Ann: Quarterly Report (Appendix 4C), page-116

That's what I was thinking about the business model. The more you grow it, they more it stands to lose because the cost of debt is higher than the percentage of revenue; albeit, APT and Z1P are billion dollar companies. So the market doesn't seem to care and it looks like it only cares about merchant sales volume/ total transaction volume. I just did some analysis and the entire sector (APT, Z1P, OPY, SPT) looks like its valued on 2x its transaction value. So, if MSV can increase, it seems the share price can increase. But, i don't think its a sustainable business model long term. That said, people have said the same thing about the FAANGS for roughly a decade.

In any case, since you have an exposure to APT and despise the loss making business model, why own any stock?