This company has had a serious turn around. Pure play land bank...

This company has had a serious turn around.

Pure play land bank and developer.

Gearing 15 percent. Over last few years it eliminated risky and cutthroat construction arm. Developed a a foothold in NZ.

Lastly undervalued at less than 5 times PE. An currently sits on a 7 percent fully franked dividend yield atm.

So borrow from mortgage and buy these shares will be making a 2 percent return plus franking. Or very good income share for yield hungry retirees.

If it reaches $1 it will be at a 5 percent yield.