SEHK:2585Luxury
Mokingran Jewellery Group (SEHK:2585) Stock Richly Priced For A 0.9% Margin Business
Mokingran Jewellery Group walked into these results with a stock that had already climbed sharply over the past three months and now trades on a rich 40.6x P/E. That sets an emotional stage in which every line of the earnings release gets judged against a premium price tag.
The headline from this half year is a very thin profit base against that valuation. Net income from continuing operations over the trailing twelve months sits at C¥186.1m on revenue just above C¥20.4b, which leaves a 0.9%...