Forum Archive Index - September 2002

[Holden Glova <dsafari@paradise.net.nz>]

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Still sick with this darn cold, my sleeping pattern is quite messed up from 
the naps during the day. So I thought I would explore different investing 
styles. Tonight I thought I would dabble with trying to find value. I'll try 
and put forward a case for why I think GTP might be a good value investment.

What is GTP?
~~~~~~~~~~~
Great Southern Plantations (GTP) core activity is plantation forestry with 
operations in Western Australia, Victoria and New South Wales. The company 
manages investments in plantation timber.

What made this stand out for me?
~~~~~~~~~~~~~~~~~~~~~~~~~~~
What made this stand out for me initially was that it wasn't much above it's 
52 week low of 0.50 with it's current close of 0.65. I was looking for a 
company that wasn't performing well because I read that value companies are 
often performing badly. A look on the chart does show that it has been on a 
downward trend for about the last 4 months. 

Some Numbers
~~~~~~~~~~~~
On to some numbers, this data is based on 2001 figures, is that OK?

Asset backing per share = .859913
Asset backing ratio = .75589
EPS = 16.3   <-- I didn't calculate this one - what is a good EPS?
P/E = 6.02
Sector average P/E = 19.24
The dividend yield confused me. One site (an aussie one) said it was 30% but 
the NZHerald said it was 55.38%
P/E Growth Ratio = 10.00   <-- This I'm told is good the more it is above 1.00

Charts
~~~~~
refer to the 6month candles chart. After the huge drop there has been a slow 
steady decline downwards. Recently there has been a slight rise, but I'm not 
sure if it is enough to say it is trending upwards, although the 5day MA is 
still above the 10day MA. The RSI was just shy of overbought during the 
recent rise and has since then leveled off to around 60.

Misc findings
~~~~~~~~~~~
- - The balance sheet shows 2001 as having the highest shareholders equity over 
2001, 2000, and 1999


The clock has struck 12! I think that is about all I could think about looking 
into. Do I have the right idea? Could this be a possibly ripe undervalued 
stock?

I look forward to all thoughts and opinions presented.
- -- 
Signed,
Holden Glova
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gtp-6-month-candles.png

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