Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

<ul><li>First a new holding, Nameson Holdings (HKG:1982). A vertically integrated knitwear and fabrics manufacturer with most of its production base in Vietnam and some of it still in China.</li><li>They expanded to Myanmar, which did not work out so well, so they had to take significant write-downs and restructuring costs recently of 243 million HK$.</li><li>This somewhat obscures their true earnings power.</li></ul>

First a new holding, Nameson Holdings (HKG:1982). A vertically integrated knitwear and fabrics manufacturer with most of its production base in Vietnam and some of it still in China.They expanded to Myanmar, which did not work out so well, so they had to take significant write-downs and restructuring costs recently of 243 million HK$.This somewhat obscures their true earnings power.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>FY23 result was a strong beat. In FY23 (ending Jun 2023), JNBY’s sales and net profit increased by 9% and 11% YoY to RMB 4.5bn and RMB 621mn, beating BBG/ CMBI est. by 5%/ 6% and 21%/ 26% respectively, and that was also far better than the previous guidance of LSD sales growth and low-teens net profit decline.</li><li>Such result was, in fact, implying an extremely strong rebound in 2H23 (Jan-Jun 2023), following a rather suppressed business environment in 1H23.</li><li>For 2H23, sales and net profit surged by 31% and 116%, better than BBG/ CMBI est. by 10%/ 13% and 80%/ 103%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FY23 result was a strong beat. In FY23 (ending Jun 2023), JNBY’s sales and net profit increased by 9% and 11% YoY to RMB 4.5bn and RMB 621mn, beating BBG/ CMBI est. by 5%/ 6% and 21%/ 26% respectively, and that was also far better than the previous guidance of LSD sales growth and low-teens net profit decline.Such result was, in fact, implying an extremely strong rebound in 2H23 (Jan-Jun 2023), following a rather suppressed business environment in 1H23.For 2H23, sales and net profit surged by 31% and 116%, better than BBG/ CMBI est. by 10%/ 13% and 80%/ 103%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JNBY Design (3306 HK) – An All-Rounded Beat and an Optimistic Outlook

<ul><li>We do think the market should have certain expectation about the miss in earnings and cut in guidance, and would focus more on the recovery.</li><li>Supported by: 1) decent rebound in Jan 2023, 2) JNBY’s competitive edges and 3) industry leading dividend yield, we still find its risk-reward attractive.</li><li>1H6/23 result dragged by the pandemic in late 2022.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We do think the market should have certain expectation about the miss in earnings and cut in guidance, and would focus more on the recovery.Supported by: 1) decent rebound in Jan 2023, 2) JNBY’s competitive edges and 3) industry leading dividend yield, we still find its risk-reward attractive.1H6/23 result dragged by the pandemic in late 2022.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JNBY Design (3306 HK) – Eyes on the recovery and risk-reward

<ul><li>Early this year I was quite pessimistic on Hong Kong stocks.</li><li>But since then the Hang Seng is down another 20% or so. A lot of stocks with 9-10%+ dividend yields are laying around.</li><li>I should have been a bit quicker writing this up, but then you are getting it for free.</li></ul>

Early this year I was quite pessimistic on Hong Kong stocks.But since then the Hang Seng is down another 20% or so. A lot of stocks with 9-10%+ dividend yields are laying around.I should have been a bit quicker writing this up, but then you are getting it for free.

<ul>
<li>I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.</li>
<li>Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.</li>
<li>Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.</li>
</ul>


I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.
Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.
Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.


China

JNBY Design is a fashion and lifestyle group that designs, markets, retails, and sells fashion apparel, accessory products, and household goods. The company offers contemporary apparel, footwear, and accessories for women, men, and children, along with household products under brands like JNBY, CROQUIS, jnby by JNBY, LESS, POMME DE TERRE, and JNBYHOME. It was founded in 1994 and is headquartered in Hangzhou, the People's Republic of China.

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JNBY Design (3306 HK)

Some Updates #2

First a new holding, Nameson Holdings (HKG:1982). A vertically integrated knitwear and fabrics manufacturer with most of its production base in...

Turtles all the way down