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Re: OMOLIVES post# 569

Thursday, 09/28/2017 10:18:32 PM

Thursday, September 28, 2017 10:18:32 PM

Post# of 1138
Boy, I wish I had banked the gains when the stock hit 0.32 HKD but I didn't. I'm a long-term investor who expected a lot more upside as the thesis played out. Also, I really don't like paying short-term capital gains taxes.

My thinking was that the sudden upswing in price back in July seemed like a true turn in sentiment that was leading to the market repricing of the stock given improving coking coal fundamentals. Unfortunately, that upswing was short-lived. The market seemed fixated on the huge H1 earnings number, not realizing that the vast majority of the earnings was extraordinary and non-recurring.

I didn't anticipate such a poor earnings report, however, with no cash generation or shareholder value creation, and negative operating leverage. Given how poorly I view MMC's management team, the terrible numbers shouldn't have come as such a surprise (since they've been overpromising and putting up poor numbers for years).

I'm likely to sit on my hands for the remainder of this year. All bets are off in 2018, however, feast or famine.
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