I also have trouble understanding all the negativity as well...

I also have trouble understanding all the negativity as well sometimes. The company spends money to build assets that they then can resell multiple times. That seems like a great long term earner to me. Sure it has large capital outlay for a few years first.

The presentation shows that they also have the ability to slow down developments and hence costs when the market has low periods. This they are doing and second half result should benefit.

NTA has generally been increasing over several years.

The only things i can put down the poor share price to is the current class action, which could easily be a 50/50 chance of impacting significantly and analysts staying away for the last 2 years because they don’t like the look of a company that has fairfax and ABC reporters on their case. 

As i said this stock confounds me. I guarantee however that if this company is privatised, in two years it would be on the owners books at 2 or 3 times its current value.