KYK, ISX & Patterson research credibility

Good morning all.

I have just read the reserach report on KYK (ASX listed RegTech), and am confused, if not concerned.

Patterson's cover both KYK & ISX, and it is concerning to me that neither report mentions the other company as a competitor of the other. This stinks of 'pay for research', which is open to obvious bias and ethical concerns.

The Patterson report on KYK goes so far as to have a 'competitors' section, which then does not mention any competitors.

I have today written to the author of the KYK reserach report asking why they haven't mentioned these companies as competitors on any research and my concerns about ethics and bias.

I am interested in views from others here.

Here is the report on KYK:

http://www.kyckr.com/wp-content/uploads/2016/11/Patersons-Securities-Know-your-Kyckr-May-2017.pdf