Global Value Investing

[MNT]

1122 Qingling

I did in fact buy a small portion of this for the funds i managed as I was unsure of their operations. But have since exited at a decent profit.

all in RMB otherwise stated
- HK$6.9b mkt cap @ HK$2.78 per sh (2.48bn shares)
- Even though they have a JV, their utilization is awfully low
- They only do small to mid sized trucks
- They seem to do very very well for a product that is not niched with excess resources and capacity that is huge for a truck manufacturer
- Its easier to not look in per share values
- Cash is $5.3b with inventory more than doubled to $1.2b
- govt owns 50%, Isuzu owns 20%
More importantly the incentive for automobiles have been withdrawn and sales will be expected to slow down significantly