Ann: Annual Report to shareholders, page-3

I previously posted this on BAP, I am a long term holder there and am not happy with the company performance.

Decided to look at other auto parts suppliers (hold ARB and SNL, previously held GUD but sold recently as I felt fully priced). Some share prices have moved since preparing the table. From the table AHL looks interesting

Target SP M - Price from Morningstar Quantitative
TPS - Target Share Price - from tikr.

Factory setup in Thailand and manufacturing has been transferred and already the factory is being expanded. Which should improve margins on volume manufactured product but also provide a sales avenue into Asia.

Abotomey has been appointed as the acting CEO and the company is expanding into reselling braking components, shock absorbers, and electrical rotating items. He should know how that will work out after being CEO of both Repco and Bapcor. Looks like distribution will be online and that space looks very crowded to me with Repco, Bapcor and Supercheap and plenty of online competitors. But as I say Abotomey should know the market.

AHL share register is tight with the founder holding 60%, Ellerston, Perennial and SOL hold the next 23%. Very illiquid with a big buy sell spread most of the time with plenty of buyers lined up.

I will look to buy but there is no rush as next news likely to be half yr results in February.

Any other opinions?
Cheers