market folly

Continuing our coverage, today we're posting up more notes from the Value Investing Congress.  Below are notes and the slideshow presentation from Isaac Schwartz of Robotti and Company.  He presented three investment opportunities in Southeast Asia: Sampson Holdings (SEHK:531), Thai Reinsurance (SET:THRE), and KazMunaiGas Exploration and Production (LSE:KMG).


Sampson Holdings - Furniture company selling US, manufacturing in China, listed in Hong Kong.  $160mm EV. $423mm 2011 revenue.  Perfected manufacturing and experts on distribution side (300 commissioned sales people).  Trades different than Ethan Allen due to listing in Hong Kong.  Cheap company in out of favor industry.


Thai Reinsurance - Recently Prem Watsa comes in to buy 25% after the Thailand floods.  Remarkable 15 year track record. 20% ROE since before Asian crisis in 90's.  Has special position in industry due to knowledge.  $15 billion insured loss.  Rates of many lines have gone up over 100% since the flood.


KazMunai Gas Exploration & Production - Publically listed national oil company of Kazakhstan.  The government owns 63% of the company.  Went public in London 6 years ago.  Spending $1 billion.  $300mm share repurchased authorization and $100mm bought to date.  Dividend up 63% with only partial earnings payout.  KMG is selling at 6x earnings, 7% dividend yield, as well as $2 per barrel valuation for quality and producing assets.


Embedded below is Isaac Schwartz's presentation from the Value Investing Congress:




The above notes are courtesy of Kyle Mowery from GrizzlyRock Capital.  Be sure to click here for other presentations from the Value Investing Congress.