Article is a good one and was far more positive than OP...

Article is a good one and was far more positive than OP indicates.

Author expresses concerns regarding customer concentration risk, as well as requiring proof in sustainable earnings growth (notes that much of growth since '15 is due to one-off development work and not recurring transactions.

Author also highlights many merits of business, including potential with AFY (notes the escrow period making current valuation 'meaningless') and the stickiness of the product (they note that not much incentive for retailer to change given they don't pay anything for ongoing use). They also note the global potential of TCH due to it being compatible with almost any hardware and OS.

The key points of the article was that company looks cheap at first glance, however they have some concerns and are not initiating formal coverage.