Ann: Investor Presentation for FY18 Full Year Results, page-82

It's justified from long term holders who have no faith in management to be able to build a sustainable business given they need to pump most of their profits into R&D when they cannot get a decent return on previous R&D. Products seem to be obsolete before they can get a return from those opportunities they keep dangling in front of investors.

Based on their record and inability to get a decent ROI, then fair value is PE of around 12, IMO. That is conservative because if management's record. With no analyst coverage and management's useless investor relations skills, I don't expect a higher valuation for a while.