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Long/short equity, special situations, value, tech

Nam Tai Story Intact, We Don't Believe The GM Guidance

Yesterday, shares of Nam Tai (NTE) went on a joyride, climbing almost 20% in pre-market following outstanding Q4 results, before closing down over 7% due to concerns of gross margin pressure. We believe fears of margin pressure are completely overblown. Management guided to margin pressure throughout 2012, a period in which gross margins improved over 700bps. In fact, management has ...

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