Oct 05
SRS Saves Tax. But What Does It Commit?
Looking beyond the tax saving to the cash you still need to set aside.
6 min read
Ryan Gallinera
My career is built at the intersection of structural thinking and visual clarity, and this perspective is the foundation of everything we do here.
Glavcot Insights is an independent, reader-supported publication.
Oct 01
Trip.com Group Limited (TCOM): First Principles Analysis
Trip.com works as a system, not a single feature. Three ordinary advantages, inventory depth, loyalty and fulfilment, and the stakes in nearby platforms, interlock into something a single-point competitor cannot copy.
39 min read
Sep 27
Trip.com Group Ltd: Snapshot
The Snapshot distills the full First Principles Analysis into a single reference page: the central question the analysis is built
12 min read
Sep 23
The Price Is Falling. Now What?
What three investment cases reveal about looking past the price.
9 min read
Sep 19
VICOM: When Durability Matters More Than Growth
An economy cannot let vehicle owners certify that their own cars are roadworthy. Someone independent and accredited has to check, and Singapore makes that check compulsory through the LTA. VICOM was established in 1981 to provide it.
21 min read
Sep 09
Nike Is the Headline. The Reshuffle Is the Story.
Taken together, the reshuffle tells us more about how the market has been priced than about which of these businesses are better. That is what an index is built to show.
7 min read
Sep 01
Sheng Siong Group Ltd (SGX. OV8): First Principles Analysis
This analysis settles that tension with a sharper claim. Sheng Siong's advantage is durable enough to protect its existing economics but not expansive enough to justify any price. Its strength is persistence, not acceleration.
38 min read