iCar Asia vs. CarsDB ... disparity between public versus private valuation.

Something interesting caught my eye this past week.

Frontier Digital Ventures (FDV) announced a private placement for their majority owned CarsDB which is the leading automotive classified portal in Myanmar.
Pre money valuation = US$8m
Post money = US$8.7m
Trailing 12month revenue to Sept18 was c.US$400k = 22x P/S

iCar Asia trailing 12month cash receipts (assume close to rev number which not published) = c.US$8.5m (A$11.8*0.72)
@ 15c share price Mar Cap = US$41.3m (A$57.3m*0.72)
P/S = 4.9x

So CarsDB has 5% rev of iCar but 21% market cap

Relative size of the markets

Population
Myanmar = 53.4m
Malaysia = 28.0m
Thailand = 68.7m
Indonesia = 237.4m

GDP per capita
Myanmar = $1,299
Malaysia = $9,945
Thailand = $6,594
Indonesia = $3,847