Emerging Markets

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Maple Leaf Cement Factory Ltd: MLCF

Essentially a turnaround, the company has de-levered from excessive debt levels (110% of Revenues in 2012 to 13% of Revenues in 2016!) to manageable ones. It has raised free cashflows, kept cash on hand relatively stable, the current ratio has improved from 0.56 (2012) to 1.65 (2016) and the Quick ratio has risen from 0.18 to 0.41. What an admirable management! The competitive landscape is very tough as LUCK & BWCL command a larger share of market but higher valuations too. Whereas LUCK:KAR is for the cool boys, Maple is for the old schoolers.