- Q2 & half year revenues continue to weaken in double-digit percentages relative to previous corresponding periods
- Operating expenses continue to creep up
- Half yearly profit attributable to shareholders down 30%
- Bright spot - Balance sheet remains solidA quick recap into the initial investment thesis.
PEC was trading near its 52 week lows (which as now gone lower).
In addition, PEC's dividend yield was around 4.4%.
Furthermore, PEC's huge cash hoard made up a significant portion of market capitalisation and its gearing was extremely comfortable.
This was topped off by a price that represented a discount to book value.In summary, PEC was an investment that cried out cheap assets, cheap dividends, low exposure to interest rate hikes.
How is PEC now?
Stock Fundamentals
(i) Earnings still Inexpensive
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