Ann: RHP FY19 Results Commentary, page-44

This recent weakness has been a very good opportunity to accumulate. Brokers and instos were looking for an upgrade at the AGM and it didn’t happen. Instead the business is investing in future growth eg Japan, which is a massive opportunity that no broker has factored into the SP in terms of sales and profits - but they have included the costs in their numbers.

So in effect they have baked in the costs but no upside. Therefore the huge Japanese market becomes a free hit in what is a structural growth play that has many many years to run for a business that is capital light. RHP will be a long term hold in my portfolio. GLTAH