iCar Asia (ICQ) at 52-weeks lows - Is it a Bargain?

Last Friday, iCar Asia Ltd (ASX: ICQ) completed a capital raising at $0.65 per share. Despite the company offered those shares to some "very sophisticated" investors and institutions rather than to loyal punters like us, I decided to suck it up and buy more.

Thanks to the bearish market and accompanying perma-bear experts, who wants to further downgrade this stock, the current price dropped to almost 52-week lows, even lower than the discounted SP issued to the selected institutions.

Is it a bargain?

I think it is. That's why I'm buying more. Actually, I'm buying not only because the shares are going for cheap, but also I really like the business model that ICQ follows. Seeing the booming success of Australian companies like Carsales.com.au, Seek.com.au or Domain.com.au in a relatively small OZ market, I believe iCar Asia holds even greater potential than any of those companies given that they are using an established business model to monopolize a significantly larger Asia market where there are hardly any noteworthy competitors.

Any other thoughts, anyone?