I don't trade fundamentally so I won't comment on your summation of the HFA situation. What I will add into the mix of your discussion is sentiment. It seems that in the current market, irrespective of how sound or poor the fundamentals of a company are, they have been often priced and traded based on market sentiment.
You see companies release fundamentally good news, but if the market is down and sentiment is low, very little happens to the sp. Vice versa, when the market is desperate for a glimmer of good news the smallest positive announcement can have a surprising upsurge in price.
Anyway these have been my observations during this GFC.
cheers Ange
HFA Price at posting:
72.0¢ Sentiment: LT Buy Disclosure: Held
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