will it fall further on next profit warning, page-10

You could be right but I totally disagree with your sentiment on TRS going below $10. I am curious on how you came up with your decision?

Using a ROE of 35 and payout ratio of 75 which are very safe numbers you get a intrinsic valuation of ~$11. There is a very strong support line at $10.50. Strong pipeline of store openings so still still growth potential. Institutions are shorting this alot you said but they can also close their positions at the drop of a hat.

I recently went to three stores in Brisbane to check out the quality of the investment. All 3 stores in 3 wide locations around Brisbane had customers shopping solidly. TRS were selling 1.5L Lipton Ice Tea for a $1 a bottle, I bought 2 cartons what a bargain. After I bought the ice tea I bought 6 figures worth of TRS.

Business risk will remain on the strength of the brand drawing in customers through the shop. I believe there is a recognised brand and it is evident with generation Y shopping at these stores.

When it comes to market sentiment I only trust my judgment BUT you could be right the market is a fickle mistress.