tag:blogger.com,1999:blog-6718159251318954028.post5777360335939242371..comments2023-07-02T07:02:24.456-07:00Comments on Bull, Bear and Value: Hong Kong and Greek Portfolio Updatebovinebearhttp://www.blogger.com/profile/04228265833456707316noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-6718159251318954028.post-20433154680243787912019-02-25T19:16:08.087-08:002019-02-25T19:16:08.087-08:00This comment has been removed by a blog administrator.Sophie Gracehttps://www.blogger.com/profile/09769321133171248409noreply@blogger.comtag:blogger.com,1999:blog-6718159251318954028.post-18341195743147943222015-12-03T01:47:17.859-08:002015-12-03T01:47:17.859-08:00Yep, the gross margin improvement looks great but ...Yep, the gross margin improvement looks great but likely influenced heavily by currency effects. Corporate tax rate has increased to 29% in Greece overall so that one was expected. The Q2 legal charge is still being contested in the courts, which in Greece probably means it could still go either way (and take a really long time to resolve). Still; mid-teens growth on net revenue is very good given the disruption with the capital controls etc. The comparables with Q4 and fy2016 will be much tougher however since Q3-14 was a really weak quarter. In Q4-14 they had really great sales in Africa so I am curious to see how Q4 will unfold this year. Too bad it will probably take until March before we find out. Anonymoushttps://www.blogger.com/profile/11504176731847862547noreply@blogger.comtag:blogger.com,1999:blog-6718159251318954028.post-4840673787628145792015-12-02T13:28:56.417-08:002015-12-02T13:28:56.417-08:00Hi Timberwolf, thanks for bringing the report to m...Hi Timberwolf, thanks for bringing the report to my attention. I am glancing at it right now. I focus on the income statement. I see that taxes have gone up as well as the provision for the adverse tax/duty decision. The EPS is $14. If you strip out those two items maybe it would be $18-$19 for the 9months. Decent but not great.<br /><br />The bright side is they have improved margins from 11% last year to 14%.<br />bovinebearhttps://www.blogger.com/profile/04228265833456707316noreply@blogger.comtag:blogger.com,1999:blog-6718159251318954028.post-21447794974839302872015-12-02T03:05:22.877-08:002015-12-02T03:05:22.877-08:00Any thoughts on Karelia's Q3 earnings? Growth ...Any thoughts on Karelia's Q3 earnings? Growth slowed down quite a bit but was still more than decent imo. African, Greek and EU sales are still moving along nicely; Asia has been relatively weak but especially so in Q3, which surprises me since these are dollar sales that should benefit from the euro's weakness. The Balkan is also pretty weak because their currencies have depreciated. I am also a bit cautious about BAT moving into this area with the TDR acquisition. The strength of Greek sales continues to surprise, although this may reverse when additional excise taxes are imposed. Bulgaria's performance is unknown to me. Anonymoushttps://www.blogger.com/profile/11504176731847862547noreply@blogger.com