Portfolio update September 2025
A weak month for the portfolio, but with three deep dives published, plenty to think about.
Deep-dives
170 articles
(Page 10)
Deep-dive 2022-20: Velesto Energy
Forgotten Malaysian offshore drilling rig operator trading below peer multiples
Deep-dive 2022-19: Samsonite
The leader in the global luggage market is seeing a travel recovery take shape
Taste Gourmet meeting notes
Hong Kong multi-brand restaurant chain expanding into mainland China. Estimated reading time: 5 minutes
United Plantations 2022 update
An update to the April 2021 report on United Plantations. Estimated reading time 19 mins.
Deep-dive 2022-18: Largan Precision
The world's leading optical lens supplier getting ready for an iPhone upgrade
Deep-dive 2022-17: Sony
Japanese entertainment company with a PlayStation 5 kicker. Estimated reading time: 7 minutes.
Deep-dive 2022-16: Dream International
World leading plush toy manufacturer with exposure to Tokyo Disneyland
Deep-dive 2022-15: Kyushu Railway
Railway operator and real estate developer with COVID-19 catalysts
Deep-dive 2022-14: FANUC
World leader in CNC devices and industrial robots to enjoy yet another cycle
CNOOC: 2022 update
Negative effect from US sanctions on CNOOC dissipating, crude oil prices at record levels while valuation multiples are half the global peer group's. Estimated reading time: 13 minutes.
Deep-dive 2022-13: Uni-President China
Ready-to-drink tea and instant noodles leader below 10x normalised EBIT