The Asian Horse for Value Investors: The Tale of Cosmax vs L’Oreal

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The following article is extracted from the Bamboo Innovator Insight weekly column about the process of generating investment ideas among wide-moat businesses in Asia. Each month, an in-depth presentation on one such business is featured in The Moat Report Asia.

The Three Apples was on my mind in August 2007 when the Bamboo Innovator was in Seoul presenting to a group of about 50 Korean SME CEOs and the commerce minister at the KITIA-PwC conference. The first, “Eve’s apple,” the apple of morality. The second, the “Apple of Beauty,” the one which was given to Aphrodite by the Trojan prince. The third, “Newton’s apple of science”, the one that inspired Newton for the development of his theory of universal gravitation. The Three Apples is the corporate symbol of Korea’s Cosmax(Kospi: 044820 KS, MV $720 million), an ugly-duckling cosmetics company that the Bamboo Innovator decided to pay a visit amongst the over two thousand companies listed in Korea after the conference.

Read more at The Moat Report Asia.