sp drop, page-11

snosrap,i bought into mxi because of 'sp drop'.
But when i say sp drop i feel the sp has dropped to a level that should b ????? supported by eps.
First imo the 1h result was a shocka with little warning by management and as posted taking into account agm report date.
So one must now question management.
Having said above maxitrans appears to b a quality business producing quality trailers.Having said that i have not following business long enough to understand its business model going forward.ie AUD probably supporting maxitrans re import competition.I have no idea how china is performing or whether it has potential.
I read briefly mxi sold its under performing chinese panel business and basically replaced it with what mxi management describes as 'earnings accretive ' trout river trailers?
etc etc bottom line for me its very early days..
So i bought mxi because of 1h 'underlying' net profit of $3.66 m.
If one wants to try and have a warm cozy feeling about holding mxi then we can refer to managements suggestion of reintroducing 2h div. But see my concerns above re management.
So on my maths,after looking at historical figures,taking into account $3.66m 'under lying earnings' i'm working on net profit of between $6 and $7m or eps of between $4.2 and $4.9cents which should ?? clearly support current sp of .28 to .30 cents.
I actually believe ,if we believe management sp should b at least .40 to .50 cents.
So its not so much a turn around story,maybe better described as a 6 month clean out of the business and to return sp to about earnings estimates and taking the drought into consideration.
But as posted,i have not followed mxi long enough to b lol 'over opinionated 'in my opinion.Management could come out with another shocka 2h report and sp could drop to .20 cents.
ps also i still want to have a better understanding of mxi's debt position.