Monday, 8 September 2008
YIT: Profit Warning
"Finnish builder YIT on Monday warned its full-year profit would be lower than that seen last year, blaming further drops in Finnish housing demand and construction in the Baltic countries."
Last year, when the YIT share price was over 20 euro, I made a bold call by saying that the share price will slump to around 3 euro. (here is a link (in the older blog), where I compare YIT (construction bubble) to NASDAQ, the last technologie bubble)
This was based on technical analysis and in the fundamental assumption that the housing market will start to correct from 2008 onward (I can't put a date how long house price will fall, between 4,5 year or two decades).