V-TEST is a leading domestic semiconductor testing service provider in China, specializing in high-end wafer and chip testing for AI compute chips (CPU/GPU/AI), advanced packaging (Chiplet/SiP), and automotive-grade chips. The company has a proven track record of profitability, strong operational efficiency, and a steadily increasing utilization rate, currently approaching 95%.

Established in 2012 and headquartered in Wuhan, Everbright specializes in high-power diode laser chips, high-speed optical communication chips, and LiDAR sensors. The company has achieved significant breakthroughs in core technologies such as chip design, MOCVD, lithography, and packaging, enabling the mass production of high-power diode laser chips. Everbright is actively advancing next-generation optical communication solutions, including 400G, 800G, and 1.6T optical modules, which are critical for the evolving data center and telecommunications infrastructure.

UBTech is one of the earliest humanoid company in China. It’s based in ShenZhen, the tech hub of China. We believe humanoid has entered rapid development phase as capital and talent flows in. We could see massive commercialization three to five years from now.

Harmony Auto is a Chinese auto-dealer group historically focused on premium ICE brands in China. In recent years it has pivoted to become BYD’s key overseas retail partner, building and operating BYD-branded showrooms across Europe, Australia and other markets. This partnership gives Harmony a first-mover position in BYD’s international expansion, which is expected to accelerate through 2030. Harmony also maintains a sizeable after-sales and maintenance business in China.

Circuit Fabology Microelectronics Equipment Co., Ltd. (“CFMEE”) is a Chinese maker of high-precision lithography systems for the PCB and semiconductor industries. CFMEE is the world’s largest supplier of PCB direct imaging equipment, with ~15.0% global market share by revenue in 2024.

Samsara is an exceptional growth company that demonstrates the hallmarks of a long-term compounder: a clear mission, high recurring revenue, strong net retention, and expanding operating leverage. Its platform has become mission-critical for customers by connecting physical operations to the cloud, driving efficiency, safety, and compliance. Valuation has contracted back to 10x FWD Sales, we believe Samsara’s category leadership, strong execution, and large underpenetrated market give us confidence it can sustain durable growth and expand margins over time.

FICO is a phenomenal business that embodies nearly every hallmark of a great company: durable competitive advantages, high margins, an easily understandable model, and proven pricing power. While it faces near-term challenges—from elevated interest rates suppressing mortgage volumes to regulatory scrutiny over its dominant market position—we believe these pressures are cyclical or political in nature, not structural. FICO’s entrenched role in U.S. lending and capital markets positions it to weather the storm and continue compounding value over the long term.

Streamax Technology Co., Ltd. is a Chinese company that specializes in intelligent mobile video surveillance and fleet management solutions. Founded in 2002 and headquartered in Shenzhen, Streamax provides hardware and software systems that enable real-time monitoring, data collection, and analytics for commercial vehicles.

In this article we are comparing Streamax with Samsara, a US comparable with highly similar business lines. We believe Streamax will benefit from the same trend in the growing adoption of telematics at a more reasonable valuation.

Warren Buffett acquired Lubrizol in 2011, citing its favorable competitive dynamics, pricing power, and growth in emerging markets. We found a similar company in China, that is coming up to challenge the blockade in lubricants additives by the big four. The company matches our investment criteria and we believe this company could deliver long term capital return.

Flutter Entertainment plc (NYSE: FLUT) is the world’s leading online sports betting and iGaming operator, headquartered in Dublin, Ireland. The company boasts a diverse portfolio of globally recognized brands, including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Betfair, and Tombola, serving over 13.9 million average monthly players worldwide in 2024 .

In this research we explore the addictive nature of online sports betting and how Flutter is positioned to be the biggest benefactor.

Willis Lease Finance Corporation is a aircraft engine lessor that provides full life cycle service including leasing, consulting, maintenance, end of life recycling, for its customers. It’s a family run business that is very niche and lacks analyst coverage, but we believe its a great business model generating above average returns at historical low valuations. It would be a great name to be in within the aircraft space.

We explore why Apollo is a structurally advantaged alternative asset manager positioned to benefit one of the greatest shift in asset management history.

Crocs is a well known brand with recognizable product trading below fair valuation. We believe its a value buy.

Celsius is an energy drink championing sugar-free, fat burning features that rose to its prominence during Covid, currently commanding 12% market share in energy drink category.

In this research note we explored why Celsius does not meet our investment criteria and why we chose not to invest in it even after the stock was down 80% from the peak. This is another lesson on product moat, especially in the consumer retail space where trends come and goes.

Saia is an American less than truckload trucking company that originated in Houma, Louisiana. It has since expanded its footprint to cover the entire Americas, and has delivered annualized return of 40% since 2015.

In this research, we are exploring how this century old LTL industry can deliver extraordinary shareholder returns through price discipline and long term focus on service.

Kaspi.kz is a leading fintech and e-commerce platform in Kazakhstan, offering a wide range of services, including digital banking, payments, and online shopping.

We believe Kaspi successfully leverages a “copy to Kazakh” model, introducing proven features that drive productivity to Kazakhstan. It’s dominant market position makes it like a tax to conduct business in Kazakhstan, collecting 1% of GDP annually. Distributing 70% of earnings to shareholders yielding 8% in dividends, while the business is growing 20%+ annually.

CoStar Group (CSGP) is a leading provider of commercial real estate data, analytics, and online marketplace services, offering property listings, market insights, and research tools to real estate professionals, investors, and businesses.

We believe its Costar Suite is the “Bloomberg for Real estate” and it’s listing platform has countercyclical powers that rises in earnings when vacancy rate increases. We loved the business but the high valuation kept us off. However, we were able to benefit from an interesting merger arbitrage strategy through its acquisition of Matterport.

Churchill Downs Incorporated operates racetracks, casinos, and online wagering platforms, best known for hosting the annual Kentucky Derby, a crown asset unique for casino operator.

The approval of Historical Horseracing Machines (HHR) post Covid opened new opportunities for Churchill to obtain gaming licenses in Kentucky and Virginia. And we were able to participate in an option straddle trade through Urban One, a local operator partnering with Churchill downs to open a new casino in Virginia.

TransMedics is a healthcare technology company specializing in organ transplant solutions, particularly through its Organ Care System (OCS) platform that preserves organs for transplant.

We like how TransMedics were able to transform its business model from a medical machine seller to a full service organ transplant provider, adding the largest dedicated private jet fleet and network of national procurement centers along the way to further enhance its moat.

BYD is the biggest EV manufacturer in the world projected to produce over 6 million cars in 2025. It employs over a million people and has international footprints in 50 countries.

BYD is our all-time favorite and we believe its true value has yet to be realized and appreciated by the market. It’s not just an auto company but an industrial conglomerate that represent the highest tier of engineering and mass manufacturing power China can offer.

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