If everything plays out as expected, this is a steal. Market Cap is $27m and normalised NPAT should be at least $3.5m so P/E < 8.
I suppose the market will always apply a discount for it being SE Asian although it doesn't always apply eg. IPP, ICQ
On the other hand, those businesses don't make any money so aren't anchored to any valuation metric.
If everything plays out as expected, this is a steal. Market Cap...
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