James Lim, Portfolio Manager and Senior Research Analyst at Dalton Investments, recently wrote a letter to the board of directors and the management of JB Financial, commending them for their willingness to work more closely with stakeholders. When Dalton started investing in JB around 10 years ago, its Return on Equity (“ROE”) was the lowest in the industry with 6%. However, its ’23 ROE of 12% was now the highest in the industry which had average ROE of 8%. This is due to the company’s focus on core businesses and identification of niche markets. Read the full letter here.
