When I look at buying any property or property related stocks I...

When I look at buying any property or property related stocks I always try and tick three boxes being:

- Is it cheap on an NTA basis when using reliable assumptions on the property/inventory values (Don't just rely on Director valuations)?

- Does it have solid underlying earnings that will provide a reasonable income return on my investment?

- Are there outside influences on the company that may have a detrimental effect on shareholder value(Bankers, covenants etc)?

NOD

- Is currently trading at a premium to NTA, which means that the earnings story would have to be compelling for me to consider an investment.

- Operating at a loss. No chance of me investing now.

- Have just indicated that they will be speaking to their banks. That is the icing on the cake that this stock doesn't even make it onto the watchlist.

Still plenty of opportunities in the property sector that are cheap and don't carry anywhere near the same risk.