the reason why after this loss the price is going up is because investors are looking forward. King will cut costs down to an absolute minimum and combine that with the tax loss offsets moving forward (which means MYR will effectively pay no tax on its profits for many years to come) and MYR is in for a windfall profit this financial year. You can compare this to QAN when it hot 0.91 in 2009 for example, massive write downs back then but proceeding 9 years they paid NO tax due to loss offsets and it has done wonders for the share price. This $500M loss as recognised by the ATO is actually a huge asset moving forward.
Technically, there have been no gaps moving up at all so it looks like a genuine price reversal is well underway and should steadily continue from here, at least until we get to a reasonable price. I'm thinking $1.00
MYR Price at posting:
57.0¢ Sentiment: Buy Disclosure: Held
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