ermm... limited data as its just two quarters of financial performance. briefly looked at its latest qr and it is probably more to IPO hype. big ticket items in the balance sheet - inventories, payables and leases which also means PPE to fit out the stores. high inventories comes with risk of inventories write off which can be volatile for operations like 99smart. high payables at the back of high inventories means at the expense of credit terms from suppliers. high lease liabilities means such operations will have to depend on continuous opening of new stores to generate higher revenue while managing the credit terms and inventories movement. should be seeing higher term loans in the future and the dividends paid out to the owners is not sustainable.