Ann: FY22 Results Commentary, page-10

I prefer not to focus on the single day's SP movement. It should be positive but the market is fickle and other factors create noise.

What does seem clear is the company performance is steadily improving and doing so without heavy reliance on daigou, which is important. Sustainable growth is worth much more to a long-term investor and they have demonstrated steps toward this.

The outlook is positive but it is worth noting the CL registration uncertainty. IMO the chance of re-registration not occurring in time is very low, but the disruption to the business that would occur would be very high, so there is probably a low to medium amount of risk there overall.

The outlook is backed up by $150M buyback which is pretty decent IMO - almost fully paid for by this years earnings. Still leaves $700M in the bank though.

About the only thing we didn't get is D Hearn moving on, but his deputy did, so I guess there's that.

Now I wonder if we will hear from the host of naysayers who were adament about a downgrade back in April/May while Shanghai was locked down. And that one guy who posted daily demanding Bortolussi's resignation, before even waiting to see his first full year result?