Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<p>Shares of <a href="https://www.smartkarma.com/entities/21005" target="_blank" data-smartkarma-citation="entities:21005:1">UMP Healthcare Holdings Ltd (722 HK)</a> have tripled over the past eight weeks. The transition to an "asset light" model for the PRC expansion is positive, but the current valuation is divorced from reality. The current share price of HK$4.15 doesn't look sustainable. Declare victory and move on if you haven't already. As noted by <a href="https://www.smartkarma.com/profiles/2" target="_blank" data-smartkarma-citation="accounts:2">Raghav Kapoor</a> the shareholding is very highly concentrated. The unwinding could be very sudden, quick, and painful.</p>

Shares of UMP Healthcare Holdings Ltd (722 HK) have tripled over the past eight weeks. The transition to an "asset light" model for the PRC expansion is positive, but the current valuation is divorced from reality. The current share price of HK$4.15 doesn't look sustainable. Declare victory and move on if you haven't already. As noted by Raghav Kapoor the shareholding is very highly concentrated. The unwinding could be very sudden, quick, and painful.

From "Stupid Cheap" to "Stupid Expensive"