indonesia competition, page-14

Believe,

What did you make of the Qtrly?

Receipts went down on last quarter which wasn't great. They burnt 2.25m which included an acquisition, but this will be the norm for a business that has to take out competitors. This gets it pretty close to $10m a year unless they increase receipts or slow down the increase in costs. They won't have trouble raising, but there will be dilution.

IPP hasn't been taken out because SeLoger has a blocking stake, CarSales now has a blocking stake here, so you can't build a takeover premium in as its less likely another player like SPH will make a hostile approach for a business that has confirmed its dominance over a market yet.

I don't disagree with your valuation, I just expect it to take a long breather for 2-3 years for their dominance to be confirmed and revenue to catch up with valuation.