This is the problem though..their "gearing isnt 30-to 40%..Its...

This is the problem though..their "gearing isnt 30-to 40%..Its higher..

Just do this calulation. Go into their balance sheet and divide total liabilities into total assets..dont deduct anything.

That is real gearing..thats how MOF state their gearing..and then they add look-through.
But no..not these guys.

Further it is the responsibility of management to correctly value their properties which should be done to current fair market value.

Its all fine when mamagement are happy to revalue upwards in good pace..but not on the way down huh? The declines in commercial property are real..they are not being reversed anytime soon. Not in a long shot.

But management have told you none of this thurman..they have been happy to lead you on the garden path, by suggesting all the way up until today that WDC were unique and the management super stars...lol