Objective "bear" case for DSE?, page-22

I think the market is a bit sceptical that growth can continue at these rates, due to the very unique marketing campaign with one partner announced in April. So I am guessing over 50% of their business is from this one partner now, as users were automatically opted into the service and given the option to opt out if they chose to at a later date. This is very unique to this region, but the good news is so far churn has been low. Now the market is waiting to see if they can build their business with other partners at a significant rate. I think that if growth had come from multiple partners over the last couple of months the share price would be much higher.

User growth I am guessing will slow down over the short term, before picking up again.