perpetual sre increasing their holding.
i said on hot copper recently that i thought sgr was a little overvalued when it was 6.00, but now i see the current negative sentiment as a great contrarian buying opportunity as most analysts i have read suggest that the effect on revenues and earnings medium term will be minimal.
a drop to 5.00 was an irrestistable buying opportunity for me.
i agree with major shorting at present that it may go lower as far as 4.50 in the short term, but this is just shorters making money on a wave of sentiment and self fulfilling fear selling.
im quite sure it will bounce back up to 5.50 in next few months once this vip story has disappeared and earning are proven stable and wider market jitters have passed.
SGR Price at posting:
$4.97 Sentiment: None Disclosure: Not Held
