A main factor in adjusted EBITDA is cost reduction, which I...

A main factor in adjusted EBITDA is cost reduction, which I assume a result of Phillipines office. Although we all feel there was a bit numbering game underneath to make financial figures look better, cost reduction would continue contributing in subsequent quarters. If selling goes on at current rate, I would rather believe “adjusted EBITDA is on track to be positive by FY23” was an honest statement instead of just trying to hype. In regards to water, I agree WaterCorp is not formal contract yet as we are not seeing reasonable water revenue increase. However I think WaterCorp did not cut the line. We can see in recent report WaterCorp advocating SewX solutions to SA water. And VIC water also stepped in. Water is a new business starting from 2021. It is still incubating. Boost is not far away imo. Current SP is bottom, little room further down.