While they point out the benefits of scale, CLSA said ''what we don't understand is why Qantas appears to have focused on growing capacity to protect market share, particularly with slowing market growth.'' Rather, they said it was time for Qantas to focus on improving its ''value proposition''. CLSA said Qantas' strategic review, which had left all options on the table including part sales of its frequent-flyer division, was ''music for bankers' ears but we are not convinced adds values for shareholders''. It is a positive that Qantas appear to be considering significant restructuring but clearly we think its track record is mixed at best ''The motivations sounded more share price than value creation related,'' they said.