knife successfully anyway.