new high, page-7

Still thinking that at $170 the shares are reasonable value because by end of this financial year we have a 1st half profit of $2.3M and the following half should be much better with a headline profit of at least $4M, as staff recruitment should have nearly stopped and there’s no news of management fee reductions. So in essence $6+ in dividends for $170 is close to 4% yield. Not too bad for a moderate to fast paced growth stock.

Beyond FY17/18 I expect increases in FUM to increase by at least $1B for the next year. Now that extra FUM May contribute a further $8M to profit.....All could be compromised by pay increases, staff recruitment and fee reductions. Still a good place to as a company. Since the MD and Mara Bunn have some vested interest I would assume they would love to see some more sp momentum.