Yeah, I actually took it off my watch list after selling.
Company appears to want to be shareholder friendly (I rightly or wrongly see commitment to dividends as part of this) however what I didn't like was the continued bad & doubtful debts in the half year.
The business is very low margin, not great, so can't afford to have management practices that allow bad debts of the scale they have experienced. I got the impression with the full year result that the bad debt then was "abnormal" and not expecting any more. Wrong. Bad debt = 20% of profit is just poor. As simple as that.
Like you said, aspects of value look compelling, however a better time might be when the environment pushes them to a loss and share price is really hammered.
MJS
CGR Price at posting:
11.0¢ Sentiment: None Disclosure: Not Held
