Ann: Q3 2022 Market Update, page-14

Far too much benefit of doubt being given to the management on this forum. Q2 result was bad, Q3 is plain terrible. PBT ratio of 3.1% for Q3 while the previous years it has generally sat at high 3%. I thought Q2 was a blip but with Q3 being this bad a pattern is emerging. Annualized, the Q3 NPAT is sitting around $67m (EPS 0.375c) so the bottom line is doing worse than the previous year on a run rate basis.

I no longer hold any DDR after I took my rose colored glasses off! Still a great company but I would like to see better commentary from management and a turn around in NPAT before dipping my toes back in. On current runrate basis the stock is trading at a PE of 28 even after today's SP fall. With no growth on the horizon the PE should be no more than 20 imo so I see no value in the stock above $8 per share and that's assuming they can return to positive growth.

The quote from David about how this quarter '...almost feels like a a gain' is one of the most unprofessional and lazy bit of commentary I have ever read from a CEO.

Ofcourse, the PBT ratio might improve drastically but I no longer consider it wise to invest on that basis as there is no solid commentary that confirms this to be the case.