The $48m NPAT is based on 1. the Malaysian Immigration Dept deal...

The $48m NPAT is based on

1. the Malaysian Immigration Dept deal and the AQSIQ gas tank deals which we know are contracted and

2. the existing mobile application development/consulting business.

I think we're concentrating on 1 and forgetting that 2 also exists.

.. over 09/10 we're already heading for a NPAT of $80 mill plus, but as we know there is also a strong chances of further contracts being won over this FY (i.e. over FY09-10) - like the Vietnamese licence deal, which could add to that result.

i presume any cash that may miss entering into this year's NPAT result will become part of and enhance the FY09/10 result.

We're effectively trading at a p/e of 2x as far as I'm concerned... maybe even lower ?