Tat Hong Holdings Limited

[Musicwhiz]

The environment. It was mentioned that competition was a lot more intense and the numbers (i.e. gross margins) showed this as well. I had been aware all this time that the industry was fragmented with many smaller players but did not expect them to exert such pricing pressure on a major incumbent player. So obviously Tat Hong, in spite of its size and clout, could not effectively deal with said threats to their business dominance.

As for the company, it has always been using more cash than it generates and the Balance Sheet always had a lot of debt. As mentioned, I was either too blind or too stubborn to see it. Probably both.