why im stockpiling.

Why I've more than tripled my position in the last week

1) Fundamentals - NTA - 50c a share, down from 60+ still shows a massive discount >50%. If the company went into receivership tomorrow, we would come out with about 40c per share after costs.
2) Fundamentals - Earnings - 4.6c, based on P/E, this is <5. The earnings are not taking any hits from revaluations, Instead, there is a 30% forcast in earnings growth for next years rental returns.
3) Potential Takeover Target - Even from the NTA standpoint above, it would be worth buying this company just for the asset sale value. Sell at a 10% discount and still come out on top.

Risks
1) Further Writedowns - Possible, but I have mroe confidence after listening to the Annual Report Webcast, and their conservative approach to the revaluations.
2) Dilutive Cap Raising - Possible, but their balance sheet is already quite healthy, and they are winding down the ADF to improve, not expand.
3) Poor Management Decisions causes more thrown away cash - This one has a higher probability, however simplification of the business makes it harder for fools to mismanage.

Buy companies that a fool can run, because oneday one will (APZ)

For me, this is a pure value play.