Don't understand, page-29

Info taken from a recent AFR article:


Following another extremely volatile week on the markets my portfolio finished down on the previous week and I’m now in negative territory to the extent of approximately 4 per cent. This sees me underperforming the S&P/ASX 200 which is down by approximately 1 per cent since I established my portfolio on January 30.
As I mentioned last week, I divested my interest in Sirius Resources, maintaining exposure to base and precious metals through my holding in Independence Group. As we went to print I hadn’t replaced Sirius with another stock as nothing really jumped off the page.
However, on Thursday, July 2 Pacific Brands upgraded its earnings before interest and tax before significant items guidance from a mid-range of about $60 million to a range between $63 million and $65 million.
This was the first piece of encouraging news from a company that has promised plenty but delivered little in recent years. The group has extremely impressive brand power, but underperforming divisions which have recently been divested have consistently placed a drag on overall earnings.
While the quantum of the earnings upgrade arguably didn’t justify the sharp share price rerating I am of the view Pacific Brands is shaping up as a promising medium to long term story with the likelihood that fiscal 2016 earnings will more than support the group’s current trading range.
Deutsche Bank responded positively to news that the group’s key brands, in particular Bonds and Sheridan were stabilising, prompting it to upgrade forecast earnings and margins for fiscal 2015. The broker has a 12 month price target of 54 cents on the stock, implying upside of approximately 20 per cent to Wednesday’s closing price.

http://www.afrsmartinvestor.com.au/p/shares/hoey_rejigs_his_portfolio_APhP13ySYzOMC4Tz94qT1K