Ann: Beam Profit Update January 2023, page-30

Perhaps I am growing impatient and it is showing. On the positive side I am no longer in the red which is great , on the other hand I am also not in the green either. It's easy to say that SP should not the be the focus and that the fundamentals will level out the SP valuation eventually, however, the sole purpose of investing into a listed growth company is to see the SP appreciation.

BCC shareholders are not philanthropists who are benevolently supporting a young start-up, we are here to make money. BCC is a mature company with a very well paid BOD who have, according to the only metric that matters - SP, not achieved their expected performance. Whilst the underlying metrics associated/linked to SP appreciation are recovering, until we see that SP growth this has been a failed investment (with a huge opportunity loss cost of 2+ years, accrued in one of the biggest bull markets in ASX history).

There are many companies that have shared tremendously worse than BCC so take it with a grain of salt. All of us have different investment thesis and holding horizons, I entered BCC to be part of the growth story with the anticipated hold/maturity time of ~2 years, my error. This is now taking much longer than anticipated, however, I can see that the stars are aligning for a good run sometime in CY23/FY24.

I am still optimistic, but also cautious. Really excited for that 4C though