HOFT - Hooker Furniture: Record Results And Backlog Earnings Beat Equals High Upside

• We see Hooker Furniture having 60% total return potential [on top of the 82% return so far since we initiated coverage].
• Strong order growth leading to record high backlog +206% YoY, equal to 2 months' worth of sales.
• $7.30 per share net cash, or 18% of the stock price.
• All business segments saw YoY increases in their top line.
• Housing market is strong with legs till FY23, with markets witnessing biddings war and demand outstripping supply.

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