I also don't see the latest announcements as negative.  There...

I also don't see the latest announcements as negative. 

There has been no downgrade to expectations.  There is no comapny guidance given for FY19 which understandably will worry some but at the same time I can understand that in the current market it would be quite difficult to forecast with the level of accuracy expected by the market..

The NTA at $3.92 per share does leave a a fair bit of room for upside capital management - and a process is underway so its not just talk. 

FY18 underlying eps is 22 cents and FY19 should be close I imagine (perhaps a little less) and FY20 I would expect higher based on the development outlook.   That's a P/E of 8-9.  

Dividend at around 40-60%, last year 9 cents is quite ok at around a 5% yield.

In balance, the only downside I see is the value of property diminishing in the current environment but at the current share price that surely is well factored in.

So at today's share price it looks like a solid hold or buy - with one caveat.  Fundamentals don't mean much if sentiment is against it, and the momentum is down so we still may see lower prices - and in my book, great value. .