Mainland China
Prosus (PRX NA)
Tencent at a 35% discount with consistent share buybacks
Deep-dives
Singapore
Delfi (DELFI SP) － 2024 update
Indonesia's leading chocolate manufacturer at 8.8x 2026e P/E. Estimated reading time: 20 minutes
Deep-dives
PropertyGuru (PGRU US)
The Zillow of Southeast Asia, but at 2.7x EV/Sales
Philippines
Ginebra San Miguel (GSMI PM)
The world’s largest gin producer at 7x P/E
Deep-dives
Straco Corporation (STCO SP)
Singapore-based developer of tourism assets at 5x full-recovery EV/EBIT
Mainland China
IMAX China (1970 HK)
Exclusive provider of IMAX cinema equipment to China at 7.5x P/E
Deep-dives
Tai Cheung (88 HK)
Solid Hong Kong property developer at 79% discount to NAV with no debt
Japan
Curves Holdings (7085 JP)
Spin-off & COVID-19 recovery combo at 10x normalized EV/EBIT
Deep-dives
Fairfax India (FIH/U CN)
Smart investor in a promising country at a 40% discount
Deep-dives
SUTL Enterprise (SUTL SP)
Asia’s best marina in a growing city at a P/E of 7x
Mainland China
China Tower (788 HK)
State monopoly at a forward P/E of 11x and rapidly falling depreciation charges
Malaysia
Hartalega update (HART MK)
Getting close to an ASP bottom. Estimated reading time: 15 minutes.