A 1x EV Business With a 50% Payout. Did It Just Bottom?

The company just restarted buybacks and signaled its decline may be over—while nobody was looking.

What if a company trading at roughly 1x earnings-to-enterprise value, restarting share buybacks for the first time in years and committing to a 50% dividend payout, quietly posts a positive business update. Written in Chinese and buried in WeChat groups, it escaped the notice of nearly everyone. Nobody is watching. Maybe we should be.

This is a brief update on a company I’ve written about before.