While I see your point, I disagree that you should relate bad debts to revenue as the primary metric. At the end of the day it is the turnover that they have to collect and so it is only logical that you should consider how much of their collectable amount is not collected.
Rather, I would just note that APT does run on a very slim margin at the end of the day, if bad debts did rise from 0.4% to 1% of turnover this would have an incredibly large impact on the bottom line. As far as forecasting bad debts, if someone wants to give a detailed analysis of this (e.g. what might happen in a AU/US recession), it would be more than welcome.
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