Fundamentals are great for this company and discount is mouth watering.... UNLESS you reckon the company is just a stuffee vehicle for HMC Capital.
HMC Capital management appear to have little personal exposure to HCW and HMC Capital's announcements are all about growing their assets under management. Feels like a Macquarie satellite vehicle story from 20 years ago that eventually had to unwind because the discounts and conflict couldn't be resolved.
$50m on-mkt buyback is just an attempt to close the discount which won't happen in my view.
The real test for investors (and directors of the RE) is whether they fund their pipeline through a rights issue at a discount to NAV and come up with mumbo jumbo investment banker speak that rights issues are not dilutive if you participate.
Just my opinion ... anyone think differently?
HCW Price at posting:
$1.14 Sentiment: None Disclosure: Not Held
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