Good that we're talking about this topic regarding the future & licensing. You break it down so its easy for us all to understand.
Given the exposure with NTT Data. If we have both licences for Malaysia & Indonesia, I would somewhat expect Cambodia, Thailand & Bangladesh to be in the future.
Also having 2 licences would show confidence to other countries to not deny but accept IOU to obtain and approve them. Malaysia and Indonesia data if proven well is the stepping stone for SEA domination
You wanna do some future calculations on this combination with its current business model for all the countries mentioned above?
Add x 5 to your current valuations
$1 Club, page-16049
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