While our expectations for a solid 1H19 result have not changed, longer finance approvals processes, softer economic conditions, and weakening property sentiment has led to a downgrade of our medium term earnings forecasts. We also build greater risking into our valuation calculations to get to a revised valuation of $1.30 (prior $1.50). Despite the overhang of negative sentiment, the gap from the current share price is enough to warrant a maintained BUY call, particularly when considering the Company’s large, diverse and typically low cost land bank portfolio, together with its strong balance sheet and capital-light funding model.
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