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
Dec 19
Reading Ownership Composition: Advanced Insights
This is Part 2 of a two-part series on ownership structure. In Part 1, we explored why ownership matters and introduced three foundational signals every investor should evaluate. Here, we dive deeper—examining how ownership dynamics evolve over time
9 min read
Dec 12
Why Ownership Structure Matters More Than Most Investors Realize
This is Part 1 of a two-part series exploring how ownership structure shapes investment outcomes. In this first part, we'll establish the foundational framework—why ownership matters, the spectrum of ownership structures, and three key signals every investor should evaluate.
8 min read
Dec 07
The Hour Glass Limited (AGS.SI): Gatekeepers of Time, How a Family Retailer Built a Luxury Moat Piece by Piece
A family-owned gatekeeper to the world's most exclusive timepieces across Asia-Pacific — holding authorized dealer relationships with Swiss luxury brands that most retailers can't access...
15 min read
Dec 01
Warren Buffett Doesn't Buy Gold. Over 10 Years, That Would've Been Wrong
Gold outperformed the S&P 500 over the past decade (2016 - 2026).
Buffett still wouldn’t buy it—and
1 min read
Dec 01
The Ownership Blindspot
Years ago, I found stocks that looked perfect on every screener. 12–15 P/E. Decent returns. Stable earnings. But
1 min read
Dec 01
Who’s Rowing The Boat
When analyzing stocks, most investors check who owns the majority. Few check what those owners are doing with that control.
1 min read
Dec 01
Why Share Prices Mislead Most Investors
Most investors treat share prices as verdicts on the business. They’re not.
The price you see is simply the
1 min read