SRS Saves Tax. But What Does It Commit?
Looking beyond the tax saving to the cash you still need to set aside.
INDEPENDENT EQUITY RESEARCH
What Has to Be True to Own It?
We treat a business like a structure. Identify what carries the weight. Make the ownership case explicit: its assumptions, risks and conditions. Then return to see whether they still hold.
The analysis is ours.
The decision is yours.
Research, in public
Original analysis. Published assumptions. Subsequent outcomes.
14 companies tracked ·
Research Outcomes Tracker
Featured
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.
The Price Is Falling. Now What?
What three investment cases reveal about looking past the price.
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.
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.
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.
ANTA Sports: The Machine Behind the Brands
ANTA built China’s largest sportswear group by making brands economically stronger through retail execution. Its next test is whether that machine can keep compounding as the brands and investments become larger, more expensive and harder to control.
Reading Peter Lynch Again, From the Other Side of Research
Ten lessons from a new foreword, seen differently further along the investing journey.
Research Built Around the Decision
Jun 21
Zijin Mining Group: Finding Advantage in Difficult Ground
At the surface level, Zijin exists to resolve a physical supply deficit. Decarbonisation, electric vehicles, solar and wind, transmission grids, and the computing infrastructure behind AI all require more copper at a time when the global mining sector has been starved of new supply.
22 min read
Jun 17
When Information Becomes Abundant, Judgment Becomes Scarce
AI can model the odds. It cannot be the one who decides to proceed despite them.
9 min read
Jun 16
Pan-United Corporation Ltd.: Snapshot
The Snapshot distills the full First Principles Analysis into a single reference page: the central question the analysis is built
11 min read
Jun 11
Haidilao (6862.HK): First Principles Analysis
If you're coming from the First Principles Brief, you already know what Haidilao does and why the business
30 min read
Jun 11
Haidilao International Holding: Snapshot
The Snapshot distills the full First Principles Analysis into a single reference page: the central question the analysis is built
11 min read
Jun 05
Pan-United: Concrete Is the Business. The System Around It Might Be the Moat.
There is also a durability argument that I keep returning to. Concrete has not fundamentally changed in a hundred years. You can make it greener, stronger, lighter, smarter to deliver. But the thing itself, a material that hardens into infrastructure, is not going away.
18 min read
May 29
The Part We Control, and the Part We Don't
We have all heard the phrase. More risk, more reward. It is repeated so often it has stopped sounding like an argument and started sounding like a fact. Take the chance, earn the return. Accept the uncertainty, collect the return.
6 min read