I listed my thoughts in a previous postclick here to readWas...

I listed my thoughts in a previous post

click here to read

Was good to get the announcement preceding what I hope to be great results surprising to the upside (not hard when the the market is currently valuing VPG at 10.5c).

On another point, I received Goldman Sachs REIT research for FEB and it's great to see VPG getting covered once again.

From GS....

VPG as a HOLD at 10.5c with a target price of 15c

* While VPG has established a new simplified base to begin working from again, the key investment case is a clash between apparent value from an NAV and NTA perspective against a break even profit outlook.

* Our investment view is that the NTA and NAV is a primary valuation methodology, however it will take time for earnings to recover. A rebound to meaningful earnings to justify a DCF valuation is challenging given VPG is moving out of its VCS (capital service)business, and development and trading business which was a large segment of historical earnings remains idle.

* Look out for: (1) Events in Europe/UK that could be beneficial to FY10 funds management earnings, and (2)further developments in the rationalising of assets in the VCS & Development divisions.