Agreed. The next update should highlight how things are playing out. There certainly seemed to be a greater cost-base focus this calendar year so interesting to see what impact that is having.
The Pakistan question is a good one. There seemed to be a small positive revenue trend from May to July... has this continued? The reality is that with peak inflation of close to 40% in May, most things must have blown up, and although it has come off that... it has remained high and was back over 30% in Sep. Likely, oil pressure won't help this at the moment. A challenging time in Pakistan. Their interest rate situation versus many other Asian countries must make most things difficult. Having said all that, FDV has demonstrated an ability to match cost control with revenue. So, despite very tough conditions, management (who I do not envy) seems to be on top of it.
Pakistan aside, the performance trend from "360 LATAM" will be interesting. Is the sizeable recurring piece (over 50% now) trending the right way, and are they getting more traction on the transactions revenue, which seemed to be tracking well from the last update? The transaction piece is really interesting and a bit difficult to comprehend from an Aussie perspective... but hey, it's great if they keep this growing. Of course... a continued focus on margins will also be needed here, which they are demonstrating.
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