Hi @morganp . IMHO, what you posted above has more significance...

Hi @morganp .

IMHO, what you posted above has more significance for re-rating than the much awaited announcement of Ivory Coast (IC). Why do I say that? Projects like the IC are once off with a long lead time in between securing the next big one. The markets by and large don't like project based businesses because sustainability risk is hard to quantify.

However, the earnings picture changes when products go into bulk orders. It shows that the product has gone into another maturity phase. Let me explain. When the next phase of product penetration goes from pilot plants, that is, single test orders to bulk purchases, that truly tells us that the MABR has come into the confidence, acceptance phase. Business managers in the SOE, FLC's customers, are confident that that the product works and they can put their heads on the line by scaling up orders for multiple projects.

I am really hoping 3 Gorges would be adding to the list of iTest, Kaitian and Liaoning. Also hoping Aspiral micros will go into bulk orders soon next year, once Covid is less of an impediment to business.