Depends really on what valuation basis you are using - at revenue model, maybe. The fact atm, unfortunately, is there is cashflow pressure to pay off the loan. If you look at the P&L, the group still not making profit. There is no point of doubling your revenue if you are spending more anyway to generate it. So at EBIT and Revenue valuation basis, the current MC is about right.
Ann: SPP Results, page-33
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