Research from Value Investing, Value Investing

Value Investing

Research from Value Investing

I am a value investor. "Value", as defined in Value Investing, is simply the act of buying something for less than its worth. I treat my equity investment as a loan to the business - where the priority is to get back my principal in full, rather than achieving maximum yield. I consider my equity investment as a slightly higher risk loan extended to the business with slightly more accommodative loan covenants - hence justifying a slightly higher yield. While I identify as a value investor and cover all stocks and macro topics indiscriminately, most of my research will have an ASEAN bent as that’s where I’m geographically located.

Thematic (Sector/Industry)

<ul><li>The red &amp; blue arrows highlight the apples-to-apples comparisons to be made between the respective bars (more details below)</li><li>Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022.</li><li>This article is a repeat of that for all the stocks I had written about in 2023.</li></ul>

The red &amp; blue arrows highlight the apples-to-apples comparisons to be made between the respective bars (more details below)Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022.This article is a repeat of that for all the stocks I had written about in 2023.

Value Investing Substack Portfolio Review | Annual Letter 2023

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>Regulatory risks back in the spotlight, dampening decent year for both counters.</li>
<li>At the end of last year, China’s regulator released a proposal to introduce spending and time limits on gaming (22 Dec).</li>
<li>Tencent was down 12% on the day, Naspers and Prosus followed suit with more aggressive selling, sending both stocks down 17% for the half day of trading. </li>
</ul>


Regulatory risks back in the spotlight, dampening decent year for both counters.
At the end of last year, China’s regulator released a proposal to introduce spending and time limits on gaming (22 Dec).
Tencent was down 12% on the day, Naspers and Prosus followed suit with more aggressive selling, sending both stocks down 17% for the half day of trading. 


Naspers (NPN) X Prosus (PRX): A Look Back at 2023, Regulatory Risk Back in Spotlight

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>BABA/ SE/ PDD: Lazada mass-layoffs also in China offices (+/+/-)</li>
<li>NTES: Local media published an article addressing the issue of underage top-up in NetEase's mobile game &lt;Eggy Party&gt; (/)</li>
<li>700 HK: The New Year event operation of &lt;CrossFire Mobile&gt; is a success.(+)</li>
</ul>


BABA/ SE/ PDD: Lazada mass-layoffs also in China offices (+/+/-)
NTES: Local media published an article addressing the issue of underage top-up in NetEase's mobile game &lt;Eggy Party&gt; (/)
700 HK: The New Year event operation of &lt;CrossFire Mobile&gt; is a success.(+)


[Blue Lotus Daily - TMT Update]: BABA/SE/PDD/3690 HK/NTES/700 HK/AMZN/MELI/CPNG

Fundamental Principles of the Stock Market, From 0 to 1 in the Stock Market

From 0 to 1 in the Stock Market

Fundamental Principles of the Stock Market

Fundamental principles of the stock market, earnings reviews and research. My name is Giuliano Mana, I’m 23 years old. I have a B.A Degree in Finance and I’m a Master’s candidate at Brandeis IBS. I’ve been thoroughly going over huge amounts of reading material regarding the stock market and hope to transmit some insights here.

Equity Bottom-Up

<ul>
<li>The last twelve months were, market-wise, interesting. Multiple things have happened that contributed to changes in my thinking-process.</li>
<li>Refining thoughts and the mental mechanism I utilize to approach portfolio management should lead to success, or at least that is my hypothesis.</li>
<li>Continuous learning allows for building more solid premises. Given time, compound interest sharpens them to the point where chances of error are minimum.</li>
</ul>


The last twelve months were, market-wise, interesting. Multiple things have happened that contributed to changes in my thinking-process.
Refining thoughts and the mental mechanism I utilize to approach portfolio management should lead to success, or at least that is my hypothesis.
Continuous learning allows for building more solid premises. Given time, compound interest sharpens them to the point where chances of error are minimum.


Independent Research, US Dominant Players, Investment Talk

Investment Talk

Independent Research, US Dominant Players

Investment Talk is for readers who wish to learn about companies that are potentially outside of their own circle of research, as well as those who are longing to become part of a community of like-minded investors and learn more about investment research. I would describe myself as a long-term investor who typically takes a 3Y to 5Y outlook, before reassessing once that period matures. I follow the adage that one should research, reach a conclusion, and then verify and continue to hold so long as the thesis remains intact. My own investing style is one that seeks to find dominant players within their respective market who have shown signs of monopoly or oligopolistic behaviour, unlikely to be disrupted, in tandem with discovering market disruptors who have a high likelihood of disrupting their respective market. Equally (and weighted accordingly) I seek to discover more nuanced, misunderstood, situations with a shorter time frame.

<ul><li>Beanie Babies, Tamagotchis, fidget spinners, heelys, silly bandz, pogs, pet rocks, mood rings, cabbage patch kids…</li><li>Every generation has its share of fad products, fashion statements, and hairstyles.</li><li>But what separates a fad from a sustainable trend? Understanding the difference between the two can be challenging.</li></ul>

Beanie Babies, Tamagotchis, fidget spinners, heelys, silly bandz, pogs, pet rocks, mood rings, cabbage patch kids…Every generation has its share of fad products, fashion statements, and hairstyles.But what separates a fad from a sustainable trend? Understanding the difference between the two can be challenging.

United States

Makemytrip Ltd. offers travel services over the Internet.  The Company operates websites that allow travelers to research and plan trips and book airline tickets, hotels, packages, rail tickets, bus tickets, and rental cars. Makemytrip also offers access to travel insurance.

The RealReal, Inc. owns and operates a members-only consignment marketplace for luxury goods. The Company specializes in curating and authenticating a full range of previously owned luxury products such as clothing, shoes, accessories, and jewelry that are sold on consignment. The RealReal markets its products and services throughout the United States.

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

VMware, Inc. provides virtualization solutions from the desktop to the data center. The Company's solution products addresses a range of IT problems, which includes cost and operational inefficiencies, business continuity, software lifecycle management and desktop management.

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

Besttone Holdings Co Ltd is involved in hotel management, catering and travel arrangement.  The Company is based in China.

Canon Inc. is a professional and consumer imaging solutions company and patent-holder of digital imaging technologies. The Company's products include networked multifunction devices, digital and analog copiers, computer peripherals, facsimile machines, image filing systems, camcorders, cameras and lenses, semiconductor, and broadcast and medical equipment.

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products.  The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing.

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon.com Inc (AMZN US)

Value Investing Substack Portfolio Review | Annual Letter 2023

Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022. This article is a repeat of...

Value Investing

Naspers (NPN) X Prosus (PRX): A Look Back at 2023, Regulatory Risk Back in Spotlight

A look into how the discounts traded through the year. Naspers outperformed Prosus by a large margin highlighting the merits of the structure...

DMA

[Blue Lotus Daily - TMT Update]: BABA/SE/PDD/3690 HK/NTES/700 HK/AMZN/MELI/CPNG

Lazada mass-layoffs also in China offices. NetEase faces criticism over underage top-ups in mobile game . The New Year event operation of is a...

Blue Lotus Research Institute

2023 Shareholder Letter

The last twelve months were, market-wise, interesting. Multiple things have happened that contributed to changes in my thinking-process.

From 0 to 1 in the Stock Market

Fads and Second Acts

Beanie Babies, Tamagotchis, fidget spinners, heelys, silly bandz, pogs, pet rocks, mood rings, cabbage patch kids… Every generation has its share...

Investment Talk

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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