paschal charts, page-4

Residential property developer with NTA of 3c a share. Even though they are on a really low PE, they are subject to huge interest rate and sovereign (state and local gov) risk. They've obviously had cashflow problems, because they've had to make large equity issues and the PE has ratio has risen, not fallen, meaning they have had to use it to get out of trouble, not to expand profitability.

Basically, they are overvalued because people are attached to the previous historical high.

The key to the stock moving forward would be the quarterly cashflow statements. If the company is cash positive, it can recycle capital and expand capital. If it is cashflow negative then you are in for many years of pain and scrip issues.

As long as its only a smidgen of your portfolio, its OK to hold, but it will go lower before it goes higher.

Not one for the super fund. Needs to be watched day by day.