Ann: Appendix 4E and 2018 Annual Report, page-40

The result was very good. The forward guidance was not. Of particular concern is the low profit margins and the prospect that it will be some time before they can be restored to a more respectable level. On a more positive note, at current price levels of around $21 the shares offer a forward dividend yield of above 5% (albeit not fully franked). I have downgraded my sentiment to hold and will continue to do just that for the income. I will participate in the DRP but don't see much, if any, near term upside.

Brokers have issued downgrades: Morgan Stanley have gone from neutral to underweight with a $19.44 target, Macquarie has them at neutral with a $22.5o target and Credit Suisse at neutral with a target cut to $20.60.