and into the 80's, page-3

Management only have themselves to blame. The market may be capricious, but it's not stupid. If you predict 20% earnings growth a couple of months before your results, then actually report a FALL in earnings, it doesn't matter whether you are expecting a ripper second half or not - you have just shown the market that you either a) didn't know the true status of your company or b) did know and misled the market.

Either way the market has learned the hard way it can't trust your word.

So even when your company releases what are actually pretty good results, 1H earnings roughly comparable with last year, sentiment turns negative and the SP plunges. Then the bots get working as they are now.

The irony is that at this PE and div yield, even if IDL only equals last year's full year results, this is a good buy. And management are still forecasting 10-15% earnings growth for the full year, so it would be even more a good buy, except for one thing... management have just shown their earnings forecasting is pretty useless.

I still feel this is a buy, but a weak buy because I have just lost faith in management's forecasting abilities. I am working on the assumption that they will at least equal last year's results due to strong demand growth, but I will no longer pay attention to their earnings guidance.