revisiting investment thesis, page-29

TPI is 'a dominant industry player' and it does appear to have have 'organic growth options'... but management can't seem to generate profits from the Oz business. NZ has been sold so maybe they will be more focused. I don't understand why the ROE is so poor and that makes it impossible for me to try and estimate future holdings. Hence, my 'avoid' reco. But it may be an 'oil tanker'... i.e. plenty weight but slow to turn around. If i didn't hold i'd sit on sidelines and wait for more definite signs profits are being made.