I had to sell completely on this release.
The highlights were good, but the text that followed scared me away - I'll be back in a few quarters. This is a solid company, just stuck right now IMO.
Main call-outs from me:
1) China concerns - looks like that market will be off-pace for quite some time, which could halt top line progress
2) IP - it seems pretty clear that they'll do some sort of IP write-off. This will not be looked at favorably by the market when it happens
3) COVID delays for MEG - the announcement was pretty straight up on the timelines being pushed out, and I see this as a big negative. Sure, we may be able to tread water for the next 6 months, but I don't see anything that's going to light a fire.
Will keep my sentiment as "none" on the basis that this is my view only. DYOR.
Ann: 30 June 20 Preliminary Update, page-5
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