Ning Jia of Shanghai Pumeng Asset Management presented his in-depth investment thesis on Jiangsu Yanghe Brewery (China: 002304) at Asian Investing Summit 2020.
Jiangsu Yanghe Brewery is the third-largest baijiu (spirits) company in China. The baijiu industry, especially the premium and super premium segment of the industry, has one of the best business models in the world due to the unique nature of the product and unique characteristics of China’s spirits market.
Jiangsu Yanghe Brewery has relentlessly and carefully built one of the most recognizable premium and super premium baijiu brands since 2003, as well as a best-in-class distribution network. As a result, the company has compounded sales and profits at an annual rate of 19+% since the IPO more than a decade ago. While Yanghe is facing significant short-term challenges due to a variety of factors, management has taken targeted actions to get back to sustainable growth, with promising early signs of improvement.
Based on Ning’s analysis, the recent market quotation of Yanghe offers a sufficient margin of safety and potentially substantial upside for long-term investors.
The full session is available exclusively to members of MOI Global.
Members, log in below to access the full session.
Not a member?
Thank you for your interest. Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:
About the instructor:
Ning Jia is the Chief Investment Officer of Pumeng Asset Management.
Previously Ning worked for four years as an analyst covering U.S and China consumer, healthcare, financial and TMT sectors at Century Management based in Austin, Texas. Century was founded by Arnold Van Den Berg in 1974 and has more than 40 years of track record as an investment manager.
Ning received his Master of Accountancy and B.B.A in Accounting from the University of Georgia. He is a CFA charterholder and a CPA.
About The Author: MOI Global Editorial Team
The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people.
Who is MOI Global? In recent years, The Manual of Ideas has expanded to become more than simply “the very best investing newsletter on the planet” (Mohnish Pabrai). We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more.
Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek.
More posts by MOI Global Editorial Team