John Zhang
Deep Value, long/short equity, contrarian

Playmates Toys: Unknown, Undervalued, Misunderstood

Editor's Note: There is much greater volume on the Hong Kong exchange under the ticker 869. All figures given in HKD, 1 USD = 7.75 - 7.80 HKD.


Value is often found in unlikely places, and as such one needs to search in nooks and crannies to sift out stocks that are under-the-radar and undervalued. With a bit of luck, we find a hidden bargain like Playmates Toys, who manufactures the popular Teenage Mutant Ninja Turtle (TMNT) line of toys that have proven to be extremely popular in the States. Unfortunately, the company and stock are unheard-of to the legions of fans based in the U.S., and we believe this asymmetry in information presents an opportunity.

Playmates Toys (

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