http://www.sharechat.co.nz/article/3...-in-growthhtml
What am I missing ? They think they've just reported a strong result, what's strong about it ?
The CEO and directors think its better to invest in building new units and make say approx. 25% development gains going forward than buying shares at $4.36 and make a 50%+ gain if they can get the shares back to NTA. Buy-back means less shares on issue and is quite obviously more eps accretive than building new units, surely this is perfectly obvious to anyone capable of putting numbers into a calculator ?. I think the board are in denial about the seriousness of the discount to NTA issue.
Expenses have also grown at quite an alarming rate too. I think those two things mean this is a very good stock to avoid in this sector.