Vriddhi Consulting

Punit Khanna

Independent Insight Provider

Equity Bottom-Up

QAF Ltd. is an investment holding company primarily engaged in the manufacture and distribution of bread, bakery, and confectionery products, including the Gardenia brand, and the trading and distribution of various food and beverage products under brands like Cowhead and Farmland. The company also provides warehousing logistics services and is involved in primary production, including pork. QAF Ltd. is headquartered in Singapore and was founded in 1950.

<ul>
<li>QAF stock has been steady as investors look at its steady dividend yield, 5.3%</li>
<li>Stock is being priced as a steady dividend yield play, which we think is wrong</li>
<li>We don't see much upside in the stock and see better value in consumer plays in the region</li>
</ul>
        <div class="content-highlight">
        <h2>Raising Money for Persons with Disabilities in Singapore</h2>
        <p><strong><em>For your kind consideration</em></strong></p>
        <p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
        <p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
        <p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-person-with-disabilities-in-singaporee" target="_blank" rel="noopener">please visit this URL.</a> </p>
        </div>
        


QAF stock has been steady as investors look at its steady dividend yield, 5.3%
Stock is being priced as a steady dividend yield play, which we think is wrong
We don't see much upside in the stock and see better value in consumer plays in the region

        
        Raising Money for Persons with Disabilities in Singapore
        For your kind consideration
        This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
        All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
        To contribute, please visit this URL. 
        
        

Qaf Limited: Investors Should Look Beyond Dividend Yield

Sitoy Group is a leading manufacturer of branded high-end and luxury handbags, small leather goods, and travel goods, and also operates as a retailer in Greater China. The company designs, develops, manufactures, and sells products under brands such as TUSCAN'S, Fashion & Joy, and Duffy. Sitoy Group was founded in 1968 and is headquartered in Hong Kong.

<ul>
<li>Sitoy announced full-year results yesterday. Operationally, they were below expectations.</li>
<li>Its Net Current Assets minus all liabilities were HK$ .58 per share.</li>
<li>Its book value was HK$ 1.51 per share and at 0.28 P/B</li>
</ul>
<div class="content-highlight">
<h2>Raising Money for Persons with Disabilities in Singapore</h2>
<p><strong><em>For your kind consideration</em></strong></p>
<p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
<p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
<p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-special-needs-persons-in-singapore" target="_blank" rel="noopener">please visit this URL.</a></p>
</div>


Sitoy announced full-year results yesterday. Operationally, they were below expectations.
Its Net Current Assets minus all liabilities were HK$ .58 per share.
Its book value was HK$ 1.51 per share and at 0.28 P/B


Raising Money for Persons with Disabilities in Singapore
For your kind consideration
This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
To contribute, please visit this URL.


Sitoy Results: Value Trap or Not? You Decide: Below Liquidation Value

PT Surya Pertiwi Tbk is an Indonesia-based distributor of building materials, specializing in bathroom and kitchen products, including sanitary wares, fittings, and kitchen appliances. The company operates through segments such as Sanitary, Fitting, Kitchen, and Others, offering products under various brands including TOTO, Villeroy & Boch, and Franke. It was founded in 1968 and is headquartered in Jakarta Barat, Indonesia.

<ul>
<li>This is the sole agent of TOTO, a leading sanitary ware maker from Japan, in Indonesia.</li>
<li>Business is a distribution business and earns steady Gross Profit Margins.</li>
<li>Business is the number 1 player in Indonesia, earning steady gross margins, high ROE, and high net margins</li>
</ul>
        <div class="content-highlight">
        <h2>Raising Money for Persons with Disabilities in Singapore</h2>
        <p><strong><em>For your kind consideration</em></strong></p>
        <p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
        <p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
        <p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-special-needs-persons-in-singapore" target="_blank" rel="noopener">please visit this URL.</a> </p>
        </div>
        


This is the sole agent of TOTO, a leading sanitary ware maker from Japan, in Indonesia.
Business is a distribution business and earns steady Gross Profit Margins.
Business is the number 1 player in Indonesia, earning steady gross margins, high ROE, and high net margins

        
        Raising Money for Persons with Disabilities in Singapore
        For your kind consideration
        This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
        All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
        To contribute, please visit this URL. 
        
        

Surya Pertiwi (SPTO IJ): High ROE, High Dividend Yield (11.5%) With Low PE

<ul>
<li>Stock trades at .3 x P/B, Cash on books is .38 cents per share, and Liquidation Value is .64 cents ( Net Current Assets less all liabilities is .64 cents.</li>
<li>Manufacturing business is the main business, and the company has blue-chip customers but not much pricing power.</li>
<li>The retail business has a chequered history, and the property value per share is 40 cents per share. Dividend Yield is 7%</li>
</ul>
        <div class="content-highlight">
        <h2>Raising Money for Persons with Disabilities in Singapore</h2>
        <p><strong><em>For your kind consideration</em></strong></p>
        <p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
        <p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
        <p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-special-needs-persons-in-singapore" target="_blank" rel="noopener">please visit this URL.</a> </p>
        </div>
        


Stock trades at .3 x P/B, Cash on books is .38 cents per share, and Liquidation Value is .64 cents ( Net Current Assets less all liabilities is .64 cents.
Manufacturing business is the main business, and the company has blue-chip customers but not much pricing power.
The retail business has a chequered history, and the property value per share is 40 cents per share. Dividend Yield is 7%

        
        Raising Money for Persons with Disabilities in Singapore
        For your kind consideration
        This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
        All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
        To contribute, please visit this URL. 
        
        

Formosa Prosonic Industries Berhad assembles high quality speaker systems and manufactures printed circuit boards. Through its subsidiaries, the Company manufactures molded plastic components for audio and video equipment, and also develops, manufactures and markets drive-unit high technology loudspeakers.

<ul>
<li>OS Capital Sdn Bhd bought 53 mn shares at  1.15, amounting to 20.01 %</li>
<li>Shares were sold by Mr. Shih Chao Yuan, CEO of FPI</li>
<li>Mr. Shih retains 2.87% of the company and is still CEO.</li>
</ul>
        <div class="content-highlight">
        <h2>Raising Money for Persons with Disabilities in Singapore</h2>
        <p><strong><em>For your kind consideration</em></strong></p>
        <p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
        <p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
        <p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-special-needs-persons-in-singapore" target="_blank" rel="noopener">please visit this URL.</a> </p>
        </div>
        


OS Capital Sdn Bhd bought 53 mn shares at  1.15, amounting to 20.01 %
Shares were sold by Mr. Shih Chao Yuan, CEO of FPI
Mr. Shih retains 2.87% of the company and is still CEO.

        
        Raising Money for Persons with Disabilities in Singapore
        For your kind consideration
        This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
        All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
        To contribute, please visit this URL. 
        
        

Formosa Prosonic Industries Berhad (FPI): Change in Ownership

Independent Insight Provider, Vriddhi Consulting

Focused on Asian Small-mid cap market space with long term investment horizon.

Punit Khanna
Independent Insight Provider
• Vriddhi Consulting

Qaf Limited: Investors Should Look Beyond Dividend Yield

QAF is the larget bakery operator in Singapore, Malaysia and Phi;ippines with 5.3% dividend yield but earnings are flat and dividend is not...

Punit Khanna

Sitoy Results: Value Trap or Not? You Decide: Below Liquidation Value

Deep-value situation with a deteriorating operating business in both retail and manufacturing. A high dividend Yield will provide support to the...

Punit Khanna

Surya Pertiwi (SPTO IJ): High ROE, High Dividend Yield (11.5%) With Low PE

Surya Pertiwi is an exclusive distributor for TOTO sanitaryware in Indonesia. The company enjoys high ROE, high free cash flow yield, and an 11.6%...

Punit Khanna

Sitoy : Value Trap or Not

Sitoy is one of the largest leather bag contract manufacturers in the world and is a net-net situation and trading below book. Earnings continue to...

Punit Khanna

Formosa Prosonic Industries Berhad (FPI): Change in Ownership

Formos Prosonic's change of ownership does not materially affect the stock price or the stock's intrinsic value. Remains a cheap stock.

Punit Khanna