With current independent land valuations, if CDI liquidated, a quick calc tells me one would get about 80c a share but currently just over 50c a share.

Is this stock undervalued?

If so, is it because of its lack of sharemarket trade-ability due to its obscurity?
or maybe because it listed many many years ago through the back door?
or their cornerstone shareholder is Millennium & Copthorne Hotels (MCK) who haven't been doing so well lately?
or some bad history maybe?
or is it just a good buy?

Here is a summary of their last audited results:

Attachment 5982


Given these figures along with the SP pre-announcement (ie taking into account market sentiment) I would expect the current SP to be 68-70c by now.

For the year ending 31-Dec-2013, their percentage increases compared to 31-Dec-2012 across the board were even better than the figures above but the price has still not moved appreciably in all that time since Jan-2013.

Any feedback appreciated.

Disc: Holding some.