Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

<ul>
<li>I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.</li>
<li>Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.</li>
<li>Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.</li>
</ul>


I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.
Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.
Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.


Quality-Value Investing

Marc Melendez, CFA

Emerging Market Small and Mid Cap Equities

Reperio Capital

Reperio Capital Research was founded in 2013 with the goal of better serving the investment community with in-depth, high quality, value oriented research.

Reperio means to discover in latin. Using value investing principles, we aim to discover a minimum of 12 investment opportunities per year within the Emerging Markets Small and Mid Cap universe.

We take a business owners perspective with a long term investment horizon. We conduct bottom up, fundamental research. We focus on downside risks and require a significant margin of safety in any investment to prevent the permanent loss of capital. All factors differentiating our research from the short term, trading focus of traditional research providers.

<a href="https://www.smartkarma.com/entities/17340" target="_blank" data-smartkarma-citation="entities:17340:1">Goldpac (3315 HK)</a> is the largest financial integrated circuit (IC) card manufacturer in China with a 15% market share. The company’s revenue is declining due to macroeconomic weakness, financial regulation, and pricing pressures. Despite the top line weakness, Goldpac continues to invest in R&amp;D to create new revenue streams and recently constructed a Fintech Hub to develop additional opportunities.
Despite the core business weakness, the company is profitable with an average ROIC of 72.0% since 2012 and no losses over the same period. It has a net cash position, a 2017 payout ratio of 100%, and no corporate governance concerns.
Using conservative assumptions, the company has 50% upside on both an asset valuation and earnings valuation, and limited downside due to its share price trading at its liquidation value. With a 10% dividend yield, you are adequately compensated to wait for the market to realize Goldpac’s value making the company a very attractive investment opportunity.

Goldpac (3315 HK) is the largest financial integrated circuit (IC) card manufacturer in China with a 15% market share. The company’s revenue is declining due to macroeconomic weakness, financial regulation, and pricing pressures. Despite the top line weakness, Goldpac continues to invest in R&amp;D to create new revenue streams and recently constructed a Fintech Hub to develop additional opportunities.
Despite the core business weakness, the company is profitable with an average ROIC of 72.0% since 2012 and no losses over the same period. It has a net cash position, a 2017 payout ratio of 100%, and no corporate governance concerns.
Using conservative assumptions, the company has 50% upside on both an asset valuation and earnings valuation, and limited downside due to its share price trading at its liquidation value. With a 10% dividend yield, you are adequately compensated to wait for the market to realize Goldpac’s value making the company a very attractive investment opportunity.

Goldpac- 10% Dividend Yield, 50% Upside with Limited Downside

Hong Kong

Goldpac Group Limited manufactures, supplies and distributes financial cards, card personalization services, on-side card insurance system solutions, magnetic strip cards and authentication smart cards. The Company offers its products and services throughout China.

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Goldpac (3315 HK)

Investing in HK Stocks

If you invest in Western markets this would be enough, but not in Asian markets where the trust factor is a lot lower, and where ownership is more...

Turtles all the way down

Goldpac- 10% Dividend Yield, 50% Upside with Limited Downside

Goldpac (3315 HK) is the largest financial integrated circuit (IC) card manufacturer in China with a 15% market share. The company’s revenue is...

Reperio Capital

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