David Fuller's view This is a relatively small purchase using some accumulated dividends in my main account. Asian Citrus Holdings (ACHL LN) (weekly & daily) is listed on London's AIM market and also in Hong Kong. It is a small citrus grower in Southern China. ACHL looks good on paper, if the figures can be believed: Yield 3.22%, Est P/E 6.5, P/B 0.6 Div Cover 6.1 and a market cap of £450 million.

ACHL share price had a torrid time last year, not helped by China being out of fashion with western investors following some reverse merger scandals in the USA, which even caught out Anthony Bolton. Technically, ACHL had a Type-1 (as taught at TCS) climactic trend ending last September. Following the Type-2 large rebound trading resembles right-hand base formation extension. I look for a cyclical recovery in line with the global bull phase and a re-rating for China generally. I have purchased ACHL for a recovery, not the long term.