Ann: FY23 Trading Update, page-261

Are you thinking of getting in before DGL acquires their comps like Opal? Just kidding.

In all seriousness, I actually think DGL's biggest competitor is a local/North Asia-based chemical company who unleashes AI intelligently. It's unclear who will be first. Chemical space is mindblowingly enormous and hasn't been thoroughly explored. AI is being used to explore different molecules, protein structures, and targets in drug discovery. Chemicals is next.

I'm more afraid of a local/Japanese chemical company that will come up with a FAR superior solution, and produce this in-house for proprietary reasons, thereby reducing volumes for DGL.

Near term, isn't it all the usual suspects? Do you have any particular names you track besides Ixom, Accensi, all the usual freight guys, Cleanaway, Veolia?