Research & Insights
Elevator Pitch: Map Aktif Adiperkasa (MAPA) is a leading Indonesian sporting goods multi-chain retailer that has great economic franchises to help international brands get a presence in the region. The company has a long runway to grow by increasing penetration in Indonesia and by expanding into some attractive markets in Southeast Asia. The business also…
Price: £0.89 Market Cap: £851.5M EPS (TTM): 0.13 P/E (TTM): 8.60 P/E (NTM): 10.07 Dividend Yield: 6.6% Dec 31, 2023 Elevator Pitch: I recommend longing Dr. Martens (LSE: DOCS), a UK footwear brand that currently trades at £0.89/10x forward PE ratio. The market seems overly pessimistic about the short-term earnings disappointment and neglects the long-term…
Thesis summary Academy Sports And Outdoors is a specialty retailer focused on sporting and outdoor products, which was turned around by the former CEO Ken Hicks. Their value proposition is to provide a really complete assortment, selling high value private brand at exceptionally low prices and national brand at normal prices. With 277 stores in…
Read More “Academy Sports And Outdoors- When A Turnaround Business Returns To Growth” »
Thesis summary M&T Bank Corporation (NYSE: MTB) is one of the most conservatively managed U.S. regional banks that operates in 12 states. They have a successful operating history and high underwriting standards. Even during the global financial crisis, they were much less affected compared with most other U.S. banks. They have been increasing the dividend…
Read More “M&T Bank Corporation- Should We Run Away From All The U.S. Regional Banks?” »
Thesis summary Sprouts Farmers Market is a retailer targeting “health enthusiast” and “selective shopper”. They provide foods that are fresh, healthy, organic and life-style friendly. Besides, they also offer some vitamins and beauty products. They try to differentiate themselves from the conventional food retailers. With ~400 stores in 23 states, they still have a long…
Read More “Sprouts Farmers Market- Organic Foods, Organic Growth, Both At Good Prices ” »
Thesis summary Dollar General is a small-box discount retailer that has carved out a niche. Having built a substantial presence in rural America, the company provides a convenience choice for many Americans across various regions. Even though it has 19,000+ stores across the whole country, I don’t think the company has already reached a state…
Thesis summary Fidelity National Information Services is a leading fintech company with steady free cash flow generation. Its business is mission-critical to their clients; much of its revenue is recurrent; the switching costs are high; the client retention rate is >90% (for some of the core business, the churn is only 1%-2%). The company has…
Thesis summary CarMax is a high-quality business with customer-centric service and a modest but developing economic moat. It operates in an industry that is moderately cyclical. CarMax could be a long-term winner if it keeps optimizing its service, and almost nothing could prevent it from steadily gaining market share from those much smaller and even…
Read More “*CarMax- The Place Where Short-termists See Clouds, Whereas Long-termists See Pie” »