Discovered this written by DSD on 02/09/15: "Now $6.97 so...

Discovered this written by DSD on 02/09/15:

"Now $6.97 so deepish in the red. Despite being bearish re world economy I've bought some MND coz:

a) Very astute engineering outfit that can outwit WOR and many others.
b) Still have considerable legacy construction wk with 3 LNG plants.
c) Have a few reasonable size med term maintenance contracts with big energy/resource firms. Margins are half of those a yr ago but still profitable.
d) redundancies are hellishly expensive. MND still a decent wack last yr so numbers ahead not huge esp as many wkers are on contracts.
e) CEO took a bit hit to his salary in Fy15. Wks for me when they don't gouge when times get tough.
f) Why would MND pay such a massive final div of 46c if it was all bleak.
g) MND branching into civil wk incl water gives me hope. As energy and resources crash Govt will stimulate some infrastructure projects and MND can win contracts.
h) No debt and other crap on balance sheet.
i) Using some guesswk re divs in FY16 I reckon at SP of $7.00 yield (gross) of 22% in 53 weeks.

Cons.
a) Margins on all new wk a fraction of previous rates but also zero pressure on wages.
b) MND dependent on winning new contracts.
c) There will still be further redundancy payments.

So still a risky stk. I'm in now and will sit things out and re-assess when needed".

DSD: can't see any need to change anything esp as new contracts have been forthcoming albeit less than ideal.