Independent Investment Research Across Global Markets
Evidence-based company research, rankings and portfolio decisions across Singapore, Japan and the United States. Every conclusion is dated, price-sensitive and designed to be challenged as facts change.
Quality is not enough at any price.
- Separate business quality from entry valuation.
- Model the earnings mechanism, not only the narrative.
- Record disconfirming evidence and thesis breakers.
- Preserve dated conclusions and revision history.
Enter research by market
Singapore / SGX
Income, domestic defensives, regional compounders, industrials and selected recovery situations.
Current published collection covers consumer, utilities, telecom and industrial or European REITs.
Japan / JPX
Industrials, specialty materials, healthcare, machinery, financials and niche compounders.
Current published coverage begins with Japan Elevator Service Holdings; a market ranking remains pending until more companies share comparable price and forecast dates.
United States
Long-duration compounders, financial platforms, infrastructure and selected technology exposure.
Current published coverage begins with S&P Global after the Mobility spin and Q2 2026 results; a US ranking remains pending until more companies are refreshed on comparable dates.
Leading idea or next action by market
Food Empire
Best current combination of organic growth, net cash and expected return within the published SGX set.
Japan Elevator Service Holdings
A high-quality domestic service compounder with a long share-gain runway; accumulation remains price-sensitive because the shares retain a premium multiple.
S&P Global
An exceptional benchmark and data franchise whose AI risk is concentrated in Market Intelligence interfaces; the current price offers a reasonable but not exceptional return.
What changed recently
| Date | Market | Subject | Update type | What changed |
|---|---|---|---|---|
| 28 Jul 2026 | US | S&P Global (SPGI) | New research | Published the first current US company page after the Mobility spin and Q2 2026. The broad AI-casualty thesis is rejected, but at $439.83 the base-case five-year IRR is only about 11%. |
| 27 Jul 2026 | SGX | Alpha Integrated REIT 1H2026 | Valuation refresh | Updated the thesis at S$0.520 after 95.0% occupancy, 10.8% NPI growth, 10.4% distributable-income growth and lower financing cost. Headline DPU growth was normalised for prior-period retention. |
| 22 Jul 2026 | JPX | Japan Elevator Service Holdings (6544) | New research | Published the first current Japan company page with contract-growth economics, modernization, margin leverage, historical valuation, OEM competition and scenario returns at ¥1,677.5. |
| 19 Jul 2026 | Cross-market | Comparison library | Framework update | Added schema-validated studies, search and filters, permanent current-study routes and a needs-review migration queue. |
| 19 Jul 2026 | SGX | All six company pages | Framework update | Rebuilt earnings drivers, evidence for and against each thesis, and thesis-critical monitoring. |
| 19 Jul 2026 | SGX | Current rankings | Decision recorded | Separated price-sensitive rankings from permanent comparison studies. |
| 19 Jul 2026 | SGX | Food Empire vs Sembcorp | Comparison added | Compared organic compounding and net cash with acquisition-led utility growth and leverage risk. |
| 19 Jul 2026 | SGX | Industrial REIT basket | Comparison added | Compared Alpha, Stoneweg and AIMS using DPU, NPI, leverage, financing coverage and valuation. |
Market-specific capital allocation
Singapore ranking
| Rank | Company | Base IRR | View |
|---|---|---|---|
| 1 | Food Empire | 13%–17% | Accumulate |
| 2 | Sembcorp Industries | 12%–16% | Accumulate |
| 3 | Singtel | 10%–12% | Buy on weakness |
Japan ranking
Japan Elevator Service Holdings is published as current research, but a one-company ranking is intentionally withheld.
- Refresh more Japan candidates
- Align price and forecast dates
- Apply consistent normalization and scores
United States ranking
S&P Global is published as current research, but it is not labelled rank 1 because one company cannot form a capital-allocation ranking.
- Refresh more US candidates
- Use a common price date
- Normalize earnings and free cash flow consistently
One editorial slot per market
Food Empire (F03)
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.
Japan Elevator Service Holdings (6544)
An elite domestic service compounder with mandatory recurring demand, only about 11% of a still OEM-dominated Japanese market and demonstrated route-density operating leverage. At ¥1,677.5, roughly 36.6x management’s implied FY2027 EPS, the valuation supports measured accumulation rather than an indiscriminate full position: the base case requires continued high-single-digit to low-double-digit contract growth, a 20%+ operating margin and a sustained premium multiple.
S&P Global (SPGI)
The market is right that AI can compress some Capital IQ desktop and document-search economics, but wrong to treat all of S&P Global as a replaceable research interface. Ratings, Indices and Energy generated about 78% of 2025 adjusted segment profit, while Q2 2026 Market Intelligence still delivered 6% revenue growth, 10% adjusted operating-profit growth and margin expansion. At $439.83, approximately 25x the midpoint of 2026 adjusted EPS guidance, the business quality is validated but the base-case return is only about 11%, below a 15% hurdle.
Focused decisions between competing investments
Alpha vs Stoneweg vs AIMS APAC
Decision question: Which REIT offers the best balance of income, DPU growth, leverage and valuation for the intended portfolio role?
Alpha now offers the best risk-adjusted income proposition after 1H2026 validated its DPU recovery, occupancy and financing improvement. Stoneweg retains the highest carry and discount upside but materially greater balance-sheet risk, while AIMS remains the strongest operating platform at the weakest entry valuation.
Food Empire vs Sembcorp
Decision question: Which company offers the better risk-adjusted three-to-five-year return at the dated prices?
Food Empire leads narrowly on balance-sheet quality and organic visibility; Sembcorp can move ahead if Alinta performs and leverage falls.
Latest recorded decisions
S&P Global becomes the first current US company
The view is Watch / selective accumulation at $439.83. Q2 2026 weakens the broad AI-casualty case, but a roughly 25x forward adjusted P/E produces only about an 11% base-case five-year IRR.
Alpha recovery validated; valuation now matters more
The view changes from Await results to Accumulate selectively at S$0.520, preferably below S$0.50 ex-distribution. The base case is a 10%–12% IRR from yield and modest DPU growth rather than a large NAV rerating.
Japan Elevator Service becomes the first current JPX company
The view is Accumulate selectively at ¥1,677.5, with a 9%–12% base-case IRR and a 34–36x exit framework. A one-company Japan ranking is intentionally withheld.
Comparison migration separated from publication
Old chat comparisons can enter the searchable queue without carrying an outdated conclusion into the public site.
Food Empire retained as the leading published SGX idea
Organic growth and net cash currently outweigh concentration risk at the dated valuation.
Rankings and comparisons separated
Rankings answer where capital is most attractive; comparison studies explain why one investment is preferred.
Scores organise judgment; they do not replace valuation.
A high-quality company can still rank poorly at an excessive price.
Read methodology →