A lot of the obvious problems have been fixed, and management has instilled some discipline in the company. |
It's a lot of competition in a relatively small market, and it's unclear how profitable it's going to be. |
The profit margins of these companies are utterly unsustainable. And this should be the inflection year for the Indian firms. |
We still worry that, at the stock's current valuation, implicit expectations seem somewhat steep relative to the guidance we anticipate. |