In 2023 spend millions in new machinery in Indonesia and new facility in Thailand. Unfortunately, sales have been pretty much flat in those countries. That is concerning to me.

I have sold off my holdings with the recent price increase as my target was reached. Will look at their next Qtr results to decide whether to go in or not. At the current price, I think it is too risky to go in.

Based on the quarterly results Q1 2024, it looks like the earliest possible turnaround will be in Q3 2024 or in Q4 2024.

Note B1, there is a delay in the start of spunlace production.

Additionally, it looks like all is not well in Indonesia. Even after making substantial investment in cross lapping and vertical felt production lines, quarterly sales are lowest since Qtr 4 2020.

Revenue in Thailand has not shown any significant improvement. Sales of only 3 mil. Far from the 5.7 mil in Q4 22.

Yes, and I believe it will continue to be bad for some time. Insulation division has been hit with increased production cost (labour and electricity), can't pass to buyer due to contracts in place. Not sure when can renegotiate prices. Hygiene division, during covid, manufacturers increased capacity. Now suffering from over supply in market, just like gloves industry. That is why OCNCASH is trying to introduce new products in Hygiene Division.