I think there is good reason to expect a modest increase in the...

I think there is good reason to expect a modest increase in the SP. The market is very cautious about all home builders at the moment and tends to treat them all with the same sentiment. TWD have always been profitable, payout a high percentage of profits in the form of dividends consistently and I notice have penetrated the northeastern regional areas of NSW. They also indicate that they have a Vic presence but only in Melbourne. I see plenty of potential there based on current Govt housing initiatives. They are in the low cost end of the market and have made an art form out of fixed price contracting when it has been the downfall of many builders over the last 18mos or so. The market should be pricing in some of that potential in a modest way. Maybe not this year but surely at some stage a few investors will see the extra value on offer here. Patience will pay off eventually - but meanwhile soak up the yield.