AGM SummaryI was a little disappointed with the AGM. None of my control numbers worked when I attempted to log on to ask questions. That said, I was pleasantly surprised with the presentation.
First thing - that deck needs to be publically available - I get that CHW is a small company, but they need to do some IR outreach.
I have attached an image of what I think was the most relevant slide. They are targeting $800MM in originations in 2022, which would put their portfolio at $2BN. I would have been happy with $650MM next year. I was hoping that they'd get to $2BN by 2023, but they are planning on getting there in 2022 and the 2021 originations won't even been rolling off the books by end of 2022.
There are lingering questions on expenses (should be some fixed cost leverage tho), funding & yields, and execution risk, but I think it is still a buy IMO.
