A2M's fundamentally failure is due to its heavy relliance on Chinese Market, now with the poor management on China-Australia relationship, the business's fundamentally is heavily discounted for at least a medium to long term furture.
Kogan however is totally different here. Kogan fundamental regarding its business model is still sound, and the industry is a growing industry due the change of consumers' shopping behaviour. what they are suffering is a temporary overstock issue. yes, they will pay a price for their over optimism in sales forecast, but it is short term impact on profit. once the stock level gets down to a optimal level, GP will rise again, promotional cost will drop.
You are comparing a apple to pear, mate. think logically.
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