It also would have a tough time trying to go into New Zealand,...

It also would have a tough time trying to go into New Zealand, India is a low economic value market so price sensitive commodities products mainly (e.g. bulk powders), Vietnam is not far ahead of India in terms of what market is addressable there. Both these are most of the other lower value economic countries are challenged on some pre-cursors including power, transport, storage etc. Korea is a long way away but south Korea has potential with higher value products but is small and well served to high risk for WHA. As for the sweeping statement about all the other countries in the world, many have the tyranny of distance for a fledgling like WHA so best served to focus on those markets where it knows it can open opportunities (e.g SE Asia, China, Taiwan, Korea etc).

WHA has a focus somewhat different from your view (and a few others in this place it would appear) where it is one if not two steps back from the retail front-line domestically and is seeking surety of supply and dominance of some emerging segments. It's retail presence it limited to where it can find pockets of reasonable margin sales and is avoiding big-end retailers so not to stretch production to the detriment of other initiatives.

Howl like a banshee all you like about the earnings and its current cost base since listing and for the most part I would probably join you other than I can see the company is using a different approach and for now it appears to be garnering interest and support plus experience and time in this market affords me insights not obvious to many.