• The company sits on an enormous asset database of 780M Chinese consumers. But in advertising, this generates low margin due to sell-side concentration.
• The company is leveraging the database to businesses that generate higher margins, which we applaud.
• However, the company also tends to be a little profligate with liberal share-based compensation and buyback when cash flow is still rather negative.

Source: iClick: From Ads To CRM, But Reservations Remain – iClick Interactive Asia Group Ltd. (NASDAQ:ICLK) | Seeking Alpha