Ross Cameron pitches South Korean home appliance company Coway as a compelling investment opportunity.
Ross Cameron has delivered the penultimate pitch of the day and it’s Korean-listed Coway Limited, which makes water and air purification products.
The stock he says has been overlooked as investors in Korea have piled into AI stocks and trades at 9 times earnings. “This is a boring business, and so it got forgotten,” he said.
“We have economically insensitive double-digit earnings growth, a ridiculously cheap multiple and structural tailwinds,” he told the audience.
Coway has also been targeted by Korea’s largest activist fund Align Partners which has taken a 7 per cent stake.
“They see the same things that we do. This is dirt cheap, and they’re campaigning for more people to understand the opportunity here.”
The attraction of Coway is that its products are high tech and require ongoing maintenance, which means they can earn recurring revenues.
You don’t just walk into the store and buy these machines. Instead, the vast majority of Coway customers enter into a long-term subscription agreement with Coway.”
This article was originally posted by Australian Financial Review here. Licensed by Copyright Agency. You must not copy this work without permission.
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