Mar 27Liked by Kevin

Did you end up buying Fu Shou or passed in the end?

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I will link to this article in my "Emerging Market Links + The Week Ahead (February 19, 2024)" post for latter today. Rollup strategies are always hard to execute though or can run into problems like what happened with SCI + in China, there is the risk that the govt will restrict "wasteful spending" on funerals, etc or do the sort of clampdown they did on education in the name of fairness or something... Also, I thought during covid there were cases of people receiving the wrong ashes back etc etc from the govt - so there is a risk if the company gets sloppy and all it takes is one case getting lots of Weibo attention...

But I do think its a very interesting stock!

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Feb 13Liked by Kevin

Hi. Do you know if the sale of land is forever or is it a lease? In my country you do not take ownership, but instead enter a fixed term lease. If it's indeed sold, terminal value multiple might not make sense, as they would run out of inventory. Does the firm have any recurring revenue? Anyway, great article!

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