HOLI - Hollysys Offering Automation Potential And A Boardroom Soap Opera

• Hollysys has continued to execute well in China's process automation market, gaining share in the power sector and expanding/growing in additional markets like chemicals and oil/gas.
• Rail performance has continued to be mixed, with Hollysys holding on to solid share in ATP, but not really making visible progress elsewhere.
• The board/management continue to fight a rancorous battle with the former CEO over the latter's attempt to buy out the company.
• Hollysys shares look substantially undervalued, but transparency and management's ability to execute are still very much in doubt; the buyout offer also meaningfully undervalues the company.

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