2026 High Conviction: Ping An to Re-Rate if Growth/Recovery Continues
Despite decent share price performance this year, Ping An remains a laggard among other Chinese insurance stocks. It warrants a re-rating if its...
315 Views
Tencent's Uzbekistan Bet: The Beginning Of "Digital Silk Road"?
After a decade of building roads and railways across Central Asia, China's Belt and Road Initiative enters its digital phase and Tencent's bet on...
1.2k Views
Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation
COIN's evolution to non-transaction revenue commands premium multiples, but SOTP analysis shows current market capitalization offers limited near...
417 Views
FWD IPO Valuation: Intangible Assets Is the Key (Vs. Peers)
FWD has higher-than-peers intangible assets. Hence, using embedded value might be fairer than book value to assess its valuation vs. peers. On a P...
509 Views
2024 High Conviction: Underwriting Prudential’s Investment Case into 2024
Prudential plc's share prices have gone up by c. 40% in London and 50% in Hong Kong YTD. The thesis we highlighted in this note remains largely...
649 Views