Not a lot of detail but here it is:
Summerset Group
We see significant upside
• In this note we summarise a number of announcements that have been made since the last result and their impact on our forecasts.
• In aggregate, these changes have lead to small downgrades for this and next year's earnings, but incited upgrades for future years.
• SUM is trading at a significant discount to our $3.90 price target, which is based on SUM developing 225 units pa (ie 75% of their target).