Ann: Non-Renounceable Issue, page-12

Totally agreeable.
With 1 Million household potentially in distress from rate raise, many will eventually sort CCV, MNY to provide short-term loan.
I like the fact that regardless of how they package the debt, the return is high enough to justify the risk and the Prawn shop loan always retain a valuable collateral to back the loan issued.
The Debt and Inventories in CCV always worth some money if they have to be liquidated.
I had pointed out that CCV is cheap by objective metric but I think the risk with CCV is the low to no growth potential in the future. If they cannot grow their business at reasonable pace, I will value CCV using Private Equity fund valuation metric for private non-listed enterprise, and use a lower PE ratio of 4-5 to start with.

I will stay on the sideline for the time-being and enter at the dip.