It doesnt matter where the SP lands in the short term Klue. The...

It doesnt matter where the SP lands in the short term Klue. The lower it is the better, as the dividend yield increases as the SP falls if the earnings come through from sea ripple. At a lower SP, the company can buy its own shares back extremely cheaply.

Let's not forget the robust balance sheet FWD retains in its cash and land holdings. The further the SP falls, the more compelling of a buy it is given the Rio tinto contract will have an uptick in the next couple months and any contracts added on top will result in sea ripple's occupancy uttilisation materially changing which results in a stepped change to FWD's earnings. Let's not forget the possible cash generation from sea ripple when things are frothy. The fixed costs of sea ripple make it hard to dismiss the proposition here.