While I agree to a certain extent with your view I think you're...

While I agree to a certain extent with your view I think you're attributing values to A2M that would be more appropriate to a mature stage company. A2m is a young high growth coy and rather than say they have a risky high dependency on IF in China I prefer to think they are cleverly exploiting an unrecognised market. They are an early stage mover building brand recognition in a market characterised by high levels of customer loyalty which is gold in marketing.

There would be more risk if they were resting on their laurels and complacently relying on organic growth. Instead they are aggressively promoting the brand to the extent that advertising is having a material effect on the bottom line. In addition the coy is actively expanding into new market areas - mainly America- so in time the dependency on China will decrease.

Jane has said that the American market is showing strong parallels to the growth shown previously in the Aussie market so that gives me a sense of confidence in the ongoing growth in this sector. If %growth is happening then $ growth will follow.

Having said all that, I agree $14.50 would be a fair value at the present time. I personally hope it consolidates around that price for a while. I would rather a slow and steady rise in SP rather than boom and bust.

Aimo and yehah I enjoyed today.

Cheers