Dilution from capital raisings? I personally don't see it. The balance sheet may have $1.2bn in debt, but they also have $500m in cash and thanks to Central Banks they can access new lines of credit easier than ever before.
Despite margins likely to fall somewhat - due to increased competition as well as pressure from the cost side - they're still a heavily profitable business with cash cows. The question for me is more about 'how long will this persist' - according to MOFCOM it should be 4 months (potentially 9 but the rules seem unlikely to allow that), but I suspect for geopolitical reasons it will be longer. It won't however be forever...
TWE Price at posting:
$8.56 Sentiment: Buy Disclosure: Held
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