Ann: Half Yearly Report and Accounts, page-69

Replacing the items your reselling with success with in-house products with little history is risky if there is no widespread appetite from customer. The Chinese buy what is known as good and takes a long time to build brand. If its just another line squeezed on the shelf then it can get lost amongst the competition as it becomes the margin sale, where the value add in JAT's margins will be marginal. I never said selling into Aust, the acquisitions are sales channels into China. More straw-manning.

Any change in regulation, particularly in a key food item in market like China, one should expect it to bee harder especially when the rhetoric leading in was that the rules are too loose.

The comps to IF companies were yours not mine. Outside of SAMR issues, they aren't comparable and not relevant to the discussion of JAT overpaying.

Thing is, qtr after qtr, the news is getting more amazing yet the SP is progressively sold down. Its probably the realisation that this is a basic retailing business, not the next A2M and is being de-rated to reflect the lower quality of the business now. Again, what is a retail distribution business with little IP worth?