Altraman

MSc, CAIA

Pyramids & Pagodas - Blog on EM investing, geopolitics and macro with Desertfox (@Decipherintl)

EM equities | PE | +7yrs buyside inv. dd research @█

[Pyramids & Pagodas @Decipherintl]

Shenzhen-based Launch Tech (2488 HK), the world's 2nd largest automotive diagnostics firm at 7x P/E, 12% yield and 28% ROE. Is this diagnostics player just a cash‑cow exporter or data‑driven software franchise the market is missing?

Check out our latest:
https://t.co/EuZTeA8J3v

[Pyramids & Pagodas @Decipherintl]

Noah Holdings (NOAH K; 6686 HK), China's last independent scaled wealth manager: ~USD726m net cash vs ~USD 679m market cap; operating business for free, and a ~13% yield backed by 3 years of 100% payout. Is this a value trap or survivor?

Check our latest:
https://t.co/eq9BaZ1OJk

[Pyramids & Pagodas @Decipherintl]

Tune in to our latest with veteran EM CIO Gary Dugan on why the Iran crisis is a ‘decade‑defining’ moment for EM flows. We dig into geopolitics, tech, and why forward‑looking, sector‑driven allocation is the only way to build resilient portfolios today. https://t.co/KsF6PQjZBi

[Pyramids & Pagodas @Decipherintl]

Plover Bay (1523 HK), a HK-listed SD-WAN leader with zero debt, 79% ROE, 35% margins, and a 108% payout. The stock has quietly compounded to a USD 1.22bn market cap. With a proposed Nasdaq spinoff looming, can it unlock more value?

We break it down here:
https://t.co/tnpRSFJ5nS

[Pyramids & Pagodas @Decipherintl]

Gas Malaysia (GASM.KL), a boring ~6% yielder with limited growth? As Malaysia gas subsidies unwind and market liberalization nears by 2030, this pipeline leader is quietly gearing up for new infrastructure plays and tailwinds.

Deep dive and KL insights:
https://t.co/ecHim5xieU

[Pyramids & Pagodas @Decipherintl]

The recently IPO’d Softcare (https://t.co/n7ctwlKHOw), Africa’s largest diaper manufacturer, boasts robust local supply chains, demographic tailwinds, and solid financials. Does a +25% surge since listing leave room to run?
We break it down here: https://t.co/ky9d32YDBa

[Pyramids & Pagodas @Decipherintl]

Our latest free article on the lynchpin of the solar industry: polysilicon. We argue that consolidation and rising EM demand set up the most efficient industry leaders to ride out overcapacity and cash in long term on converging supply and demand.

Link:
https://t.co/HZ6idrGfvZ

[Pyramids & Pagodas @Decipherintl]

(1/7) Recent low volatility in markets has paved the way for vulnerability. Trump's vow for 100% duties on Chinese goods re-igniting full-blown trade war led markets to quickly adjust for renewed friction amidst global growth cooling off.

[Pyramids & Pagodas @Decipherintl]

Indonesia's plastics industry may lack the shine of EM hotspots, but Panca Budi (PBID.JK) is a lean local leader with a grip on traditional markets and a distribution moat in this huge market. An undervalued powerhouse in a quietly booming industry?

Link:
https://t.co/R7Jj08qoHd

[Pyramids & Pagodas @Decipherintl]

Amidst the blur of copious ceremonial toasts, a recent trip to Shandong unearthed a quietly compounding plywood manufacturer adeptly navigating overcapacity. Environmental tailwinds, rural reach, and capital discipline make this one worth watching. https://t.co/lyonMAlrsf

[Pyramids & Pagodas @Decipherintl]

Across 53 stock write-ups, we assess idea quality, performance, and lessons from wins and misses, from AI champions to Turkish construction giants:
https://t.co/pwRojLHyPL

[Pyramids & Pagodas @Decipherintl]

Hutchison Telecom (https://t.co/QuGU7AdwtX), 2nd largest local telco after China Mobile, trades at deep discount and offers high div. yield. Honing in on the telco's solid net cash position, growth in 5G/roaming, and growing profitability, our latest:
https://t.co/OZG7gO8pal

[Pyramids & Pagodas @Decipherintl]

1/ Current US consumer confidence stands at 50.8, only slightly above the 50 mark observed during the COVID lows. Recent events, such as "Liberation Day" and a pause on tariffs and tech sector exemptions (set for a 90-day window) does not constitute a significant policy shift.

[Pyramids & Pagodas @Decipherintl]

Seeing a nice uptick in $GDX - all stories pointing to a structurally bullish cont. gold run-up. This tit-for-tat tariff escalation is just another catalyst. We covered it in 2022 and also a few months ago from alternative geopolitical signposts (below):
https://t.co/HJaM4bZdKJ

[Pyramids & Pagodas @Decipherintl]

Trump’s trade tactics are rattling Asia, but some will fare better than others. Our latest dives into JP 🇯🇵 & KR 🇰🇷 defense plays and HK 🇭🇰/China 🇨🇳 firms with diversified supply chains — all of which could be winners in this uncertain landscape. https://t.co/1m5FhnfseU

[Pyramids & Pagodas @Decipherintl]

📈 Plover Bay Technologies (https://t.co/QQE4SycrQK) had a stellar FY24A with a 24% revenue increase, surpassing USD 100M, and a 36% YoY net profit growth! Strategic partnerships and innovation are driving their success. Read our free article here: https://t.co/2ktKMh4IbX

[Pyramids & Pagodas @Decipherintl]

With Macau's casino operators releasing results amid an industry recovery, we discuss two operators particularly well placed to ramp up shareholder returns with strong mean reversal potential. See our latest:
https://t.co/POxYAhUP5k

[Pyramids & Pagodas @Decipherintl]

$DADA down 89% since listing. $JD owns 63% of DADA - a takeover at USD 2 (buyout mkt cap USD520m) is a real possibility. Net cash is USD383m; the effective cost for JD to privatize is USD278m. Huge steal for a biz with USD1.3bn revs and profit pathway. Great for JD, bad for rest.

[Pyramids & Pagodas @Decipherintl]

A $400B reconstruction boom could be on the horizon in #Syria. Turkish construction giants are poised to benefit, thanks to proximity & expertise. We look at the geopolitical backdrop, risks and investment thesis for an overlooked key player. https://t.co/NjQ1i2NqSp

[Pyramids & Pagodas @Decipherintl]

(1/7)🚨 Massive pre-IPO buzz for Chinese toy maker Bloks Group (https://t.co/jQnHGdjiOJ), aiming to raise HK$1.5bn with trading set for Jan 10, 2025. Retail tranche reportedly 4,485x oversubscribed, HKD653bn borrowed. Let’s unpack the hype. 👇