If assume its best year so far, FY19, continues with the announced acquisition of Prime Turbines in the US, the $0.69 pro-rata cap raising is very reasonable; the current market price around 90c not too high.

But quality does matter. Long cash conversion cycle (almost one year); not being able to tighten credit policies put some quarter of its annual profit at risk of loss points to slack governance or tough conditions that require welcoming any business that comes by.

Operating cash barely, if not at all, able to cover dividends, interests and capex. So something will have to give.

I do not hold or know how to shorts.

Include in this profile are some of my quick notes. Nothing deep or fancy. Just accounting interpretation of a few points that stands out.