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Author: Warrant Buffet   |   Latest post: Sun, 22 Nov 2020, 5:31 PM

 

$$$ MTAG - Investing in UK’s richest man $$$

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James Dyson is the richest man in the UK with a net worth of GBP16.2b.

 

His company, Dyson, is the Apple of home appliances with their expensive cordless vacuum cleaners, bladeless fans and hair dryers.

 

 

Dyson shifted their manufacturing hub to Malaysia in 2003. Its suppliers are VS Industry, ATA IMS and SKP Resources.

 

Sales have been strong despite Covid-19. Alibaba reported Singles Day sales is up 26% vs. 2019. Dyson is among the top brands based on traffic.

https://www.thedrum.com/news/2020/11/12/singles-day-2020-how-much-did-brands-earn-e-commerce-players

 

This has been reflected in the results of its suppliers like VS, ATA and SKP. All of them reported their best quarters in the latest results.

 

 

All these are currently customers of MTAG. Jabco is a subsidiary of ATA.

 

They supply mesh, labels and stickers, tapes and adhesives, which are used to assemble semi-finished or finished domestic appliances product for Dyson. These customers are more than 70% of MTAG's revenues.

 

Because of this, MTAG should also be reporting one of their best quarters.

 

MTAG is currently trading at a PE of 17x. ATA is trading at 30x. SKP is 28x. VS is 40x.

 

If we assume MTAG trades at a PE of 30x X 4.43sen EPS = target price is RM1.33. Stock price is currently 75sen or a 77% upside.

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Labels: MTAG

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