Oceania shares were a touch higher after reporting a mixed result, with operating earnings holding up due to sales margins, while sales volume is starting to slow. Oceania cut its full-year dividend to 3.2 cents per share, as the next couple years will appear challenging for the business given rising interest rates. We still view Oceania as a value retirement village play, trading at an attractive valuation to its peers, with Net Tangible Asset per share slip down to $1.33 - with room to fall further over the near-term, but Oceania trading -40% below that negativity is priced in. Read more at research.blackbull.com