Ann: Response to Media Article, page-11

I agree with your viewpoint on investing on absolute value grounds, that is the same philosophy I have.

However when it comes to property I do have an alternative view.

Take the current REIT industry.
Many are trading well below NTA.
Does that mean I should buy.
To me the NTA is a reflection of the valuer's view of the value of the property.
Those valuers do take their cue from the current market pricing.
So summary level, with very low capitalization rates the value of property doesn't stack to me unless it is trading at a significant discount to those valuations (and looking through this, significant discount to group level REIT NTA).
So for me whilst I look at the REIT share price to NTA, my focus is on the yield against the share price.
In many situations this means I only take an exposure to the REIT when it does trade a significant discount to NTA, because at that level the absolute yield justifies my internal investing benchmark hurdles.

So given this, for me personally, I think the same logic applies to ENN.

But that's just me.