Vriddhi Consulting Pte

Punit Khanna

Independent Insight Provider

Equity Bottom-Up

DKSH Holdings Malaysia / Equity Bottom-Up

DKSH Holdings Malaysia Berhad is principally an investment holding company. The principal activity of the Group is the provisioning of Market Expansion Services, which range from marketing, to sales force management, distribution and logistics, invoicing and credit management, inventory and returned goods management, and other services.

<ul>
<li>It has stable free cash flow generating business which involves own marketing own brands, distributing consumer and healthcare products in Malaysia</li>
<li>The company has double digit ROE and trades below Book Value per Share</li>
<li>Trades at significantly lower  valuations to its parent and  other Malaysian consumer stocks</li>
</ul>


It has stable free cash flow generating business which involves own marketing own brands, distributing consumer and healthcare products in Malaysia
The company has double digit ROE and trades below Book Value per Share
Trades at significantly lower  valuations to its parent and  other Malaysian consumer stocks


DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations

Ewan Markson-Brown

Cross Asset Strategy

<ul>
<li>Century of Decline, One Shock Reset: Argentina fell from 80% of US GDP to 25%—Milei is reversing it with fiscal shock therapy. </li>
<li>From Chaos to Credibility: Inflation tamed, market confidence rising—first fiscal surplus in a decade.</li>
<li>Decentralization, AI, and the Next Model: Tax federalism and AI governance make Argentina the first EM reform lab.</li>
</ul>


Century of Decline, One Shock Reset: Argentina fell from 80% of US GDP to 25%—Milei is reversing it with fiscal shock therapy. 
From Chaos to Credibility: Inflation tamed, market confidence rising—first fiscal surplus in a decade.
Decentralization, AI, and the Next Model: Tax federalism and AI governance make Argentina the first EM reform lab.


Argentina: The First Domino How Freedom, Discipline, and Bitcoin Are Rewriting the EM Playbook

Equities. Commodities. Metals & Mining

Rahul Jain

Sandur Manganese & Iron Ore / Equity Bottom-Up

The Sandur Manganese & Iron Ores Limited manufactures, ferrosilicon, ferro manganese, pig iron, silica manganese and, dot matrix printers.

<ul>
<li>Scale-Up in Mining: Iron ore capacity ramped up to 3.86 MTPA with visibility to reach 4.36 MTPA, positioning mining as a high-margin cash engine.</li>
<li>Forward Integration via Arjas Acquisition: Strategic acquisition of Arjas Steel marks a shift from merchant mining to integrated steel production, with embedded OEM relationships and SBQ focus.</li>
<li>Valuation Reset in Progress: Despite structural upgrades, the stock trades at ~8x EV/EBITDA, offering a rerating opportunity as steel margins expand and loss-making verticals normalise.</li>
</ul>


Scale-Up in Mining: Iron ore capacity ramped up to 3.86 MTPA with visibility to reach 4.36 MTPA, positioning mining as a high-margin cash engine.
Forward Integration via Arjas Acquisition: Strategic acquisition of Arjas Steel marks a shift from merchant mining to integrated steel production, with embedded OEM relationships and SBQ focus.
Valuation Reset in Progress: Despite structural upgrades, the stock trades at ~8x EV/EBITDA, offering a rerating opportunity as steel margins expand and loss-making verticals normalise.


SMIORE: Transitioning from Merchant Miner to Integrated Steel & Minerals Powerhouse

<ul>
<li>Stable and free cash flow generating business available at attractive price</li>
<li>Trades below book with double digit ROE and at Significant discount to its parent valuation</li>
<li>Priced towards low end of historical PE and P/B ( similar to COVID valuations)</li>
</ul>


Stable and free cash flow generating business available at attractive price
Trades below book with double digit ROE and at Significant discount to its parent valuation
Priced towards low end of historical PE and P/B ( similar to COVID valuations)


DKSH Malaysia (DKSH MH):  Stable Business Available at Attractive Valuation

Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Technology Minerals PLC / Equity Bottom-Up

Technology Minerals PLC provides exploration and mining services. The Company explores and develops battery metals such as cobalt, lithium, nickel, and manganese. Technology Minerals serves customers worldwide.

<ul>
<li>The global podcast Company reports its YE December 2024 and Q1 Trading update.</li>
<li>Its revenue increased 13% to $73.4m, with a PBT of $904k against a $16.75m loss for YE December 2023 and the EBITDA is $3.4m, up from a loss of $0.4m.</li>
<li>Showcase, the scalable, higher gross margin, tech-based, global advertising marketplace grew significantly, with a 56% increase to record revenue of $23.1m. </li>
</ul>


The global podcast Company reports its YE December 2024 and Q1 Trading update.
Its revenue increased 13% to $73.4m, with a PBT of $904k against a $16.75m loss for YE December 2023 and the EBITDA is $3.4m, up from a loss of $0.4m.
Showcase, the scalable, higher gross margin, tech-based, global advertising marketplace grew significantly, with a 56% increase to record revenue of $23.1m. 


Technology Minerals PLC - Hybridan Small Cap Feast: 09/04/2025

Insights from the newest additions to our network

New on Smartkarma
Insights from the newest additions to our network

DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations

Article highlights a Malaysian company with stable cash flow, strong ROE, and attractive valuations compared to its peers and parent company.

Punit Khanna

Argentina: The First Domino How Freedom, Discipline, and Bitcoin Are Rewriting the EM Playbook

Milei is rewriting the EM playbook. Inflation is falling, markets are rising, and reform is real. Argentina isn’t the model—it’s the rupture....

Ewan Markson-Brown

SMIORE: Transitioning from Merchant Miner to Integrated Steel & Minerals Powerhouse

Mining company scales up iron ore capacity, acquires Arjas Steel for integrated steel production, poised for valuation rerating as steel margins...

Rahul Jain

DKSH Malaysia (DKSH MH): Stable Business Available at Attractive Valuation

Article highlights a stable, cash flow generating business trading at an attractive price, with a double digit ROE and significant discount to its...

Punit Khanna

Technology Minerals PLC - Hybridan Small Cap Feast: 09/04/2025

Its revenue increased 13% to $73.4m, with a PBT of $904k against a $16.75m loss for YE December 2023 and the EBITDA is $3.4m, up from a loss of $0.4m

Hybridan

DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations

​Article highlights a Malaysian company with stable cash flow, strong ROE, and attractive valuations compared to its peers and parent company.

Punit Khanna

Argentina: The First Domino How Freedom, Discipline, and Bitcoin Are Rewriting the EM Playbook

Milei is rewriting the EM playbook. Inflation is falling, markets are rising, and reform is real. Argentina isn’t the model—it’s the rupture....

Ewan Markson-Brown

SMIORE: Transitioning from Merchant Miner to Integrated Steel & Minerals Powerhouse

​Mining company scales up iron ore capacity, acquires Arjas Steel for integrated steel production, poised for valuation rerating as steel margins...

Rahul Jain

DKSH Malaysia (DKSH MH): Stable Business Available at Attractive Valuation

​Article highlights a stable, cash flow generating business trading at an attractive price, with a double digit ROE and significant discount to its...

Punit Khanna

Technology Minerals PLC - Hybridan Small Cap Feast: 09/04/2025

Its revenue increased 13% to $73.4m, with a PBT of $904k against a $16.75m loss for YE December 2023 and the EBITDA is $3.4m, up from a loss of $0.4m

Hybridan

Article highlights a Malaysian company with stable cash flow, strong ROE, and attractive valuations compared to its peers and parent company.

Mining company scales up iron ore capacity, acquires Arjas Steel for integrated steel production, poised for valuation rerating as steel margins...

Article highlights a stable, cash flow generating business trading at an attractive price, with a double digit ROE and significant discount to its...