Company Research Library
Published company pages contain dated conclusions, earnings drivers, evidence for and against the thesis, financials, valuation, scenarios and thesis monitoring. Markets under migration are shown separately rather than mixed with current research.
Published company research
Only refreshed and currently published pages appear below.
Food Empire
F03 · Growth compounder
A net-cash branded consumer platform with double-digit earnings growth, capacity expansion and operating leverage. The opportunity is attractive because normalized earnings remain reasonably valued, but the high Russia and Central Asia concentration deserves a persistent valuation discount.
Sembcorp Industries
U96 · Value and growth
A diversified power and renewables platform trading at a low normalized earnings multiple. Alinta can materially lift earnings and improve the breadth of the platform, but the acquisition makes leverage and execution the central investment risks.
Singtel
Z74 · Defensive core
A lower-risk Asian telecom holding company with strong associates, improving Optus and NCS, asset recycling and buybacks. The valuation is reasonable on a sum-of-the-parts basis rather than cheap on consolidated P/E.
Stoneweg Europe Stapled Trust
SET / SEB · High-income satellite
High current income and a material NAV discount create rerating potential, supported by under-rented logistics assets and a long debt maturity profile. High gearing, office exposure and EUR currency risk require conservative position sizing.
Alpha Integrated REIT
M1GU · Recovery income
An internally managed industrial REIT with improving occupancy, strong rental reversions and scope for DPU recovery. The attractive yield is balanced by New Tech Park concentration, shorter leases and less extensive interest-rate hedging.
AIMS APAC REIT
O5RU · Quality income
A well-operated industrial REIT with good leasing and steady DPU growth, but the present premium to NAV limits expected return. Economically including perpetual distributions also makes the balance sheet less conservative than headline gearing suggests.
Japan and US research
Existing work from prior chats will be migrated after current filings, price and valuation are refreshed. The library will not display stale conclusions as current research.