Why is this dropping without any news?, page-114

I would say its got to do with the Investor Stock pick of the year at the Sohn Event......from the AFR

"IFM Investors’ Rikki Bannan has picked Corporate Travel Management at the Sohn Hearts & Minds Conference held in Adelaide.

The shares are down more than 30 per cent year-to-date. She said the company “has in the last 18 months missed expectations on three occasions, shaking the market’s confidence in its outlook”, but added that the corporate travel services market had stabilised.

“The company operates in the global corporate travel services sector, a highly fragmented industry that, despite only operating at 80 per cent of its pre-COVID capacity, is still worth an estimated $US1.4 trillion today, with just 1 per cent of market share.”

She added the market had “simply become too negative on the earnings outlook”.

“This stock is going to take off!”

Corporate Travel was actually pitched at the very first Sohn Hearts & Minds event back in 2016 … but as a short. Anthony Aboud of Perpetual said at the time that the company was vulnerable given its high valuation and aggressive acquisition strategy.

In last year’s conference, Bannan pitched ASX-listed biotech Telix Pharmaceuticals, which has powered up around 150 per cent since – making it the best pick of the 2023 event.