The first thing they need now is credibility and staying out of...

The first thing they need now is credibility and staying out of trouble and holding executive accountable.

The second thing is controlling cost and credit risk.

The third thing is steady execution. Constant restructuring and write off only means previous management has high ambition but couldn't execute

They still hold enduring competitive advantage given they will always be number one brand in pawn broking and one of the most recognizable brand in the subprime credit market. The market has gigantic "reserve" of borrowers. Gross loan book is still puny relative to the market. Net interest margin can easily in double digit. With reinvested profit, profit should increase double digit percent as well. Store front cost is not really an issue compared to pure lender given the retail business is profitable and subsidise the credit distribution business. That gives them a slight edge over pure online lender or pure lender as it gives them wider distribution channel at very low cost due to retail pawn business subsidy. That's an unique structure.

The last five years they have been constantly shooting themselves in the foot. That's the key problem. But given CA out of the way ( hopefully last one ever), the SP is still very low compared to peers and relative earning power. That's a market confidence problem due to last five years of woah. It will take at least 1-2 years to change perception.