Share price at $23, was sort of priced in for SAMR approval and China sales.
But at $10/share, it's already priced the failure of SAMR approval, not even as for delay, imo.
Without Chinese label sales, BAL is expected to have around $300m annual revenue for FY18, that implies PE is around 25.
Bear in mind, Daigou is still playing a significant role. That's how a2 adn BAL have been so successful.
Share price at $23, was sort of priced in for SAMR approval and...
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