CTT don't hold any inventory. Through its suppliers network...

CTT don't hold any inventory. Through its suppliers network (with contract) it earns commission by being the middleman between buyers and sellers.

Imagine you wanna buy a luxury piece but are cost-sensitive. You'd spent hours/days to search online trying to buy from overseas taking into account FX, delivery cost, speed, tax etc etc. CTT do all these for you saving you all the troubles and at the same time helps suppliers move stock - these luxury items aren't cheap to make.

CTT take a cut by removing the pain points for the customers and suppliers. IMO it's a bit like APT and that's the reason it's my 2nd largest holding behind APT in my portfolio though still a big gap between them but am ready to load more over time if business continues to execute.

Most customers are from overseas so how could "AUD going down will squeeze their margins'?

I'm sure you can replicate their models too and become a new competitor to them - let us know how it goes I'm sure we're all ears.

If they'd stop spending on marketing and tech capabilities growing the business in favour of profit now I'd be the first one outta here.

There is still a long way for you to go before you'd become a reasonable investor TBH.