TSN- Spec Buy. Target 6-7cents, page-208

@TonyIndo it was great meeting you at the presentation last Thursday.

Two sentiments I'd like to share re the roadshow. Neither of these points are new, but was good to get confirmation of these things from management.

First is a point that has been touched on repeatedly on this thread, is that TSI is NOT an ATM company. TSI is a payment transactions company.

Whilst ATMs have been the big headlining news for TSI in recent times, it is as TonyIndo has repeatedly pointed out, only one aspect of their business. That is not to say that ATMs aren't important. It gives them presence across India and gives them a foot in the door with all of the Indian banks. This then allows them to roll out all their other services (e-surveillance, power management, bill payment etc). The most exciting part then is that this additional/ancillary services have very low costs to implement as compared with the ATMs and therefore their margins on providing these services is massive.

Second is that there are no other companies in India who are positioned to compete with TSI. I believe some of Marty's posts of the slides showed some brief facts and figures about the competitors. Management then went further to explain how each of those competitors couldn't provide the full suite of services that TSI could AND that in fact, some of them could potentially be looking to exit the ATM/payments space and could therefore be takeover targets. TSI understand that organic growth would be very slow as it takes time to build and roll out ATMs. However, if they could buy out competitors with entire fleets of thousands of ATMs already in the market, this would be significant.

Cheers