Value Investing Zoomer, Value Zoomer

Value Zoomer

Value Investing Zoomer

I love investing, this is my little personal diary.

Equity Bottom-Up

High Templar Tech Limited provides consumer finance services. The Company offers funds in digital form and merchandise credit products. High Templar Tech serves clients in China.

<ul><li>There are a litany of undervalued Chinese cash boxes listed on US and Hong Kong markets.</li><li>Most of them will never get unlocked in any meaningful capacity, either steadily burning cash and destroying the value, or paying a 2% dividend and building it up, unwilling to distribute it out.</li><li>I’m very skeptical when it comes to these sorts of ideas, but when the setup is right they can be a very attractive R/R proposition, trading at significant discounts to liquid assets with significant upside in the case of a potential rerating. </li></ul>

There are a litany of undervalued Chinese cash boxes listed on US and Hong Kong markets.Most of them will never get unlocked in any meaningful capacity, either steadily burning cash and destroying the value, or paying a 2% dividend and building it up, unwilling to distribute it out.I’m very skeptical when it comes to these sorts of ideas, but when the setup is right they can be a very attractive R/R proposition, trading at significant discounts to liquid assets with significant upside in the case of a potential rerating. 

High Templar Tech: Unlocking the Cash Box

CuriosityStream Inc. is a media and entertainment company. The Company offers video programming including documentaries, TV shows, and short form video content to subscribers. CuriosityStream serves customers worldwide.

<ul><li>It’s been a while since I’ve done a bearish writeup on the Substack, but I have a fun one today on a name I monitor very closely.</li><li>CuriosityStream ($CURI) is a declining streaming service now marketing itself as an AI content licensing play.</li><li>I’ve had a small short on for a while, and when I saw the stock was up 40% on very strong, very profitable earnings a few days ago I was baffled, had I gotten this one wrong?</li></ul>

It’s been a while since I’ve done a bearish writeup on the Substack, but I have a fun one today on a name I monitor very closely.CuriosityStream ($CURI) is a declining streaming service now marketing itself as an AI content licensing play.I’ve had a small short on for a while, and when I saw the stock was up 40% on very strong, very profitable earnings a few days ago I was baffled, had I gotten this one wrong?

The Curious Accounting of CuriosityStream

UltraGreen.ai is a global leader in fluorescence-guided surgery (FGS), specializing in the development, contracted manufacture, and commercialization of indocyanine green (ICG) fluorescence agents. The company also provides the IC-Flow Imaging System and the UltraGreen Data Platform, which incorporates AI-powered PerfusionWorks quantification software for real-time surgical insights. Headquartered in Singapore, the company was incorporated in 2024.

<ul><li>It has been almost a year since my last writeup of a Singaporean stock, as market reforms have resulted in positive revaluations across the exchange reducing the opportunity set.</li><li>On the bright side, a very interesting new company took the opportunity to IPO on the SGX in December last year which I believe is underappreciated in its business quality and prospects.</li><li>Ultragreen.AI ($ULG.si) is weirdly not an AI company, instead it is the world’s largest producer of Indocyanine Green (ICG), the fluorescent dye injected during surgery to illuminate blood flow, perfusion and tissue margins. </li></ul>

It has been almost a year since my last writeup of a Singaporean stock, as market reforms have resulted in positive revaluations across the exchange reducing the opportunity set.On the bright side, a very interesting new company took the opportunity to IPO on the SGX in December last year which I believe is underappreciated in its business quality and prospects.Ultragreen.AI ($ULG.si) is weirdly not an AI company, instead it is the world’s largest producer of Indocyanine Green (ICG), the fluorescent dye injected during surgery to illuminate blood flow, perfusion and tissue margins. 

Focus Point Holdings Bhd owns and operates eye care centers. The Company also franchises eye care centers and provides medical eye care surgery and services.

<ul><li>This is going to be a shorter writeup than many of my others, as this is as simple and clean an investment case as you can get.</li><li>It’s not often that you get a company with low cyclicality, in a dominant competitive position, with a decade of clean, consistent growth at a sub 10x PE ratio, however in the small caps of Malaysia that’s what I believe we’ve found in Focus Point Holdings Berhad ($FOCUSP), Malaysia’s largest optical retailer.</li><li>Focus Point runs 200 glasses stores across Malaysia, making up around 20% of the market.</li></ul>

This is going to be a shorter writeup than many of my others, as this is as simple and clean an investment case as you can get.It’s not often that you get a company with low cyclicality, in a dominant competitive position, with a decade of clean, consistent growth at a sub 10x PE ratio, however in the small caps of Malaysia that’s what I believe we’ve found in Focus Point Holdings Berhad ($FOCUSP), Malaysia’s largest optical retailer.Focus Point runs 200 glasses stores across Malaysia, making up around 20% of the market.

Raysearch Laboratories AB / Equity Bottom-Up

RaySearch Laboratories AB develops methods and software for cancer radiation therapy.  The Company's main product is ORBIT, a software framework for solving optimization problems in radiotherapy, and its modular structure can be adapted to many different types of environments.  RaySearch works with corporations and institutions worldwide, and sells to suppliers of treatment planning systems.

<ul><li>Oncology software provider RaySearch ($RAYB.st) is down almost 50%, caught in the middle of the selloffs in Software and in Swedish healthcare stocks, and with Iran war volatility on top.</li><li>I believe that this has provided us with one of the most attractive opportunities I’ve ever covered here and I want to go into some depth about their product, and more importantly their interesting competitive position within their markets.</li><li>While the market is worried about AI disruption, I believe their product has significant barriers to entry that protect it from the issues most software companies are facing, while holding a near-monopoly position in one of the fastest growing corners of oncology.</li></ul>

Oncology software provider RaySearch ($RAYB.st) is down almost 50%, caught in the middle of the selloffs in Software and in Swedish healthcare stocks, and with Iran war volatility on top.I believe that this has provided us with one of the most attractive opportunities I’ve ever covered here and I want to go into some depth about their product, and more importantly their interesting competitive position within their markets.While the market is worried about AI disruption, I believe their product has significant barriers to entry that protect it from the issues most software companies are facing, while holding a near-monopoly position in one of the fastest growing corners of oncology.