I added a few shares of JMHLY @50.4$ today as well. I am aware of the challenges with respect to Indonesia (JC&C and Asta) but both stocks are up ~20% from their lows in Sept., probably because of the measures you cited, while JMHLY is down ~5%. So it seems that the discount to NAV has increased, which should bode well for value conscious buyers.
I appreciate the color you are given for JMHLY, but having very little direct Asia exposure except JMHLY makes this easier for me to buy into, despite headwinds. I simply use JMHLY as a proxy for emerging market exposure / southeast Asia, as the stock is cheap and they are good operators. I think it is a little bit like buying BRK @70$ two years ago, when insurance stocks were in a funk, and BRK was not given any credit for the industrial and RR ops, that were doing fairly well. I think JMHLY over the long run is as good of a stock than BRK. I could see me making this a much bigger position, especially now, when the stock market is not exactly brimming with bargain offers. |
