wow, page-21

the reality is that this stock is risky at the minute. It reported an $8m net profit in FY10, with about $5m due to asset sales.....so really they made $3million.

- no yield (the staple of LPT----> although not lately)
- trading at PE 16x it's actual earnings in FY10....NOT GOOD.


Where this stock looks attactive it the NTA. the stock is trading btw 0.07 - 0.08, but has an NTA of 0.135.

Risks:

- further impairment
- leverage (close to 50%, if it goes over 55%-60% it's all over)

This company needs to start making some money. Barring that it needs to sell more non-core assets or development holdings to reduce interest costs.

This stock is not without hope, although FY11 may be sink or swim time. If it swims it can get back to 25 cents. Been watching this one closely. Still undecided whether to taker the risk.....feeling is they may come out alive.

I know one propery focused managed fund has made a speculative play on VPG placing 1% of their total portfolio in it. That's over 500K.

I recommend a to HOLD it for those losing money. Not much point selling it at this level.