Clearly there has been some Commissioning issues and they have not been able to consistently produce at nameplate from the WCP, hence HMC numbers are lower than anticipated. Although, we don't know how much lower until figures are released in the Quarterly. As another has stated, some of the HCP is undoubtedly being stockpiled, and some probably went through the MSP. IMO the WCP issues are temporary and can be resolved in 2H23. Delays to ramp-up for the MCP are more concerning, but again we don't know how much HMC has been processed to date i.e. how much final product has been produced.
The SP was priced for perfection and there is always inherent risks with Commissioning. The Market has now priced in those risks IMO, which creates significant upside potential once these issues get resolved. I have no issue with the SP sell-off, because it represents a great buying opportunity IMO. Market cap. is very undemanding at these levels.
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