Ann: BAL 1H17 Results Presentation, page-13

A Disaster!

Based on data released, IMO...

Key Worries:
* Cash: Run out; borrowing to pay for WC.
* Debt: On the rise, and set to continue.
* Inventory: massive; will continue as business model demands/controls it.
* Margins: on slippery slope and being squeezed.
* EBIT: massive drop.
* NPAT: massive decline.
* Dividends: off the agenda, so what's left for shareholders?
* PRC Registration: Not secured. This is BAL's Achilles Heel.

Based on above, expect further falls in Share Price.