this looks good, page-4

So with a record of capital raisings, damaging writedowns and poor earnings performance and the mining infrastructure downturn now further unfolds, just what kind of turnaround opportunity is TSE? A variety of mining services companies and engineering companies are feeling the cycle turn down and seeing reduced earnings/outlooks.

Is it a bargain under $1.60 or another price dive waiting to happen? The writedown earlier this year has just been the latest trashing of the share price.

The company's capacity to pay dividends comes into question, noting that the DPS are presently high.

The value destruction of the past is reflected in the steadily falling share price over the last 3.5 years.