TWE had already fallen foul of the Chinese regulator in recent years hence the lack of selling when China cast its net further afield. We believe this is a company whose assets are undervalued and the lack of selling in recent weeks shows us many agree e.g. the value of both stock like Grange and their vineyards are interestingly marked at cost, not resell value. We’ve already seen asset rich businesses attract the most M&A activity which puts TWE ahead of A2M in our opinion from purely a takeover perspective buts it close run race.
MM likes TWE around current levels
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