Seeking Alpha article, page-7

Yes it is conservative.
A well put-together report but..
there is an error in the calculations about SDV. It incorrectly assumes that the old plan of selling 25% to a 3rd party is still on the cards.
Anthony Tse at the AGM made it clear that this is one of the big reasons for the merge.
Return that 25% back to the profit margin of SDV and things go much higher.