I hope your right Peter because that would be a catalyst for the...

I hope your right Peter because that would be a catalyst for the stock which I feel it needs for investors to make any decent return from here.
The ROE for the stock is just so low that the market is (quite rightly) discounting the stock heavily from its book value.

Its not that the projects are unprofitable (margins are fine when they actually do develop property) but its that the majority of book value sits idle in the land bank making no return. i.e. if they just had their book value in cash earning 5% we would be earning ($1.12 x 5% = 5.6c EPS). To get anything like book value I assume the market would be looking for ROE in the vicinity of 10% which would equate to EPS of 11.2c.