Portfolio update September 2025
A weak month for the portfolio, but with three deep dives published, plenty to think about.
Deep-dives
170 articles
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Didi Global (DIDIY US)
China's leading ride hailing platform at 8.4x 2029e P/E with a HK listing catalyst
Kawai Musical Instruments (7952 JP)
Top piano brand at 0.5x book with a new CEO and a 16% long-term ROE target
Giant Manufacturing (9921 TT)
The world’s largest bicycle manufacturer nearing an inflection point at 10x P/E
Kina Securities meeting (KSL AU)
A Papua New Guinea commercial bank. Estimated reading time: 12 minutes
Haad Thip meeting (HTC TB)
Steady performance but the higher sugar tax is a near-term headwind. Estimated reading time: 11 minutes