Ann: Vmoto's 1Q23 Market Update, page-77

Helpful post, thanks.

I raised some concerns about the order book last month. Ended up taking a small position anyway, rock solid balance sheet and the market seemed to have already priced in a poor quarter based on the order book down 30% YoY.

Now, unfortunately for us, the order book is at 3-year lows. I prefer to average up if it accelerates rather than taking a punt they can regain momentum. I got severely burnt on other investments averaging down when fundamentals were going the wrong way.

Tax-loss selling around the corner, VMT at 12-month lows would be a good candidate... Could be more pressure short term.

Nonetheless, pleased to rejoin the register. Think the business is likely to be much bigger and profitable in 5 years than it is today. Very happy to average up if it becomes more obvious...