Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Hindenburg Research published a short-selling report accusing the company and its Chairman &amp; CEO of evading sanctions, fabricating revenue, market manipulations, etc.</li>
<li>One area that could warrant more attention is the acquisitions Freedom carried out over the past 18 months, where numerous target companies were personally invested by its Chairman &amp; CEO.</li>
<li>In Kazakhstan, it's difficult to have full visibility into these target companies’ shareholders and for whom exactly Freedom was providing liquidity.</li>
</ul>


Hindenburg Research published a short-selling report accusing the company and its Chairman &amp; CEO of evading sanctions, fabricating revenue, market manipulations, etc.
One area that could warrant more attention is the acquisitions Freedom carried out over the past 18 months, where numerous target companies were personally invested by its Chairman &amp; CEO.
In Kazakhstan, it's difficult to have full visibility into these target companies’ shareholders and for whom exactly Freedom was providing liquidity.


Freedom Holding: A Kazakh Scam Being Uncovered?

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.

<ul><li>In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here.</li><li>I will start doing that from now on. Something I did privately but not on the blog publicly.</li><li>Either because they have worked out and upside is no more attractive, or because the facts have changed.</li></ul>

In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here.I will start doing that from now on. Something I did privately but not on the blog publicly.Either because they have worked out and upside is no more attractive, or because the facts have changed.

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Integrated Diagnostics Holdings / Equity Bottom-Up

Integrated Diagnostics Holdings (IDHC LN)

<ul>
<li>One of the most effective alpha-generating approaches is to look at places that very few of the others are looking at;</li>
<li>In this episode, let's take a glance at a rapidly-developing and investable story from MENA;</li>
<li>The business generates high returns on capital with a massive growth runway, has a founder-led management team, and is reasonably priced, in my view.</li>
</ul>


One of the most effective alpha-generating approaches is to look at places that very few of the others are looking at;
In this episode, let's take a glance at a rapidly-developing and investable story from MENA;
The business generates high returns on capital with a massive growth runway, has a founder-led management team, and is reasonably priced, in my view.


Integrated Diagnostics: Another Under-The-Radar Story

<ul>
<li>My long-time audience may have learned my lack of interest in the internet sector when it comes to equity investing;</li>
<li>But <a href="https://www.smartkarma.com/entities/kaspi-kz-jsc" target="_blank" data-smartkarma-citation="entities:33382:1" rel="noopener">Kaspi.KZ JSC (KSPI LI)</a> can be an exception thanks to its superior quality;</li>
<li>The valuation of the share does not seem cheap but is by no means unfair given the rapidly-developing addressable market, multi-cylinder growth engine, sustainable competitive advantage, and owner-leadership.</li>
</ul>


My long-time audience may have learned my lack of interest in the internet sector when it comes to equity investing;
But Kaspi.KZ JSC (KSPI LI) can be an exception thanks to its superior quality;
The valuation of the share does not seem cheap but is by no means unfair given the rapidly-developing addressable market, multi-cylinder growth engine, sustainable competitive advantage, and owner-leadership.


Kazakhstan

Kaspi.kz Joint Stock Company develops financial technology application solutions. The Company, through its platform, offers payments, marketplace, and fintech solutions which facilitate day-to-day transactions between consumers and merchants. Kaspi.kz serves consumers, merchants, and entrepreneurs in Kazakhstan.

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Kaspi.kz (KSPI US)

Freedom Holding: A Kazakh Scam Being Uncovered?

Freedom Holding has been acquiring companies that were personally invested by its Chairman & CEO. This is another area that should warrant more...

Alec Tseung

Closing Some Idea's

In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here. I will start doing that...

Turtles all the way down

Integrated Diagnostics: Another Under-The-Radar Story

This company generates high returns on capital with a massive growth runway, has a founder-led management team, and is reasonably priced.

Urbem Capital

Kaspi.kz - A Superior-Quality Trio

Kaspi.kz is an exceptional "Super App" business winning sustainably in all three verticals where it operates in a rapidly-developing but often...

Urbem Capital

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