This is short qualitative analysis.

The bad:
1) The acquisition of the 3 Goh entities cause a drag on a otherwise would be decent recent. Q4 Gross profits would have been better, the 3 entities are loss making.

They restated the FY 2017 to include the 3 entities for apple to apple comparison, but looking at past reports would let u see the results much clearer. The 3 entities are loss making in Q4 but overall makw close to 20 mio profits in the whole year.

Without the 3, Silverlake would have a rather glowing report card, showing growth of it SBB services and one of the strongest quarter for the year and also YOY.

The good:

The margin has improved as project liscening and delivery of contracts have improve margin. The gestation period, finally seem to be over.

I have bought back what I sold off earlier at 48….