interesting, page-7

ICP Article in Bligh's Briefs.
www.blighcapital.com.au

Some exerts below

Quote:We have been keeping a close eye on iCash (ICP)
for a while; most recently TP updated on the halftime
result which yielded the groups first net profit
of $1.86m for h1-10, including a positive return out
of the Korean business, NEO ICP (without the need for
transfer pricing). While still a young company, this was
a significant breakthrough.

The Australian business model {not unlike that of
competitor Customers (CUS)} produces a stable,
recurring revenue stream by placing machines in
retail outlets and splitting transaction revenues with
the merchant post costs.
While still a small player in the Aus market, what
distinguishes ICP from the likes of CUS is the ability
(through control of the manufacturing process highly functional and compliant machines to client
needs. This point of difference leaves it less reliant
on price in pitching for business; the recently signed
Metcash agreement illustrating the argument (the
company signed a preferred supplier agreement in October
despite ICP being the fourth cheapest on price suggests the other package elements are important). .

OUR VIEW
The company is still young, and credibility needs to
be built before investors can start to feel confident
the group will deliver what we have described.
Long term aspirations aside, if the group can
demonstrate the earnings we expect them to deliver
for h2-10 and into FY11 with the associated
improvements in cash flow, the market will be
forced to sit up and take notice. Indeed, if the
company produces such a creditable result, what
may seem like blue sky now could suddenly
become relevant.
For those that wish to catch the worm, this warrants
a harder look.

Full article available in PDF if you want it emailed
[email protected]