Ann: QANTM 2020 Full Year Results Presentation, page-10

No serious increase in the share price, which is a little disappointing because QIP is a good stock to retreat into. Their online agm presentation was a rather poor effort, especially when there was an audience in covid19 lock down at home looking in with plenty of time to spare. It was a perfect time to promote the firm to existing and prospective investors.

Whenever they make a move to takeover a competitor or complementary firm they tend to issue shares rather than pay cash for the new enterprise in an effort to avoid the partners of the acquired firm wanting to intermediately do a runner. The counter argument can result in bringing some deadwood across from the acquired firm, but on balance the cash outlay is minimal. So I find it a little difficult to explain why gearing, and obviously debt, has risen so much in the last financial period. Sales are poor but covid19 easily explains that short coming.

Demand for IP services tends to be constant, but with recent efforts in many scientific/technical enterprises, I envisage the demand for their services in Australia is likely to increase. Cross border sales into Asia is a bit of an unknown, but I can only guess that many non - PR China firms are planning to build up their protection of IP from perceived PRC moves, real or otherwise, to acquire IP rather develop it then protect it. The Huawei ban in telecommunications is a case in point.