Ann: 2016 AGM CHAIRMAN'S PRESENTATION-CDD.AX, page-44

You might be wise on STO, perhaps I am overconfident.
As far as I know PPI made a large loss in recent results, to me the U.S. oil rig count is a proxy for activity in the industry and it's still relatively low. The world is depending on a resurgence in U.S. tight oil.
If course trump has promised to strip out environmental regulations which could hurt CDD but also spend on infrastructure which would be a boon. I don't predict these things but observe and will forecast the future after it happens.
In short I would speculate PPI is no longer dragging on earnings and will gradually return to profitability. The loss reported by PPI is material - I believe last year in the order of $40m.
Simply not reporting a loss goes a long way to revealing the underlying value which has always been there.
I probably won't get on commodities again but I am not sure that I want to trim now.