I would be very surprised if TWE goes through any kind of...

I would be very surprised if TWE goes through any kind of demerger, as being a large diversified company it was able to shift wine aimed at the China market from Australia to South Africa which limited the damage during the tariff dispute. Wines such as Rawson's Retreat and Koonunga Hill were fully available in China because they no longer contained Australia wine.

I would not expect too much of an uplift in the China market, because TWE was able to minimise the damage. Perhaps more significantly, the wine market has really shrunk in China (particularly high end wines), thanks largely to a weakening economy and crackdowns on corruption. These factors combined with an overheated market means that to my way of thinking the share price is far more likely to move down than up.

I like TWE as a company and would like to have them in my portfolio, but the current price is too rich for me. I am looking for a re-entry point in the low- to mid- 11s