vpg - 17 censt is my target, page-14

UBS 14/10/2008 1 Buy $0.85 975.9%
The company has withdrawn its FY09 guidance citing recent deterioration of "financial and other" markets in the last 2 weeks. The interim distribution was cut and the final dividend is to be reassessed next year.

While the broker thinks the stock is cheap, it admits investor confidence, particularly with respect to debt covenants and earnings outlook, will remain a problem. However, earnings and valuation are unchanged, with the broker waiting for further clarity before re-assessing.