CJ.. first of all, I find it incredible that you are trying to...

CJ.. first of all, I find it incredible that you are trying to school someone like Aus in P/E, a very simple metric..

Secondly, your incredibly static view and fixation of P/E is mind boggling.. Something is just not right with your thinking, and I say this in the kindest of ways.

Please read this slowly - when calculating P/E (e.g. in UBS forecast), you can base that on a fixed sp. For example, if sp is $2.50 today, and I expect profit for FY21 to be $200M, this gives a P/E of ~8. Does that mean we expect P/E to be 8? NO. SP will 'adjust'.. So if you 'assume' in your predictions that P/E 'should' be 25, sp will be $7.80.

Get it?

Secondly, your static view seem to believe that companies be valued on current revenue/value. Oh if life was so simple.. NOT! You would never make money. We forecast what we think the profit will be, perhaps next Q, next year, next 3 years, you get the drift. As for me, I believe profit can be in the $150-200M region already FY20 (assuming no issues in Malaysia, and NdPr etc relatively stable). If I forecast this, why on earth would I care what current P/E is?? It's a number reflecting the past.

You can wait until P/E hits 25 and 'buy like crazy', but by then sp will be >$7..

GLTAH