Thanks for pointing that tip out 777. :)
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Interesting Board appointment. Anthony Leighs is more your vertical construction guy. Given Leighs Construction is still around (and Mainzeal, Fletcher Eberts etc aren't) I presume he's not into under quoting / mis managing costs to win work.
And boring old Ryman climbs and climbs...
FWIW -
After the passing of her husband early this year, Mother in Law purchased one of the new to be constructed units at Malvina Major village in Wellington. Was originally due to be completed November 18, then Feb 19, the latest update is now end-May 19..... Causing some stress and anxiety with uncertainty around when to sell the current house, and she is now second guessing if its the right decision etc... Selected Ryman as seemed to be the most 'on top of it's game' and trustworthy.. Due brand influence etc.. (Once she's there, am sure it will be amazing.)
Makes me wonder though... Is this a one off? Is Malvina Major symptomatic of a build rate slower than anticipated ? or Just Welly? ..then how are they progressing overall ?
Ever know a builder to complete on time ....,,
No doubt the carry ons up Karori way will be in the news for years to come
Ryman run rough shod over the WCC but that’s pretty easy to do these days ....money speaks
http://wellington.scoop.co.nz/?p=112921
I emphatically made the point a month ago at $14 that indeed it was overpriced. Anyone who listened and acted on that is $2 per share better off. Down 14.3% against the NZX50 which is down about 5.5%. Momentum a powerful force...could easily lose another dollar or two.
Might be reasonable buying at ~ $11 in my opinion but I will probably just stick with OCA which is still trading on less than half the forward PE and also has a stellar reputation for care and I think has a better business model (for shareholders).
SUM down slightly less in percentage terms. No, the new kid in town is already trading very close to NTA and people are paying "Jack" for their IP whereas with RYM people are paying close to three times NTA so megabucks for their IP. The market is giving the value of RYM and SUM's IP a haircut because their business model's are arguably inferior to OCA's from a shareholders perspective.
I expect the relative SP of OCA to continue to materially outperform other sector participants.