what the market was looking for, page-16

Disappointed too and wish I'd topped up on GMG rather than VPG (and at least earned a div). Concerned too re VPG's gearing under current valuations (take nursery's point though) - as is Morningstar's analyst.

M/S's Aug 27 rec is to hold:

""Impact

* Full year well above expectation but concern remains over 46.3% balance sheet gearing
* Focus for FY11 on seeking new mandates, raising third party equity for developments and reducing debt
* Fair value may increase but stock remains high risk with no management guidance for FY11 earnings or distribution

Recommendation Impact (Last Updated: 27 Aug 2010)

Recommendation maintained as HOLD""