Golden Resources (GRD) is GRD is a principal importer, wholesaler and marketer of rice in Hong Kong, and this is a stable but boring business. At first look, Company looks like it is a HK rice importer from Thailand, etc. However, more than 50% of its revenue actually comes from leading Convenience store chain in Vietnam (54% revenue contribution in 2020E) which...
Golden Resources (GRD) is GRD is a principal importer, wholesaler and marketer of rice in Hong Kong, and this is a stable but boring business. Generates high > 20% ROIC.
But what is the hidden GEM here? Company is the no.1 leading convenience retail chain, Circle K, in Vietnam! GRD is an play on rising consumers in Vietnam. Generates around 40~50% of rev from...
