Ann: Market Update , page-12

Just re-did some calcs & the 2nd half comes in at a PE of around 12.4, assuming very low 7% tax rate. If the tax rate was 30%, PE would be over 16. I sold out on Friday due to the risk of no divi being paid & low liquidity.

HY NPAT = $5.29m (26% tax).
HY profit before tax = $7.13m.
FY NPAT = approx $8.4m (7% tax).
FY profit before tax = approx $9.03m.
2nd half profit = 9.03 - 7.13 x 0.93 (7% tax) = $1.77m.
PE = 44/(1.77x2) = 12.4 (@ 7% tax rate).
2nd half profit = 9.03 - 7.13 x 0.70 (30% tax) = $1.33m.
PE = 44/(1.33x2) = 16.5 (@ 30% tax rate).