Delfi (DELFI SP) — 2025 update
Indonesia's largest chocolate producer, trading at sub-10x P/E if and when cocoa prices ever fall
Deep-dives
Tai Cheung (88 HK) — 2025 update
Hong Kong residential property developer at 0.33x book and 7% dividend yield
Oriental Watch (398 HK)
Blue chip Chinese Rolex dealer at 8x P/E and 50% net cash/market cap
Bermaz Auto (BAUTO MK)
Ongoing Mazda product refresh and EV tax exemption expiry while 5x P/E
Concepcion Industrial (CIC PM)
Philippine air-conditioning giant at 7x P/E and 7% dividend yield
Golden Throat (6896 HK)
China’s leading lozenge maker at 10x P/E and a 10% dividend yield
A new era for Jardine Matheson
An under-the-radar transformation. Estimated reading time: 27 minutes.
Haier D-share (690D GR) — 2025 update
World-leading home appliances business at 7x P/E. Estimated reading time: 15 minutes
