With an NAV of 949, the current share price values the income portion of the business at less than 50p; and with an EPS of 108, that looks very cheap. Of course this is a problem of looking at different sectors. In most businesses the earnings is the key part of its valuation, but with property companies it's the book value.
Had a quick skip through, and it's always difficult when there are 2 sets of figures, sometimes with seemingly no correlation to each other, but basically turnover is up, profit is up, the size of the estate is up, dividend is up, NAV is up, vacancies are low, demand is high, so it looks OK. Of course debt is also up; but not unusual in a property company.
No mention (on skip through) of the acquisitive Mr Lee, but no need really.
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