As expected the 45% drop in FY19 lot sales were reflected in a very weak 1H20, with NPAT down sharply to $5.1m. However, momentum is strong going into 2H20 and we expect a much better performance this half. This skew still relies on a reasonable economy and positive consumer sentiment this year, neither of which is a given in our view. Accordingly we maintain a HOLD call despite our valuation lifting to $1.28 (prior $1.13).
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