may be down 20% when reporting, page-2

HSP,

I have been buying these in recent days. For two good reasons, they won't be falling like KMD has just done. Firstly TRS have already fallen from $18 to $5.80 in 14 months and I think that is hugely overdone. Secondly they have already given us a preliminary outcome for the first half with an expected net profit of $12.5 to $13m. That is down about a quarter from the first half in the previous year but I don't think it justifies a fall of two thirds in the share price.

They have just claimed net cash of $11.8m which is much improved on last year's figure and the net tangible asset backing was$4.71 six months ago and should be better now. These figures are very healthy for a retail company. Myers and Metcash both have negative NTA so TRS seems to me to have a solid balance sheet and a very low price.

If I were you, I would take my shorting elsewhere but thanks for declaring it. I do think shorters should do that.

GPASAS