I've been asking myself the same question! I personally think...

I've been asking myself the same question! I personally think the fair value is approx $0.03 - $0.033 but it appears that it can't seem to break the $0.028 resistance as of late despite the recent positive news.

I think the company ticks a lot of boxes, for me some of the most important factors are as follow:
1. Strong insider ownership - Jimmie (founder) has approx 33% stake in his own company. To me, this is reassuring because his interest is aligned with the shareholders

2. Growing presence - the company has a little over 20% market share in Hong Kong which is quite substantial. It's presence in Asia is going to continue growing on the back of their recent acqusition of ICS and Hup Hoe. Although it's not well known here in Australia but its recent acquisition of Chapter Two is just the start as they're planning to continue expanding via acqusitions.

3. Growing demand for our services - the political unrest in Hong Kong, the inflated property market and impact of covid are all catalysts for a pending debt crisis in the near future. I think we're well positioned but it's just a matter of when the bubble's goingto burst

I think the main drawbacks preventing the company from trading at fair value, or higher, is as follow:
1. Lack of institutional investments - institutional investments in a company is generally a positive sign as analysts would have done tons of research before investing in the company which provides reassurance to the average investore like you and I and attracts the attention of other investors as well but of course even analysts can get it wrong too! On that note, I think the company is still too small for institutional investors to consider.

2. Lack of organic growth - the company's recent spike in revenue growth is mainly attributable to its acquisition of ICS and Hup Hoe. Not to dismiss the recent acquisitions outperforming expectations, I guess I'd also like to see strong organic growth

3. The valuation based on tanigle assets is quite high. Granted its a service based company but i think the lack of tangible assets compounded with the amount of receivables and provision for bad debts scared off a lot of potential investors.

4. Other factors: political risk (majority of revenue is derived in HK), negative connotation attached (profiting from people's misfortune), staggered growth (eased lending policies in Australia and its not business as usual yet with restrictions still imposed here in Australia and Hong Kong)

What's everyone's thoughts? I'd love to hear other perspectives!