Hi Lz, reason I put this assumption is to see the lowest bottom (worst case) value, but I agree to have most reasonable case with better profit assumption and give ratio to each scenario, it might able get more correct value of SM.

with my opinion, vaccination requested glove won't really help SM increase their revenue as market already knew where is their profit limit now during covid in last q. uncertainly make price increase fast last time and that's also why the price drop now, as ppl don't know how much the revenue impact after pandemic. even owner might not know. let do math to see the actual value if no pandemic in 2020 with just organic demand growths 18% annually? ?