The PE is over 100 the HEPS are indicated to decline over the next few years so is this time to take the gold watch and retire? If they get involved in the South bank redevelopment then I think this will continue = but apart from the EARLS court REDEVELOPMENT this is still all about tweaking stuff -admittedly getting better returns on better quality tenants in CG) ....But I am sure on this side of the lake every ejit South African who goes to Covent Garden ( dreary spot ) and thinks this is property heaven will contine to not only buy a pint there but share?
PE's are of little use in listed property companies, the important measure is the dividend policy / payout. This company is a bit of an enigma to me - they have quality assets, but payout bugger all. I think they are ripe for a takeover. Their market cap is R18bn - compare that to say Growthpoint - R42bn. But their balance sheet is good, so their value lies in what they can potentially do with it - at the current price the market is placing on them, there is a clear expectation for them to do something with the balance sheet - so there is no discount here.
You have answered the second question - no divs... The question for me is what income streams (?) will emerge from Earls Court redevelopment. This is unrevealed. Plus they have those Kwoks involved( not my idea of the ideal partners). South Bank is years off - 2020?+ So there is no conclusion but that it has run its course and its time to take the gold watch.