Actually I think its a good think to extract as much value from...

Actually I think its a good think to extract as much value from their current market as they can, ie. malaysia.. simply alienate and kill the market as much as possible, they do have an extensive network of eftpos type machines around the country.

Its just not that simple heading into India and China.. would you give them a risk premium for just stating that, it could take 5 years before it builds momentum.

As I've stated I'd prefer they concentrate on INdonesia and other less known markets like Philipines and Vietnam as they stated they would attempt to pursue in 2007.

Anyway if its any comfort, i went through the cashflow statements, and I noticed the operating margin or gross profit is substantiallly widening.. although receipts from cashflow is not necessarily revenue (headline), they make up about 95% of it from previous study.

If you look carefuly, the gross margin of receipt to COGS is about $5.6m.

All I will say is that a close inspection and study of these relatiohsips/ratios will give you a clue as to the net earninngs attributable to shareholders.

Notice that they did not provide that flash 1 page markeitng announcemnt for QTR4 2006 as they did for the first three quarters. Also not for this QTR1 of 2007.

But i believe them about the cash generating ability of the company and also the increasing gross profit margin because of the convergance to electronic top up away from scratch voucher top ups.

In essence, i think its achievable they will grow net earnings by 50% and estimate $10.5m for 2007 close.

Receipts for QTR1 2007 was still affected by flood (just they won't tell you this in the announcement, .. floods simply don't stop at 31st December 2006 so conveniently coz it suids your reporting financial calender).

I estimate price by year end of 55 to 95cents.. take the middle road if you like ! and compromise on 75cents!!