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

Urbem Capital

Lifetime collector of the world's great businesses.

Quality-first, Business-perspective, Long-term

Snack Empire: One of The Few Restaurant Businesses That I Would Own

One Hidden Gem Monetizing The Aging Population

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

<ul>
<li>Since our July 2021 Top Pick, Kaspi.kz more than tripled net income in US dollars and deepened engagement, confirming our view of the franchise.</li>
<li>Shareholders earned only about 1% a year because the multiple fell from 34x to 7.4x, a valuation risk our 2021 piece never quantified.</li>
<li>At today’s price, our base case returns about 16% a year in dollars, our tenge-risk hurdle; if Türkiye works, rates fall and the tenge holds, returns could exceed 30%.</li>
</ul>


Since our July 2021 Top Pick, Kaspi.kz more than tripled net income in US dollars and deepened engagement, confirming our view of the franchise.
Shareholders earned only about 1% a year because the multiple fell from 34x to 7.4x, a valuation risk our 2021 piece never quantified.
At today’s price, our base case returns about 16% a year in dollars, our tenge-risk hurdle; if Türkiye works, rates fall and the tenge holds, returns could exceed 30%.


D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (HEPS US)

D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi

Kaspi.kz Five Years On: We Overpaid in 2021; at 7.4x, the Price Now Works