NCP is the most complicated Company listed in ASX, it is complicated both in its business and accounting methods, not many people really understand it.
Rule by its earnings? never, its P/E is well over 30.
Rule by its assets, it is most likely the case.
However, the trick is when NCP write down its assets US$4 BLN at last Q3, NCP say there are no cash loss, and its underlying earnings is excellent!( year ago, they will tell you should not look their earnings and but their assets).
NCP will report its Q4 earnings on 14/Aug, again, it is expected NCP would have to write down US $1.7 Bln, this time, where you should look at?
Share market is the place should be ruled by earnings not assets, and always!
