Shanghai M&G Stationery Inc. (603899.SS)
ValueMarkers Composite Index
49% below intrinsic value ($7)
Shanghai M&G Stationery Inc. (603899.SS) — VMCI valuation read
Headline read on 603899.SS: VMCI of 64/100 versus a Industrials sector median of 50. The 14-point above-median position is what makes Shanghai M&G Stationery Inc. a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on 603899.SS: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on 603899.SS: value (603899.SS trades at 15.0x earnings, 17% below the Industrials median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Industrials median (10.0%)), and risk (net debt to EBITDA of 1.1x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Industrials 12.0x baseline.
603899.SS fell 0.2% over the trailing 7 days, with a -21.9% read on a 30-day basis.
Shanghai M&G Stationery Inc. engages in the design, development, manufacture, and sale of stationary products in China and internationally. The company offers name cards, laser presenters, white boards, white board markers, table cards, and whiteboard erasers; calculators, staplers, scissors, binders and clips, cutter knifes, pencil sharpeners, ruler and compass products, book ends, tape measures, punches, pen holders, stamp pads, and stamp inks; lever arch files, sliding bar report covers, clip boards, display books, file boxes, expending files, zip bags, name card holders, id holders, and magazine files; paper cups, alarm clocks, desk lamps, trash cans, power converters, rubber bands, garbage bags, and toner cartridges; and note books, printing papers, note papers, and sticky labels and notes. It also provides glue sticks and liquids, adhesive tapes, double sided tissue tapes, masking tapes, and tape dispensers; ballpoint pens, mechanical pencils, markers, pencils, highlighters, gel pens, refills, erasable gel pens, roller pens, and fountain pens; shredders, binding machines, and attendance machines; miffs, snoopies, teddies, correction tapes, pencil caps, training aids, locks, inks, exercise books, papers, book covers, erasers, and math sets; paint brushes, crayons, modeling clays, trays, and paints; and power cables and banks, flash disks, and chargers. As of December 31, 2021, the company operated 523 large retail stores in China, including 60 M&G Life stores and 463 Jiumu stores, as well as engages in the e-commerce business. It sells its products under the M&G brand. The company was founded in 1996 and is headquartered in Shanghai, China. Shanghai M&G Stationery Inc. is a subsidiary of M&G Holdings (Group) Co., Ltd.
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