Pep So presented his in-depth investment thesis on NetDragon (Hong Kong: 777) at Asian Investing Summit 2017.
NetDragon: Leveraging on its successful track record in building two online platforms with large user bases for online games and mobile apps in China, NetDragon is now rolling out an online education business targeting millions of users. Integrating proprietary hardware and software, NetDragon’s products are well-positioned to compete in the growing yet highly fragmented online education industry. Separately, the company’s gaming business is poised to have a record year on the back of new launches and a strong pipeline. Overlooked by investors, NetDragon currently trades at a valuation that is close to Pep’s estimated floor value of HKD 19 per share. The potential upside is large if NetDragon manages to create a third successful online platform with millions of users (bull case value estimate of up to HKD 114 per share). As a result, NetDragon presents an opportunity to own a quality “value and growth” company with best-in-class products and proven management team in a growing industry.
About the instructor:
Pep is an investor with more than ten years of experience in researching and investing in Hong Kong and China equities. Pep currently manages his own capital with a focus on Chinese mid and small caps. He likes managing concentrated portfolios with high conviction ideas and long investment horizon. His previous working experience includes working as a senior analyst at HSZ Group and Chelsea Securities, an investment manager at Anglo Chinese Group and a research analyst at Knight Capital Group. Pep graduated from The University of Hong Kong with a BBA in Accounting and Finance. Pep is also a CFA charterholder and a CPA.
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