Good growth at local currency level, but thats tempered down by devaluation.

Tepid growth
Outsized ROEs
Lackluster result
A series of acquisitions
Flock en masse
A substantial fraction of its CF
Lofty P/E multiple
On front,

Headline earnings appear extremely accretive to earnings

take heed of the companys recent success

to attract talented managers and software engineers by promising them generous stockbased compensation packages.
causes investors to bid up the P/E multiple to an even greater extent
turnaround is nowhere in sight