Valuation, page-164

Wiseway
@hankreardon

Hi Hank,
Wiseway looks an interesting case.
My main question is about their top line growth.
It is surprising that they increased so much their sales, in particular their air freight cargo (+ 25 % yoy during H1).
Based on past articles, they had a significant business of exporting to China products like powder milk and vitamin supplements, which seem to struggle now in China (especially if they come from Australian manufacturers).
The only logical explanation I could find was that they redirected a large part of their business to the rest of Asia.
Do you have any element to prove that's the case ?

Anyway, I asked the company about it, as well as JobKeeper payment received in FY 21.
I hope they will give us some logical explanation.