When I was flicking through th annoucements board a couple of weeks ago I came across CPK, and a promising half year result. The share jumped from $2.80 to $3.50 at the close of trade and has pretty much been there since.
But despite this massive jump it is still trading at a P/E of 3!
Last years EPS was 102.5c, this years forecast 137... with dividend payouts of 55c. At current SP of ~3.50 this would seem to me to be a massively undervalued share ATM- but I know very little else about the company and it's other projects (they have a big $61mill proj in surfers paradise as well).
CP1's biggest venture at the moment is Martha Cove. Luxury apts down at Mt.Martha in Melbourne. What I do know is that I personally wouldn't pay 1.5 mill to live in one, but they may still sell like hotcakes.
CP1 is majority 53% owned by funds manager city pacific- which on a close glance appeared to have a pretty good solid history (~years or so).
Have a look at
http://www.cp1.com.au/CP1AnnualReport2005.pdf if you're interested.
Any thoughts [good or bad] on CPK or city pacific would be appreciated.