Investing in the bottlenecks: power, data centers, land, oil, semis, and DRAM. The physical constraints behind the AI age. FAANG AI Engineer. $025560.KS
My largest position is $2316.TW, WUS Printed Circuit Co Ltd: an AI PCB maker trading at ~11x look-through P/E and only ~23% of its listed $002463.SZ stake NAV.
The stock is ~NT$168. Its listed $002463.SZ stake alone is worth ~NT$733/share gross.
That is a ~77% discount to listed stake NAV before giving any value to the Taiwan PCB business.
This is not a trapped holdco. They’ve already monetized part of the stake.
Why cheap?
Holdco discount. China exposure. PCB cyclicality. Low coverage. Monetization risk. No clean “AI” label.
But the setup is changing.
AI servers need more complex, high-layer PCBs. Capacity is tightening. Q1 net income was up ~141% YoY. $2316.TW hit/closed at limit-up 5 times in May alone.
This hits exactly what I look for:
Hidden NAV. Downside protection. Positive momentum. AI bottleneck exposure. Inflecting fundamentals. A monetization catalyst. Dirt-cheap Valuation.
The market sees a forgotten PCB holdco.
I see a discounted tollbooth in the AI supply chain, backed by a listed stake worth over 4x the current share price.
Just reaching listed stake NAV implies ~336% upside.
That is The Scarcity Trade.
Any in person groups where people talk stocks in NYC? Obviously I like small micro nano caps the more unloved illiquid obscure the name the better. Would love to connect with folks on names.
@Stortof@AmCoin82832 I think you are unable to buy on margin, Korea was on holiday yesterday. I think if you have cash you can buy tonight, but can wait till Jun 9 to buy without restriction (I believe this is the correct date but I am not a native Korean reader/writer/speaker/investor etc.)
Interesting little find today, no position:
$2323.TW / CMC Magnetics
MC is NT$13.9B vs disclosed securities portfolio of NT$21B and book NAV of NT$18.8B.
That’s 0.65x securities value / 0.74x P/NAV, while the operating business is being valued near zero.
Owned securities: ($8299.TWO, $2408.TW,
$3260.TW, $2454.TW, $2345.TW, $3163.TWO, $3081.TWO, $3363.TWO, $4979.TWO, $6442.TW, $3105.TWO, $2330.TW, $2313.TW, $3211.TW, $2464.TW, $2363.TW)
Not a clean AI torque story, but asymmetric asset-backed optionality. You pay 34x earnings for the business + you get more than the equity value in AI-related securities:
Bull case for $FCEL is market stops valuing as distressed legacy fuel-cell comp and values like Bloom. Bloom’s full 2.8 GW is the comparable, if we apply Bloom’s MC/MW to FCEL’s full 350 MW capacity implies $206/share for FCEL. FCEL’s carbonate platform not 1:1 match for Bloom’s solid oxide tech so we can discount that number by however much we want to (even a 50% haircut implies 4-5x gain from here). Data center validation is all but given thanks to @ThematicTrader due diligence into County filings.
This is the Scarcity Trade for Data Center Power.
Bull case for $FCEL is market stops valuing as distressed legacy fuel-cell comp and values like Bloom. Bloom’s full 2.8 GW is the comparable, if we apply Bloom’s MC/MW to FCEL’s full 350 MW capacity implies $206/share for FCEL. FCEL’s carbonate platform not 1:1 match for Bloom’s solid oxide tech so we can discount that number by however much we want to (even a 50% haircut implies 4-5x gain from here). Data center validation is all but given thanks to @ThematicTrader due diligence into County filings.
This is the Scarcity Trade for Data Center Power.