I'm pretty sure in the conference call the company said it had lost market share in stage 1. Also mentioned in the call was that they had lost share in the daigou market as well - down 2% if my memory is correct.
As a bystander, I'm struggling to get my head around current valuation. It's trading on a high 20s PE multiple even if you assume a more normalised EBITDA margin of 20% on $1.2-1.3b revenue, which is realistic going forward. The days of 30%+ margins are done and dusted. I'm yet to read anyone come up with even a half reasonable explanation as to why it's deserving of such a high multiple given where the company is currently at.
Media Updates, page-9998
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