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Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Equity Bottom-Up

Anxian Yuan China Holdings  / Equity Bottom-Up

<ul>
<li>Chinese cemetery operator with three main assets: the Anxian Yuan cemetery in Hangzhou, the Fushouyuan cemetery in Yinchuan and the Dachenshan cemetery in Niuxin Village, Guizhou Province</li>
<li>The stock is inexpensive at 6.1x trailing P/E with a 13.3% dividend yield that's covered by cash flows. Further, net cash represents 82% of market cap with limited contract liabilities.</li>
<li>Recent tomb sales has been weak for reasons that seem macro related. Other risks are historical share dilution: the 2020 rights issue was under-priced, 85% taken up by the founder. </li>
</ul>


Chinese cemetery operator with three main assets: the Anxian Yuan cemetery in Hangzhou, the Fushouyuan cemetery in Yinchuan and the Dachenshan cemetery in Niuxin Village, Guizhou Province
The stock is inexpensive at 6.1x trailing P/E with a 13.3% dividend yield that's covered by cash flows. Further, net cash represents 82% of market cap with limited contract liabilities.
Recent tomb sales has been weak for reasons that seem macro related. Other risks are historical share dilution: the 2020 rights issue was under-priced, 85% taken up by the founder. 


Anxian Yuan China Holdings

Anxian Yuan (922 HK)