Hi Damien,
Your analysis and work is brilliant! You’ve also compared them with one of its competitors.
Honestly, very few people would have the courage to venture into sunset industry that is going through consolidation. 1010 Print is one of the rare breeds. The management, Lau Chuk Kin was descended from its parent co, Cinderella Marketing. His past allocation behaviour in the company is very impressive. You can read some comments I wrote about their capital allocation behaviour here.
One concern is on-going low interest rate which allows their competitors to survive longer.
