Asia-Pacific

M3 – digital healthcare serial acquirer at 4.4% trailing FCF yield

(2413.T, $6.8bn market cap, $58m ADVT, 60% free float)

Dec 3, 2024 •

Shimano – cycling uphill

(7309.T, $12bn market cap, $41m ADVT, 88% free float)

Nov 18, 2024 •

UPDATE: Web Travel Group and Webjet Group post demerger

(WEB.AX, USD2.0bn market cap, USD8m ADVT and WJL.AX, USD272m market cap, future liquidity unknown)

Sep 30, 2024 •

Goldwin – scaling The North Face

(8111.T, $2.8bn, $10m ADVT, 72% free float)

Aug 26, 2024 •

USS – Japan’s car auction winner

(4732.T, $4.2bn market cap, $31m ADVT, 75% free float)

Jul 22, 2024 •

Viva Energy – retail transformation story at 10x P/E

(VEA.AX, USD3.4bn market cap, USD10m ADVT, 71% free float)

Jul 15, 2024 •

Iwatani – much better than it looks

(8088.T, $3.4bn market cap, $16m ADVT, 79% free float)

Jun 24, 2024 •

Webjet – don’t stop me now

(WEB.AX, USD2.3bn market cap, USD9m ADVT, 100% free float)

Jun 10, 2024 •

Chemist Warehouse & Sigma Healthcare – a very special situation

(SIG.AX, market cap USD1.4bn today / USD9.5bn implied post-merger, USD8.2m ADVT, free float 100% today / 47% post-merger)

May 13, 2024 •

Daiwabo - wholesale excellence

(3107.T, $1.6bn market cap, $8m ADVT)

May 6, 2024 •

SITC – the Ryanair of container shipping stocks

(1308.HK, $5.3bn market cap, $16m ADVT, 48% float)

Apr 15, 2024 •

Vita Life Sciences – healthy returns

(VLS.AX, $86m market cap, $20k ADVT, c.30% free float)

Apr 1, 2024 •

#nojs-banner { position: fixed; bottom: 0; left: 0; padding: 16px 16px 16px 32px; width: 100%; box-sizing: border-box; background: red; color: white; font-family: -apple-system, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 13px; line-height: 13px; } #nojs-banner a { color: inherit; text-decoration: underline; } This site requires JavaScript to run correctly. Please turn on JavaScript or unblock scripts