Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Research-Intensive Fundamental Value Advisor

Wickhams Hill

Wickhams Hill Capital is a research-intensive fundamental value advisor, on long and occasionally short investment opportunities concentrated in small and mid-cap public companies.

Equity Bottom-Up

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<li><a href="https://www.smartkarma.com/entities/26017" target="_blank" data-smartkarma-citation="entities:26017:1">Secoo Holding Ltd (SECO US)</a> is a Chinese online luxury retailer that claims to hold 25% of the market by GMV. It's fallen c.35% since the Sept 22nd IPO and now up 15% from the low.</li>
<li>With IPO-to-date turnover versus free-float more than 3x, arguably all of the IPO investors have been flushed out.</li>
<li>The company has been profitable for the last four quarters and, based on Analyst est, trades on 9x FY18 P/E, well below China e-commerce peers.</li>
</ul>The IPO was led by Jefferies and BNP. Feedback from peers has…


Secoo Holding Ltd (SECO US) is a Chinese online luxury retailer that claims to hold 25% of the market by GMV. It's fallen c.35% since the Sept 22nd IPO and now up 15% from the low.
With IPO-to-date turnover versus free-float more than 3x, arguably all of the IPO investors have been flushed out.
The company has been profitable for the last four quarters and, based on Analyst est, trades on 9x FY18 P/E, well below China e-commerce peers.
The IPO was led by Jefferies and BNP. Feedback from peers has…

Italy

Yoox Net-A-Porter Group SpA is an online luxury fashion retailer that is based in Italy. The Company has offices and operations in the United States, Europe, Japan, China, and Hong Kong. Yoox Net-A-Porter Group delivers to more than 180 countries around the world.

Yoox Net-A-Porter Group (YNAP IM)

Picking-Up the Pieces of a Broken IPO

Secoo Holding Ltd (SECO US) is a Chinese online luxury retailer that claims to hold 25% of the market by GMV. It's fallen c.35% since the Sept...

Lloyd Moffatt