is paytm overhyped?

brokerage macquarie slams #paytm. good points. they don't have a moat, an amazon/facebook could eat them for breakfast, and UPI has eaten their lunch. and the chinese connection is a handicap. regulators will keep them at arms-length. and the eclipse of the ant financial empire means they will not be able to pump much money in.

https://economictimes.indiatimes.com/markets/stocks/news/macquarie-sees-44-downside-in-cash-guzzler-paytm-sets-target-at-rs-1200/articleshow/87771326.cms?utm_source=newsletter&utm_medium=email&utm_campaign=Marketnewsletter&utm_content=story2&ncode=800bf13c6cf7d6e0e41cdaa38e2d4579c2693b4dfb9d635f1d7630d55cc44eaa379d697bd67bd18fa8f48ad7a0c0ca410a62eb01a59ab196ba3aba07507520469a77e7589e32fccf8059d05a6ed658fa