All growth from 2019 has been through acquisition and the high price paid for acquisition through cash and dilution basically means no growth at all IMO
If anything you could argue revenues are in fact declining.
December HY 2020 the Hong Kong business was down over 10% revenue on December HY 2019:
Singapore only included 3 months of Hup Hoe revenue in 2019 so that growth story is significantly less impressive too.
My feeling is that the Hup Hoe owner saved a bunch of business for second half 2020 in order to boost his performance payout (209 million shares) but don't know enough yet to confirm.
If you add to this declining Revenue 2nd half 20-21 IMO this is not actually a growth stock at all, if anything there has been destruction of shareholder value.
Probably enough dumping on this company now for me as I have sold out, but I would like for people to be aware of the basic figures at least so they don't get too starry eyed
3 interesting screenshots., page-134
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