Wine supplier and exporter Treasury Wine Estates's bottom line will likely show a boost from a lower Australian dollar when the company reports annual earnings results on Wednesday.
But of greater interest will be the company's efforts to make its supply chain more efficient, improve marketing and trim its portfolio of brands.
TWE's brands include Penfolds, Beringer, Lindeman's, Wolf Blass and Rosemount Estate.
Morningstar analyst Farina Parsons said TWE's results could surprise on the upside, given that the company had a good first half year and that some of its initiatives had shown some early benefits.
"I think this year they will probably benefit from the lower Aussie dollar because they are an exporter of wine," she said.
"But it will be more about whether what they are doing for the underlying business is actually working."
Disappointing results in fiscal 2014 prompted TWE to change its structure, operating model and cost base.
Chief executive Michael Clarke, who has been at the helm since April 2014, has described fiscal 2015 as "a re-set year".
He wants to transform TWE from an agricultural company to a branded, marketing-led organisation.
TWE simply couldn't invest its marketing dollars effectively across all its brands, he's said.
Non-priority, cheaper "commercial" brands may have to be retired or offloaded so the company can focus more on promoting its luxury and international labels.
Ms Parsons said improving TWE's commercial wine business and rationalising some of the brands were important.
Commercial wine still represented a large part of TWE's operations, and there was a lot of competition.
The key US market has too much cheap wine and offers tough competition. But the company has defied expectations it might sell US operations, deciding instead to improve them.
Too much cheap wine and tough competition in Australia has also been an issue, as supermarket giants Coles and Woolworths promote their own home brands or exclusive labels.
Meanwhile, the progress of TWE's business in China and North Asia will also be of interest, after the company said the US, China, Japan and Korea are its growth markets.
But, Ms Parsons, said North Asia was still a small part of TWE's total operations.
"Getting the bulk of their business, which is Australia, North America right - that's the most important thing," she said.
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