Warwickb December 17, 2019

Suria Capital Holdings Bhd (KLSE:Suria): A Cheap, Conservatively FInanced Port Concession Operator

Writeup by Warwick Bagnall www.oceaniavalue.com Suria has some sell-side analyst coverage so I wouldn’t say it is a totally overlooked stock.  But it has several features which make it a quick pass for many investors: top line revenue is up and down by >50% in many years (the company reluctantly books some capex as revenue), it is small (~116 MM USD market cap) and it is illiquid (~4% annual share turnover).  You can’t buy more than a few thousand USD per day of stock without...

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