My view is that while growth looks very strong, there's no...

My view is that while growth looks very strong, there's no clarity over profitability and cash flow. On the call last week it sounded like HT8 has no pricing power and that margins are under pressure. Online retailing of electronics is incredibly competitive with razor-thin margins. HT8 has done a great job to restructure its business and reduce its cost base in recent years, but there's only so far that will take a fast growing company. In summary, I think what is holding back a higher valuation is a better understanding of cash earnings, which is what ultimately drives value. Also, the only executive seems to be the CEO, which is high risk. The debt over-hang is also an issue.