Research

Mar 2026

S&P Global: The Financial Infrastructure Monopoly at a Discount

S&P Global controls 80% of global debt ratings alongside Moody's — a market structure unchanged for twenty years. At $402, digestion-year fears have created an entry point in a business that has never been more essential.

Mar 2026

BYD: R&D Silver Lining

BYD's domestic sales have weakened, margins are compressing, and reported earnings are falling. The market is missing what the R&D line is hiding.

Mar 2026

Samsung Electronics: The HBM Redemption Arc

Commercial HBM4 shipments, a structural cost advantage from vertical integration, and a geopolitically-induced entry point combine to make Samsung's risk profile unusually attractive at current prices.

Mar 2026

Hesai Group: Market Leader in a Structurally Growing LiDAR Industry

The world's first profitable LiDAR company trades at 4x forward revenue — a discount that reflects geopolitical tail risk, not the fundamentals of a market leader growing 45% annually with 120+ vehicle model design wins.

Mar 2026

Tongfu Microelectronics: Paying an AI Multiple for a Company That Is 12–18 Months Away From Earning It

The market has the direction right and the timeline wrong. At 19.2x EV/EBITDA, TFME is priced for an AI packaging transition that is 12–18 months from being financially material. We rate NEUTRAL at ¥47 — ~4% below current — and await commissioning data before upgrading.

Dec 2025

Xiaomi EV: Built On Tesla

Xiaomi's EV segment has scaled from 3% to 25% of group revenue in 18 months, built on the supplier ecosystem Tesla created — and the market is underpricing what comes next.

Nov 2025

BYD Company: Charlie Munger Didn't Buy An Automaker; He Bought Into Its Ingenuity

BYD's vertical integration across the LFP supply chain creates a structural barrier non-Chinese OEMs cannot replicate — and the market is underpricing it.