Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a>, an HK distributor of luxury goods, is a classic example of a Graham net-net with a &gt;40% discount to NCAV (Net Current Asset Value). </li>
<li>The company has 4.7 bn HKD of cash against total liabilities of 2.3 bn HKD (on a market cap of 1.6 bn HKD), thus representing deep value. </li>
<li>With an economic environment in HK for retail sales improving + an existing 8% dividend yield, we could make a case for higher dividend payments.</li>
</ul>



Dickson Concepts Intl (113 HK), an HK distributor of luxury goods, is a classic example of a Graham net-net with a &gt;40% discount to NCAV (Net Current Asset Value). 
The company has 4.7 bn HKD of cash against total liabilities of 2.3 bn HKD (on a market cap of 1.6 bn HKD), thus representing deep value. 
With an economic environment in HK for retail sales improving + an existing 8% dividend yield, we could make a case for higher dividend payments.


Dickson Concepts 113 HK: Straight From The Ben Graham Stable, >40% Discount to NCAV

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods. In the past 7 days, the top 3 companies that repurchased the most shares from the market were <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> (HKD 449.9 million worth of buybacks), <a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a> (HKD 214.5 million worth of buybacks), <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a> (HKD 151.0 million worth of buybacks). There were 41 companies that repurchased shares in the market. These repurchases amounted to HKD 1,189.0 million. In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent Holdings Limited (700 HK) (HKD 742.6 million worth of buybacks), Xiaomi-W (1810 HK) (HKD 624.8 million worth of buybacks), Dickson Concept (113 HK) (HKD 222.2 million worth of buybacks).In the past 90 days, the top 3 companies that repurchased the most shares from the market were Tencent Holdings Limited (700 HK) (HKD 819.9 million worth of buybacks), Xiaomi-W (1810 HK) (HKD 699.7 million worth of buybacks), Country Garden Holdings Company Limited (2007 HK) (HKD 354.5 million worth of buybacks).In the past 365 days, the top 3 companies that repurchased the most shares from the market were Xiaomi-W (1810 HK) (HKD 1,824.8 million worth of buybacks), Tencent Holdings Limited (700 HK) (HKD 1,210.2 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 904.4 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods. In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corp (1810 HK) (HKD 449.9 million worth of buybacks), Dickson Concepts Intl (113 HK) (HKD 214.5 million worth of buybacks), HSBC Holdings (5 HK) (HKD 151.0 million worth of buybacks). There were 41 companies that repurchased shares in the market. These repurchases amounted to HKD 1,189.0 million. In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent Holdings Limited (700 HK) (HKD 742.6 million worth of buybacks), Xiaomi-W (1810 HK) (HKD 624.8 million worth of buybacks), Dickson Concept (113 HK) (HKD 222.2 million worth of buybacks).In the past 90 days, the top 3 companies that repurchased the most shares from the market were Tencent Holdings Limited (700 HK) (HKD 819.9 million worth of buybacks), Xiaomi-W (1810 HK) (HKD 699.7 million worth of buybacks), Country Garden Holdings Company Limited (2007 HK) (HKD 354.5 million worth of buybacks).In the past 365 days, the top 3 companies that repurchased the most shares from the market were Xiaomi-W (1810 HK) (HKD 1,824.8 million worth of buybacks), Tencent Holdings Limited (700 HK) (HKD 1,210.2 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 904.4 million worth of buybacks).

Hong Kong Buyback Weekly: Xiaomi Led the Buybacks (2019-09-27)

Hong Kong

Dickson Concepts (International) Limited, through its subsidiaries, sells watches and fashion products.  The Company also trades luxury goods, and provides management and technical services.

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Dickson Concepts Intl (113 HK)

Dickson Concepts 113 HK: Straight From The Ben Graham Stable, >40% Discount to NCAV

Dickson Concepts Intl (113 HK), an HK distributor of luxury goods, is a classic example of a Graham net-net with a >40% discount to NCAV (Net...

Sameer Taneja

Hong Kong Buyback Weekly: Xiaomi Led the Buybacks (2019-09-27)

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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