Ahh I forgot to change those - I hold and I'm bullish. I've never been interested in buying GNC as think the business has some real issues but given the current fundamentals, its spiked my interest... Granted subject to the broader market holding together as GNC will succumb to a sell off like most other things - I think relative to the market at least, it looks good. I would argue the market is probably pricing in ABARES recent report which is forecasting 13.6Mt winter crop in NSW and 7Mt in Vic. If we add in QLD of 1.6Mt gives you 22.2Mt. My forecasts agree with QLD but think they are undershooting NSW by >3Mt and VIC by another >1.5Mt. NSW is going to be a record by a big margin. Also, WA/SA are not going as well (still not bad mind you) which will mean the export focus will be based out of the east coast this year which will help throughput on their assets.
Think its worth having a dabble here and if it breaks lower, accumulate into what should be a fairly promising year ahead for bricks and mortar guys in grain and also their marketing team
GNC Price at posting:
$4.00 Sentiment: Buy Disclosure: Held
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