The reason the parent trades at a 30% premium to NTA is because the parent is the effective developer, and hence as developer reaps the developers margin. Hence the parent is more 'profitable'. Think in terms of the old Westfield Trust and Westfield (which was the developer). Westfield always traded at a significant premium, but the trust didn't. (This was many years ago, before Frank Lowey merged everything into a single unit).
This is why HDN price is dropping whilst Home Co parent share price is rising.
HDN Price at posting:
$1.23 Sentiment: None Disclosure: Not Held
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