I usually don't place too much faith in what institutional...

I usually don't place too much faith in what institutional investors are doing. I think there is far too much of a messiah complex attributed to them. This case may be a bit different due to the professional connections being within USA, but unlike others, I really don't care much what he is doing. Now that GSW has started dealing with large organisations, this insto "advantage" is minimised. Because you gain access to more information you need. Take Heineken for example: https://www.theheinekencompany.com/Investors/Reports-and-Presentations?Skip=0&Take=10 - Go to Nov 7: "Heineken N.V. What's Brewing Seminar 2019 - Presentation Jan Derck van Karnebeek" and scroll down to pg38. There you'll see Six (Mexico) and Drinkies (Asia). Heineken have a plan for their digital transformation, and they will update on that plan. Right now it may not be significant in revenue, but if you want to know where this transformation could lead you have access to that information. You don't need to divine sub holding changes. Look for yourself, decide if you GSW will continue to be involved and act accordingly.

Remember the delivery revolution is just beginning. This is the first chapter in this global transformation, not the last. That for me is what is so exciting about this investment. The potential upside is colossal, though still a risky undertaking.

The same goes for Yum. For me looking at the region we are integrating well with YUM! partners. But the crown jewel of the middle east region with regards to YUM! has to be the Americana Group. This is who I am watching most closely, as if GSW is able to gain a foothold here I believe this would go a long way to truely locking up the region. Excitingly, Americana group seem to be developing in the space with Yum! - "Sabir Sami, KFC’s managing director for MENA, Pakistan, Turkey and Asia, told Arabian Business that their franchise partners, Americana Group, are currently investing in a geo-tracking system.He said the system would be similar to ordering an Uber taxi where customers can track where their driver is, how far away they are and how quickly their product will be delivered. It would be incorporated into the KFC app." https://www.arabianbusiness.com/retail/425622-kfc-to-launch-order-tracking-app-in-middle-east.
Let's hope our system is one of the ones being considered.

Upcoming 4c is not the only place I am looking for success. Despite great customer wins, these organisations are in very early stages of business transformation. I would not personally expect huge results from them. Especially given the sheer quantity of transactions needed to move the needle in terms of revenue. Not that that worries me, I've said time and agin that I believe in the land grab approach, I'm looking longer term and think management have been executing very well against this backdrop.

I'm looking for either significant customer deployments in the USA, or an expansion of the Yum! deployments to another franchise lines such as KFC. Of course it's possible, like with Heineken, that the company has been working on something big in the background that none of us are aware of, and the 4c could indeed be a cause for celebration.


All just in my opinion, DYOR.

MJ