New newing report is out, page-23

I would use Newing's 15% discount rate in valuation, given the difficulties of operating in China and as he illustrates the wide range of possible revenue and its timing. That gives a valuation of $1.33 (page 2) and justifies the current share price.

I think the next leg upwards depends on confirmation that higher capacity is operating, details of the size of the Xingyun contract, or of course any new contracts.

I think management have done a great job in building the business in China, which I know from experience is a difficult market. My gripe has always been communication. Long standing investors need a bit of patience as this is about 2020 and beyond and not 2019. Some of the newbies may get restless. Day traders make the share price more volatile, but on the plus side add liquidity. PET is always going to have pull backs. We now wait for management to deliver on the growth potential. Even if some leads do not work out there are now a lot more opportunities world wide to work on.