Fat Bloater, I think the barriers to entry (customer acquisition, technology) are high enough to stop a rush of re-sellers copying JIN's model to the market, however TTS cutting out the middleman is a very real risk. You'd be crazy to think that online isn't THE channel TTS will be looking to for growth over the next couple of years.
That said, they're not going to cut out their biggest agent while they are growing the online channel, but I question why they'd renew the contract after the current 5 years has ended. Robbie is a patient man. He knows the transition will take time. But never forget, his bread and butter is 'online', he's not about to give away the future.
On the upside, JIN has plenty of secure cash flow for the next 5, giving them plenty of time to focus on opportunities outside of Australia.
JIN Price at posting:
$1.92 Sentiment: ST Sell Disclosure: Held
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