ICI - Charts, page-1364

Glad you learnt some lessons from your BUD experience.

I held BUD around 2016-17 and can remember that you were one of the most vocal supporters, ramping the company's prospects. You clearly have much more to learn as you appear to be repeating the same mistakes with ICI - you are blinded by your own biases and emotions.

The key lesson that maybe you should've derived from BUD is not to place your blind trust in ANY management team. After all, it is their job to sell the business to all stakeholders. Silence from Kin is not an indication of quality management!

When management say that they will do something, one ought to judge them by their actions not their warm, comforting words. $4m guaranteed NFT project handover, launch MG and other major titles in 2022, become a $1b company by end of 2023, company is committed to the SBB etc etc.

The company has failed to meet most of their stated key project deliverables for 2022. There might be some valid reasons for missing some of their own milestones and KPIs, but the onus is on the company to justify and explain this to the market. Once a company begins to display a solid delivery track record, this builds trust with the market and helps to secure a loyal investor base. Success snowballs. Unfortunately, Kin's 7 year track record boils down to eroding shareholder value, so of course the market should remain suspicious until results prove otherwise. Perhaps the company's fortunates are about to change for the better (there's some indications that this could eventuate over the next few years), but the company's silence and removal of milestones only serves to compound the lack of trust.

All the evidence (especially lack of any community building) indicates that the full release of MG won't happen for another 18-24 months. I doubt an alpha launch will be enough to rerate the stock price back to the 10-12c range, therefore my expectations for the year ahead are very modest. ICI imo will likely keep laying the foundations and building during 2023, which could set things up nicely for an exciting 2024 or 2025. Of course, if quality games are delivered sooner and Web3 active gamer numbers improve, then i'll adjust my expectations to reflect the bullish signals.

You're clearly super bullish with your 30c price target, so it'd be useful to understand the basis for your $400m valuation. When do you expect the initial launch of MG? When do you expect the full game to be launched? What are your revenue projections for MG, number of DAUs, proceeds from NFT/land sales, profit margins etc for 2023 which would lend some credible support to a 30c price target?

Merry Christmas all and hopefully a prosperous New Year.