They have nowhere to move. They’ve literally been skewered by the Daigyuo Queen.
Like most businesses with any China exposure, they have to hunker down, forget China altogether and see what other opportunities turn up in the coming year or two.
What I have learned from this and also CLV is not to invest in any business which has China as its market.
On a seperate note, one of the excuses tendered by management for this debacle was the late delivery of antiseptic hand cleaners. Well, Covid is still with us, nothing has changed with the requirements to apply gel before entering most premises. The demand is still there. Surely by now all that excess stock would have been sold? It’s looking like this was just another dodgy excuse to hide what really happened.
MCP Price at posting:
$1.22 Sentiment: Hold Disclosure: Held
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