Ann: TWE update on F20 earnings expectations, page-47

https://www.abc.net.au/news/rural/2018-11-28/china-wine-production-on-the-rise/10557838 the Chinese have been producing premium wines for the locals since 2000 and the booming started in 2018 even now exporting to countries like Japan, Singapore and even Australia. They are pretty expensive but REALLY great wines forget Penfolds etc... check them out at Dan's Murphy https://www.danmurphys.com.au/red-wine/country-china so there is no need for them to import red wines in large quantity as they have much better bargaining power nnow over foreign producers since they can produce their own quality wines locally now. So they can tell to TWE hey mates, "take our deal or leave it" we are not freakin desperate for your wines hence reflected in the SP down trending for God knows. hope this helps as an eye opener. Peace