Astino - good returns over the past 2 years

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#1
The Bursa steel sector is a tough sector to be in as illustrated by the chart below taken from my article A tough 12 years for Bursa Malaysia steel companies

You can see that over the past 14 years, the mean ROE was in negative territory for most of the time.

[Image: Steel-sector-update-ROE.png]

In my analysis, I found 4 companies with average ROA greater than 8% over the past 2 years. Astino was one of them. To be transparent, I invested in Astino years ago so I am wondering whether there is another opportunity to make money. But this of course required more in-depth analysis as my previous one is outdated.
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#2
When Warren Buffett first started, he focussed on finding “cheap” companies without paying too much attention on the quality of the business. He referred to this as cigar-butt investing. He likens this to finding a cigar butt that still has one or two puffs left.

I would put Bursa Malaysia Astino in the cigar-butt category. This steel roofing companies faced two headwinds over the past decade – soft property market and cyclical steel prices.

Nevertheless, it is a profitable business and is financially sound. Astino delivered single-digit revenue and earnings growth over the past 12 years

While it is in a mature sector, it is not a sunset industry. I do not see any digital or other disruption on the horizon.

Based on the past 12 years' performance, I estimated that there is more than 30% margin of safety from both the NTA and an Earnings Power Value perspective. It is not a value trap but a cigar-butt investing opportunity.
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