I wrote up a detailed deep dive on Sun Art Retail (6808.HK) - can be found on Substack (free to read) under the username boringcorners.
WHAT MAKES THIS INTERESTING
2nd largest supermarket player by revenue in China behind Walmart/Samsclub
Net Cash > Mcap
Unencumbered investment properties >2x Mcap.
Get paid to wait with 18% Dividend Yield - good reasons to believe dividends will hold up
PE owns 80% of company and current price is significantly below what they paid. Founder of PE firm has taken over CEO role
Retail Operations Stabilising:green shoots of recovery. Business is self sustaining from cash perspective (+ve operating level NOI less capex)
Interested to hear thoughts from community.