I can see him proposing a theory based on his assumptions from numbers in the 4C, I see no direct reference to financial report to show that there has been a build up in June 17 and then a run down September quarter in inventory.
I'm not saying he's wrong. I'm just saying its wrong to state that as fact.
Especially when there's this post. Not taking it as fact either but...
https://hotcopper.com.au/threads/ajx-fundamentals-thread.3856241/page-19?post_id=29066363
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