Contrary Indicator?, page-51

Hi EWO
I have held EWC for a number of years and sold last year at a modest profit.
I am a long term equity investor and look at PE, NTA, Div yield and management performance.
I mainly hold stocks on ASX and NZX indices.
I do hold 10% of my portfolio in resource and growth stocks for excitement and superior returns
EWC has a great product. Great technology. It is profitable.
It is perfectly positioned in 2 countries with exponential growth potential.
Gas is the new coal. Gas demand is growing dramatically.
BUT The board has been unstable. Shareholder communication is poor.
The nexus between EWC, Slipform, EWI, Malory Properties and PT Consolidated Electric Power Co [ Note 27 2016 rept] are of concern to me. I don't believe there is a blueprint to defraud shareholders but I don't like one party holding a lot of power in listed coys I invest in.
So for me it doesn't meet my criterion as a long term index type stock yet. I am waiting for the connection at Pagbilao to be resolved.
I would like to see a budget for the next say 1-2 years showing turnover and net profit .
It is not really a junior resource/ biotech type stock either for me.

It remains one of the most frustrating stocks I have invested in.
My gut feeling is that it is likely to be at 2-3.00 within 3 years. My rational self is making me wait until I
see the Indonesian and Philippines operations functioning smoothly. I want to see an improved balance sheet
and that does involve addressing the Slipform debt. It can be addressed by taking on further bank debt,
a share issue, repayment from profits over the next 3-5 years, selling assets, floating off a subsidiary or a combination of these.

The shorters may also be trading. If 24 mill is the true net short position then resolving coy issues and announcing
a substantial budgeted increase in profit for 2018 should cause a substantial short term spike as they scramble to cover.

I understand your concerns and that is why I am on the side lines. My position may mean I will need to pay 1.00 plus but by then
the investment will be derisked.
Waiken