Great analysis.
I think the strength of the Thai Baht has surprised a lot of people, so maybe there was not as much hedging by the management team. I spend a reasonable amount of time in Thailand and know that the strength of the Baht is effecting the economy - the past 9 months or so has made it at least 10% more expensive for Australian, plus it is effecting travellers from the UK, Europe and the USA (but especially so with the AUD). Also remember that ARB have recently increased their production facility and warehouse in Thailand and that the vast majority of revenue is from Australian sales.
I don't think this is anything to be too concerned about, but I am looking forward to seeing the full H1 result.
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