Well they have as good as said that 1H results will be...

Well they have as good as said that 1H results will be reasonably OKAY, even nominating an 8c interim divvy...but they are doing a 'CYA' on 2H because of 4 reasons
(1) State of current residential market
(2) Slow finance approvals
(3) More stringent finance checks resulting in lower lending capacity
(4) Victorian projects are taking longer to get away because of the above and possible bureaucratic hold ups.

All of the above will put a strain on margins (shedding overheads fast is always a problem) and we will see sales deferred through to FY20.

I'll be very interested to see what the company does with its buy back program. I figure we will have a $2.48 NTA after 1H results and after factoring in the 8c interim dividend to be paid in April.

I'd love to see them buy back heaps as it will kick along our underlying NTA.