Ming Fai - 500 Beiträge pro Seite
eröffnet am 10.11.18 10:00:27 von
neuester Beitrag 16.09.19 09:07:28 von
neuester Beitrag 16.09.19 09:07:28 von
Beiträge: 7
ID: 1.292.289
ID: 1.292.289
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Gesamt: 705
Gesamt: 705
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ISIN: KYG6141X1079 · WKN: A0M6SD
0,0595
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Letzter Kurs 09.04.21 Frankfurt
Werte aus der Branche Konsum
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 1,5800 | +32,77 | |
| 1,3500 | +15,38 | |
| 2,2700 | +14,07 | |
| 4,0900 | +13,61 | |
| 5,8000 | +13,17 |
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 1,4000 | -9,68 | |
| 11,950 | -11,02 | |
| 2,4100 | -23,97 | |
| 8,6331 | -25,38 | |
| 6,1400 | -27,34 |
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(Hong Kong: 3828)
is a leading supplier of amenity products to high-end hotels and airlines with more than thirty years of history.
It exhibits a low valuation for a growing, cash-generative core business with “activist” potential around the excess cash. 40+% of the recent market cap of HKD 910 million is in net cash. Management has been closing points of sale for the loss-making retail business.
Manuel believes that in the next one to two years we will see those losses eliminated as management exits the business. Based on his FY17 estimate, the shares trade at a P/E of ~6x for the core business (core P/E ex-cash of less than 4x).
This appears attractive for a cash-generative core business that Manuel expects to grow by 5-10% annually over the next five years. Management recently entered the Indian market. They are in the process of diversifying the production base to Cambodia. The management team has executed well from a corporate governance perspective in recent years (examples include the closing of loss-making business lines; selling investment property in Hong Kong and paying out some of the proceeds; not renewing the employee option scheme but implementing an employee trust instead). Capital allocation could be significantly improved as they sit on excess cash – something that has drawn the attention of activist shareholders in the past.
is a leading supplier of amenity products to high-end hotels and airlines with more than thirty years of history.
It exhibits a low valuation for a growing, cash-generative core business with “activist” potential around the excess cash. 40+% of the recent market cap of HKD 910 million is in net cash. Management has been closing points of sale for the loss-making retail business.
Manuel believes that in the next one to two years we will see those losses eliminated as management exits the business. Based on his FY17 estimate, the shares trade at a P/E of ~6x for the core business (core P/E ex-cash of less than 4x).
This appears attractive for a cash-generative core business that Manuel expects to grow by 5-10% annually over the next five years. Management recently entered the Indian market. They are in the process of diversifying the production base to Cambodia. The management team has executed well from a corporate governance perspective in recent years (examples include the closing of loss-making business lines; selling investment property in Hong Kong and paying out some of the proceeds; not renewing the employee option scheme but implementing an employee trust instead). Capital allocation could be significantly improved as they sit on excess cash – something that has drawn the attention of activist shareholders in the past.
Startposition für HKD 1,00 in HK gekauft
Antwort auf Beitrag Nr.: 59.209.465 von R-BgO am 14.11.18 09:58:26Solide Sache. Ein Dauerbrenner in meinem Depot.
Antwort auf Beitrag Nr.: 59.239.765 von Lwymi am 17.11.18 13:14:50hätte ich mir denken können... 
Antwort auf Beitrag Nr.: 59.242.282 von R-BgO am 18.11.18 10:00:41Natürlich, hatte im Sa Sa Thread ja schon darüber geschrieben:
https://www.wallstreet-online.de/diskussion/1181483-neustebe…
https://www.wallstreet-online.de/diskussion/1181483-neustebe…
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