I think with the exit of Eksons and Annum from the plywood business we are witnessing the end of the “independent” plywood manufacturers. In the past it was possible to be a standalone plywood manufacturer with it purchasing logs/timber from 3rd party sources. Today the plywood manufacturers are now like the palm oil mills. There are hardly any independent palm oil mills as estates supply to their own mills. So we now have timber companies supplying to their own captive plywood plants. So it is no longer viable for Annum or Eksons. Refer to https://www.i4value.asia/2023/10/eksons-is-now-value-trap-oct-2023.html#more. The shift will benefit companies like PWORTH