I will try and translateHope you don't mind PakhamThank you for...

I will try and translate
Hope you don't mind Pakham

Thank you for sharing this detailed account of the recent events at Tritium. It’s quite a tumultuous situation, and I appreciate your insights. Let’s break down some key points:

1. Board Resignations:

   • The board situation at Tritium seems to have taken an unexpected turn. The company secretary chaired the meeting, which lacked formal business presentations or questions.
   • A large voting bloc emerged against resolutions to re-elect Tino and appoint Nick and Jitto to the board. The reasons behind this revolt remain unclear.
   • Nick Yeoh hypothesized that the succession plan (with Jitto replacing Ying Ming) might be at the heart of the issue, but this remains unconfirmed.
   • The remaining board members decided to resign, a move that could have corporate implications.
   • Ying Ming’s intentions are unknown, and the situation remains complex.

2. Operational Update:

   • Tritium plans to support the company through its restructure, likely by continuing to supply them.
   • A new defense product is on the horizon, and there’s an update on megawatt charging with a 200 kW rectifier in development.

3. CEO and Chair Distinction:

   • Yanbin Wang (CEO) is not associated with Ying Ming Wang (Chair) and the recent actions.
   • Despite the board resignations, the directors remain in operational roles.

4. Corp Act Compliance:

   • With everyone stepping down except for Ying Ming Wang, the board no longer complies with the Corp Act. This situation may force a speedy resolution.
   
   

Thank you for sharing this comprehensive analysis of Tritium’s recent financial situation and performance. Let’s break down the key points:

1. Contracts and Deliveries:

   • Tritium and i-charging have significant contracts, with 75% of Tritium’s $20 million USD order and 37% of i-charging’s $22 million order already completed.
   • Approximately $19 million USD remains to be delivered, and management aims to complete it by the end of 1H24.
   • At a 65c exchange rate, this translates to ~$29 million AUD from these two contracts.

2. Revenue and Profit Projection for 1H24:

   • Considering the remaining business and non-Tritium/i-charging EV revenue, total revenue for 1H24 is estimated at ~$33 million (compared to $19 million last year).
   • Applying a 23% EBITDA margin, we arrive at $7.5 million EBITDA.
   • Assuming ITDA remains consistent at ~$500k per half, the profit before tax would be $7 million.
   • After applying a 25% tax rate, the estimated NPAT for 1H24 is $5.25 million.

3. Market Cap and Earnings:

   • With a current market cap of $65 million, $5 million+ earnings in the first half would make the business exceptionally cheap, especially considering its growth potential.

4. The Big Question: 2H24 and Beyond:

   • The challenge lies in what happens after the big contracts roll off.
   • Tritium’s rectifiers are integrated into customers’ products, making a shift away less likely.
   • Commentary from the annual report was positive, but renewed contracts or supply agreements would provide market certainty.