Trading at cash and receivables and PE of 4, page-7

As an investor - what more important , ROE or your total risk adjusted return. I have always focused on risk adjusted return so for example if I look at my return profile possibilities over the next 3 months I can extract a 15- 20 % return relatively easily and my risk of losing money is very small. At 18.5 c I can achieve about 5.5% from the divi leaving me the need to only see a SP increase of 1.5% to make 15% . That SP increase will be simply the company moving to current cash and receivables to the likely new level of cash and receivables . The Quarterly cash accumulation which should be solid should inturn create at least a small sentiment boost that should see another 1 c lift st least ( good reports have historically seen a 2-5c move )
Now the down side is the stock has to fall below 17.5c before I lose due to the dividend and if it does it simply means it will be trading sub cash and receivables. As valueseeker has been arguing for years , once GRR passes its capital intensive phase ( which it has ) cash flow accumulation will pick up . The 2018 year is the start of this period so increases in NTA alone should do the trick and with a dividend that should be 2c per annum going forward a 15% grossed up return is already penciled in