Icar Asia Limited (ICQ): 2 important things happened this week for Icar.

Firstly realestate.com made its long awaited move on Icar’s sister company Iproperty Group. Secondly, on Thursday Icar announced that it had taken an important step towards monetising its 3rd and last country – Indonesia – with a solid 20% of dealers paying up front in the 1st month.

With pole position in its 3 markets and the virtuous cycle or ‘network effect’ starting to gather momentum, we are struggling to find a better emerging technology play. Australian Finance Group Ltd (AFG): We were able to catch-up with AFG’s highly credentialed management team during the week.

We came away confident that AFG has a wide range of earnings drivers including system, industry and adviser growth, as well as greater penetration of their white label and securitisation products. Whilst the housing cycle is often pronounced, credit growth itself is more robust. As the graph from the RBA / ABS below highlights, credit has only failed to expand once in the past 40+ years.



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