Jul 16Liked by Michael Fritzell

JHC is such an interesting retail operation. If you’ve visited any of their stores, they seem to be a cross between TJ Maxx and Dollar General. There is a treasure hunt part of the shopping experience that is understated, and they do sell more higher-ticket items (I.e. rice cookers, etc.) than a Dollar General. I think that’s part of their secret sauce?

I wish their growth outlook was more exciting though.

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From the cash flow statement, they seem to be doing a small buyback, like 10 million KHD (<1% share outstanding); not sure what you mean by a 10% stock buyback in 2022. Did they announce any major buybacks? It is a dividend stock with very low growth potential if they stick with Hong Kong territory. I feel founders buy shares for the income (dividend); Hong Kong 5 year bond is about a 3.5% yield, and this company give a yield of 8% (assuming it is stable), which is very attractive, even if it drops to 6% (stock price appreciated by 33%) still not bad. Another one, like CK Hutchison, pays about 6% yield. Thanks for sharing, worth to look further to park the HKD money.

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Aug 16Liked by Michael Fritzell

Hi Sir,

International Housewares Retail dropped to HKD2.33.

Hope its just 'knee-jerk' reaction to 'not rosy' China Finance figures.

Best Regards


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