Couldn't agree more, pick-up. This one got a little ahead of itself while they were still putting the pieces of the puzzle together. Now it's done the benefits will start to flow. China wants to showcase itself to the world with the Olympics. One can only imagine the ongoing demand for ATMs after the big event with tourists and locals alike demanding world class conevenience banking facilities. ATMs are one of those services you can't imagine how you managed without when they weren't around. Once the Chinese embrace them, it will snowball. (Not to mention all the other overhead/revenue benefits to flow from switching.) This is a patience play with comensurate rewards.
I think you're also right about the rights issue. There has been plenty of support around 22.5-23, so once the issue is out of the way it should start to move up again.....and with EBITDA of $60 odd million in 08, I can't imagine there will be any more issues once this one is done. At least not in the short term.
Customers is a very attractive investment proposition in its own right, let alone as a takeover target once the hard work's all done. A classic value buy.
CUS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
