Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Lifelong collector of the world's great businesses.

Quality-first, Business-perspective, Long-term

Perfect Medical Revisited: What Worked, What Did Not, and What 9x Earnings Means Today

Perfect Shape Is Not Perfect But Here Is What We Like About It

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

Perfect Medical Health Management / Equity Bottom-Up

Perfect Medical Health Management (1830 HK)

<ul>
<li>Low growth, high return: revenue barely grew in a decade, yet IPO subscribers who kept the cash earned about 19% a year.</li>
<li>Benchmark beaten handsomely: Hong Kong’s market index returned 3.5% a year, and an index portfolio paying the same dividends would have run dry in 2020.</li>
<li>The engine was allocation, not growth: a capital-light, prepaid business paid out at least 100% of profit for eleven years, yet later buyers who overpaid still lost.</li>
</ul>


Low growth, high return: revenue barely grew in a decade, yet IPO subscribers who kept the cash earned about 19% a year.
Benchmark beaten handsomely: Hong Kong’s market index returned 3.5% a year, and an index portfolio paying the same dividends would have run dry in 2020.
The engine was allocation, not growth: a capital-light, prepaid business paid out at least 100% of profit for eleven years, yet later buyers who overpaid still lost.


Perfect Medical: How a Low-Growth Company Beat the Market by Paying Out Everything