A very strong result, congrats to holders. I was left feeling a...

A very strong result, congrats to holders. I was left feeling a bit underwhelmed with the result/presentation however. Lots of delays to regs, orders etc and lower milk production, higher costs, selldown of distressed inventory + somewhat negative forward looking statements. When a2 released a report reminiscent of this at HY17 their SP was smashed. I sincerely hope this is not the case for Synlait this time, however I wouldn't be surprised to see SM1 finish red / neutral today as a result of the commentary (hope to be proven wrong!).
I assume the above (and a few other factors of the performance) is why we are seeing an exit from John Penno in the near future, as juggling all the facets of SM1 must be incredibly hard, when compared to a2m's business model for example. As a silver lining, A2M have significantly ramped up their marketing costs in China for 2H18 and increased IF sales will obviously help boost SM1's profit for 2H CY18. I do not hold SM1 directly, but do indirectly through A2M, so genuinely hope to see SM1 perform strongly over 2H CY18. I will consider taking a direct stake in Synlait after full year results as I believe FY19 + FY20 will be Sylnaits golden years.