Kogan has 322 domain names, but what are they doing?

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So I have seen a bit of talk online recently about the online retailer Kogan and the strategy they currently have implemented for the 322 domains they own.

I decided to do some analysis on this domain portfolio from an SEO point of view too see what they were doing, see full analysis click here:
http://jamesnorquay.com/Kogan-Domain-Strategy.pdf

Kogan-Domains
Kogan-Domains

Now with this many domains, I have decided to list a few things Kogan should be doing:

1. If they are 301 redirecting domains on a huge scale it may not be a wise strategy post Google penguin.
2. If they are 301 redirecting domains they should at least point them to category specific pages and not just the home pages to save the users time and increase conversion.
3. Investing in domains with a large amount of hyphen domains is probably not the best investment.
4. It would be wiser to invest in a lower number of higher quality domains in my eyes.
5. Buying domains like www.cheapsmokes.com.au do not really make sense in terms of relevance for Kogan.
6. Another option for the best domains from this portfolio is to build micro sites with product listings.

But overall I am still trying to get my head around what Kogan is trying to do with this portfolio, it seems like they are wasting money in my eyes.

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