SMP 0.81% $1.23 smartpay holdings limited

Interesting reading.It looks like they will exhibit very strong...

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    Interesting reading.
    It looks like they will exhibit very strong operating leverage in the current FY. If you break down the gross margin of the transactional revenue (look at operating cost increase ~5m and increase in transactional revenue of about ~7m) gives a gross margin of only 28% on the acquiring income, although based on the business model, the actual costs of ongoing revenue are only in the order of 40-50%. This should scale very well.
 
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