Ann: Market Update, page-42

To be honest, I am a little at odds with what has caused the recent decline.

I think there is certain reservations about what will happen to the infrastructure/ mining/ engineering sectors if a stage 4 like scenario develops around the country. Is that forward looking... perhaps, is it that the new $150 million in contracts is minimal compared to MC... potentially.

But, for me personally. I'm not overly concerned with the recent action. It has given me the opportunity to buy more in as you say an incredible 'stable' company.

I think across the board the market is a little out of whack. Extreme hype and paranoia fear are pushing and pulling at prices throughout all sectors. For example BNPL soaring to absolutely ludicrous high's, biotech's have just had capital piled into them at unprecedented rates and miners either going through the roof or being smashed.

There is little continuity really anywhere, which is why I believe buy the stocks you think have a long term future. But, be prepared to cop a hit if the market has overshot or take profits if it soars. I've gone long on all mine at the moment, but am willing to 'trade' if price action deems it necessary.

I've gone on a tangent here.... but I agree Book/ PE is very solid. Management have done an excellent job in recent years and I'm backing them regardless where the SP goes over the next 12 months. I wouldn't be surprised however, if this moves quicker back to that $16-17 range than expected. Contracts could open up far and wide when the debt levels of competitors gets out of kilter and the big boys need those essential services.

AIMHO