well I said it before, but I prefer to describe Tian as...

well I said it before, but I prefer to describe Tian as potentially de-range-d rather than delusional !

nevertheless, despite his/her rampant optimism, for those that are newer here:

- the original listing / IPO has destroyed 99% of those investors' wealth. So please understand there are some very sore people who have no faith in any improvement. Thankfully the original team is all gone.

- the original business model was perhaps ahead of its time in terms of the current ESG trend within major corporates. but it was a very good idea.

- the original management soon found out how hard it was to change the behaviour of corporates with long lead times in buying new pallets and including those into their distribution networks.

- they also found out how hard it was to source decent quality cheap and clean waste material, but wasted a shit load of investors money in setting up a factory with more production lines than they could ever usefully deploy and designed pallets the market didn't like/want.

- this company drifted and just about stayed alive for the past few years, but things began to improve significantly under Stephen Bowhill. But a major capital raise diluted the butt hurt original investors even more.

- the market cap is tiny, the factory and production plant are likely worth most of the market cap.

- there's a pivot to leasing / renting pallets, which is good to attract business but also capital intensive.

- the upside opportunity here is significant I believe. But at the end of the day the company cannot scale up anytime soon so this is a long term play. It is on the cusp of profitable operations, which I think could see it rerate 5 times or more in the near term (call it 12 months).

- beyond that, it is very hard to tell. I don't think the company is even thinking along those lines. They need to get sustainable quarterly profits before they can move ahead with the bigger players, but they do have a very good customer base.

- I believe most of their customers will be Indonesian or Philippine centric for the near term. They won't be capturing the wooden pallet crunch opportunity internationally in 2022, but they may get deeper wallet share with key customers. The small factory in north queensland is going to knock out a few fence posts and nothing more at this stage.