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Hi John, sorry for the delay in replying. Overseas and have been for a while.

Do you know the reasons for the large changes in the inventory levels?

Also why do you think increasing inventories signal that they are getting their act together?

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Thanks for analysis of NZAI, I am not an investor in NZAI but I hold data on their inventory by time, as a result of monitoring Turners.

NZAI stock holdings is a bit of a nightmare as they rose to nearly double their typical stock of around 300, they were 729 by July-Sept 2022 then dropped back to 360 by May 2023. They are on a rise again, now up to 421, suggesting they may have got their act together

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