Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

I am a fundamental-value investment analyst with a bent for events and soft catalysts.

During my time on both the buy-side and sell-side I focussed on small and mid-cap companies in ASEAN, Australia and HK/China.

Although a generalist, my background as an engineer lends itself toward deep-dive research in more practical sectors like consumer and industrials.

Previous recommendations include:

Concepcion Industrial		(CIC PM)	BUY	03/12/2015		+100.1%
OSIM International		(OSIM SP)	BUY	11/12/2015		+36.9%
Bellamy's Australia Ltd	(BAL AU)	SELL	08/06/2016		+60%
Pryce Corp				(PPC PM)	BUY	14/07/2016		+105%
Rukun Raharja			(RAJA IJ)	BUY	16/02/2017		+61%
Asian Pay Television Trust (APTT SP)	BUY	30/12/2016		+67%

Pan-Asia Equity Bottom-up

Research-Intensive Fundamental Value Advisor

Wickhams Hill

Wickhams Hill Capital is a research-intensive fundamental value advisor, on long and occasionally short investment opportunities concentrated in small and mid-cap public companies.

Equity Bottom-Up

<ul class="">
<li><a href="https://www.smartkarma.com/entities/26017" target="_blank" data-smartkarma-citation="entities:26017:1">Secoo Holding Ltd (SECO US)</a> is a Chinese online luxury retailer that claims to hold 25% of the market by GMV. It's fallen c.35% since the Sept 22nd IPO and now up 15% from the low.</li>
<li>With IPO-to-date turnover versus free-float more than 3x, arguably all of the IPO investors have been flushed out.</li>
<li>The company has been profitable for the last four quarters and, based on Analyst est, trades on 9x FY18 P/E, well below China e-commerce peers.</li>
</ul>The IPO was led by Jefferies and BNP. Feedback from peers has…


Secoo Holding Ltd (SECO US) is a Chinese online luxury retailer that claims to hold 25% of the market by GMV. It's fallen c.35% since the Sept 22nd IPO and now up 15% from the low.
With IPO-to-date turnover versus free-float more than 3x, arguably all of the IPO investors have been flushed out.
The company has been profitable for the last four quarters and, based on Analyst est, trades on 9x FY18 P/E, well below China e-commerce peers.
The IPO was led by Jefferies and BNP. Feedback from peers has…

Secoo Holding

Picking-Up the Pieces of a Broken IPO