Regaring Ricky's comment, "Since I do not see our competitors doing this effectively, and even though I do not want to (because I think we can make more money in the short term by selling our current assets), we have to continue this mission until we reached our BHAG"....

...is selling the network the endgame? Does CTEL grow the business to then sell it to a competitor? Right now, the company trades at an EV/EBITDA ratio of 3.25. (I think they have a minor error on slide 14, and should be subtracting the "net cash", rather than adding it). But what about "advertising and promotional costs"? Would an acquirer take that into consideration? Consider that if you add back those costs, the EV/EBITDAPA ratio is under 2. Probably not gramatically correct to do that, but some of those costs would have to be considered redundant.

Another thought, NiQ Lai stated that they have spent about HK$3 billion on the network so far. If it proceeds at that pace, a total of HK$3.8 billion would be spent on the 2.0 million homepass network. If they did spend HK$3.8 billion, that would equal about HK$5.60 spent on the network per share, far below where the "1137.hk" shares trade at. My guess is that if sold today, the acquiring company would have to pay at least double the current share price. If sold three years from now, and CTEL achieves their goal of becoming Hong Kong's largest IP provider by then, we might be looking at HK$20 per "1137.hk" share. Sounds crazy but it could happen.