Equity Research Analyst - Long-Short

Raj S, CA, CFA

I am Raj - CA and CFA. A Buy-side analyst.

I cover BFSI, Autos, Tech, AI and several other sectors across geographies.
   
I am a CA and CFA, with 10+ years experience in fundamental equity research across buy-side and sell-side and across geographies.

My research process is fundamental driven, focused on the catalysts which would have a direct impact on a stocks performance and market valuation. These days, I look for names which have a clear mis-pricing evident in its valuation vs. fundamental business moats/ growth/ NAV. Fortunately, there are always such stories around. More importantly, the timeline of when the mis-pricing is resolved and what triggers this resolution is what interests me.

Equity Bottom-Up

<ul>
<li>Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.</li>
<li>Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.</li>
<li>This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.</li>
</ul>


Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.
Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.
This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.


2026 High-Conviction: JOYY US: ZERO EV, Growth & Yield - Poised For Re-Rating (Deep-Value Smallcap)