Ann: Vmoto's 1Q23 Market Update, page-144

More than happy to share my research, assuming the company manage to stabilize in FY24, i believe there are plenty value going forward. i believe my estimate for FY24 is conservative given they have done better in FY22 unit sales wise. I am using FY22 opex, marketing and admin expenses number and higher CoGS of 75%. I believe the company could finished FY23 with positive cash assuming nothing significant happen. 20% growth from a lower base and 10% growth of the medium base seems reasonable given the industry growth rate.

Now assuming VMT didnt manage to hit those unit number in FY24 and reached it at FY25 instead. we are still looking at 17% CAGR (not accounting cash generated in FY24).

So long as the company manage to not burn cash excessively and stabilize, i believe this small company can create wealth for the shareholder.

Also another note, with 74m mcap and 58m NTA, we are basically purchasing a potential 10m NPAT for 16m (not impossible given we have reached these number in FY22).

More than happy to be corrected. All IMO