Rebasing Expections, page-46

Well a reduction of 4M units is very substantial. Assuming the same information was around when the original note was written and given the sound logic the reduction is based upon you'd have to ask yourself why NTC management allowed that research to be issued to shareholders. If no new information has come to light since the note was initially written why was such a bullish forecast issued???

More importantly though if we assume NTC will continue to win contracts are the development costs in relation to revenue. Given the stock now trades at a more realistic price what will profit margins be moving forward. Thats the big question IMHO.