I have looked at this stock so many times I just get bored. I...

I have looked at this stock so many times I just get bored. I keep thinking there is value in it but don't understand management. This stock started its decline well before Covid and has a strange pattern for what I expected a leadership position. I think if you are cashflow positive after expenses you should look to maintaining or restarting dividends to be seen as an investment and not just a growth story.

Maybe someone who has followed it more closely can give a reason for this.

The share traded at $5.58 in April 2017 then traded at $5.17 in April 2019 and then started a slow bleed to $2.83 in January 2020 Just before Covid. Then they had a CR which raised $65 million. So institutions got in at a cheap price and there was roughly a 25% dilution. most of the money is still in the bank which is good. The dilution is bad.

That tells me this has disappointed over a few years. I suspect my visits are after the full year results and then they reach the high and I am not a buyer and watch the share price slowly deflate. They produce a very inspiring financial statement which answers all the issues with reasons but don't really change the outlook.

A few things I noticed - I think the CEO remuneration at 1% of revenue is very high and that they are still hitting bonuses when the company is in Covid and losing money does not impress me. I liked the deferral of incentives or a 20% pay cut. Here they earned the base pay and the bonuses vested. The only people taking the pain was and is shareholders.

Purely subjective but the view I get is that they tell a great story with the financials but at 51% outside China market share is huge (it is what attracts me to this business), however it seems it would be hard to grow from here - outside of a change or by adding other things that their clients want. Recurring revenue is a great model but I suspect it will take a few years before everyone is back to their old habits.

I think it may well have value but am not yet convinced. in its hey days it earned 7c and what it will earn with the dilution who knows it all depends on how they invest the cash.

I want to be enthused but you made a good decision with LOV.