Librarian's Weekly Twitter Highlights
Reading Materials (Kone & China, Jamie Dimon, U.S Cable)
This is a weekly selection of my top tweets during the week, which can include market commentary, company news or other developments relevant to investors.
Topics
Kone Investor Day: Life After China Construction Boom
Jamie Dimon Wants You To Think Before (Proxy) Voting
Comcast: No Change in Cable Market Dynamics
Kone Investor Day: Life After China Construction Boom
Kone had their bi-annual investor day on Wednesday (June 1). Kone has long been considered a high-quality asset (with “quality” investor Fundsmith as their #1 shareholder), but their shares are now at their lowest level since April 2019.
Kone’s Achilles’ heel is China, where they generated c. 35% of their sales in 2021 (at margins higher than group average). Whereas recurring high-margin Maintenance contracts are what make elevator companies good businesses, Kone’s revenues in China are 85% New Equipment, priced at unusually high margins that reflect the low attachment rate of Maintenance contracts in that country.
2022 represents…