If tax changes occur in the MIS world shortly then Timbercorp...

If tax changes occur in the MIS world shortly then Timbercorp probably offers slightly better protection to investors in the shares because its fee income is spread over a much longer period as an annuity style income rather than the whole lot up front.

Talk of land banks etc is all very well from a value point of view but if the basis of their valuation changes away from the huge fee profits to the management of MIS companies that has driven the rampant acquisition of what was previously old dairy farms then maybe some of the steam might come whistling out of the inflated prices applied to landbank valuations....