if IVC is actually loosing market share, we will see gross margin and profit margin decreasing over time, so its not. the decrease in market share last year due to few sites closure, we will see how it goes next. by the year end there are more than $500m in FUM and still increasing, say they can achieve 4% in return, that`s $20m (they are doing much better), the NPAT would be $85m, PE of 17x, a bit expensive, but i will start accumulate it.
IVC Price at posting:
$13.71 Sentiment: Buy Disclosure: Held
