glad i sold yest, page-13

salty.. the key to me there is 'before signifcant items'.

everyone seems to anticipate hefty writedowns are coming - thats why i just think its better to assume same profit in 2nd half.

npat is npat - before significant items is just semantic nonsense to me - because when you book the loss of capital writeoffs you are recognising a loss of value. i also dont like giving ceos pass marks for accounting chicanery that just sets them up to deliver better ROEs.

having said all of that - 16.5x PE would still be too expensive for this stock imo

I had thought the turnaround in domestic pricing might be v-shaped - but it appears to be more like a bucket.

I think sweet spot for this stock may be after christmas. before then i struggle to see it getting really elevated and downside risk is considerable.

just one guys opinion of course.