Safe to safe this half did not meet expectations. It looks like Tutorfly is losing quite a bit as they supposedly invest for growth. I imagine this will not be looked on favourably by the market - at least KME has already fallen a lot. Not sure whether there will be something more positive in the investment presentation yet to be released but there has been a lot of investment and not much to show for it.

Currently a lot is resting on the second half - Storm and KME would be testing a lot of people's patience.

Looks to be a fair amount of consistent volume (compared to history - still illiquid) going through KME over the last few weeks. Wonder who is buying and who is selling.

Research report from CZZ updated - 221121_KME.pdf (mcusercontent.com)

BUY (TP=$1.85) KME for multiple upsides to our forecasts and US optionality Trading on 12x FY23 P/E and forecast to grow NPAT/NPATA at a 30/25% CAGR b/w FY23–27, we consider KME to be significantly undervalued. Our Target Price of $1.85 is based on a DCF (10% CoE and 3% TVGR) and reflects conservative corporate centre unit economics, SSSG, and silver to gold conversions. 

Nice to see Tutorfly already profitable.

With all the pieces falling into place FY23 looks like the year for KME.

Hi Alpha18, not sure how to directly respond to your straw. I think the slide recently is mainly due to the lockdown as the centre's will be shut again (they can do online of course) but there will be some lost revenue. It's illiquid so doesn't take much in the way of selling to push the price down.