OTM - Google Drive


1
2	Performance of The Barbell Portfolio
3		Returns (%)
4	Year	The Barbell Portfolio	S&P 500	Outperform/ (Underperform)
5	2022*	12%	-6%	18%
6	2023	52%	24%	28%
7	2024	41%	20%	21%
8	Since inception	140%	40%	67%
9	Average return	35%	13%	22%
10	* Fund inception date on 30 November 2022
11
17
18
19
20
21
22


1
2		The Barbell Portfolio
3		Category	Symbol	Stock	Conviction rating	Cost Price ($)	Current Price ($)	Quantity	Cost Value ($)	Mkt Value ($)	Daily %	P/L %	YTD %	Portfolio weight %	Market cap ($ Mil)	Sector	Latest coverage
4	1	Contrarian	META	Meta Platforms Inc	4	208.05	567.16	63	13,107	35,731	0%	173%	64%	13%	1,434,810	Family of Apps, Reality Labs	Link
5	2	Contrarian	SE	Sea Ltd	4	50.23	95.38	324	16,273	30,903	1%	90%	151%	11%	54,590	E-commerce, Gaming & Fintech	Link
6	3	Contrarian	ADYEY	Adyen Unsponsored Netherl 100 ADR Representing 1 Ord Shs	4	8.60	15.23	1,150	9,891	17,515	0%	77%	21%	6%	43,696	Payments	Link
7	4	Growth	CRWD	Crowdstrike Holdings Inc	4	205.23	303.13	57	11,698	17,278	2%	48%	23%	6%	74,305	Endpoint Security	Link
8	5	Contrarian	TCEHY	Tencent Holdings ADR	4	37.30	53.60	280	10,444	15,008	3%	44%	45%	5%	505,702	Gaming, cloud, social media	Link
9	6	Growth	MBLY	Mobileye Global Inc	4	18.55	15.57	960	17,808	14,947	14%	-16%	14%	5%	12,628	ADAS/AV	Link
10	7	Contrarian	ENPH	Enphase Energy Inc	4	131.65	83.54	108	14,218	9,022	1%	-37%	-36%	3%	11,287	PV Inverters	Link
11	8	Contrarian	BABA	Alibaba Group Holding Ltd - ADR	4	82.80	97.58	100	8,280	9,758	0%	18%	32%	3%	30,374	E-commerce, cloud	Link
12	9	Growth	ZS	Zscaler Inc	4	171.98	182.59	60	10,319	10,955	1%	6%	-1%	4%	27,843	Cloud security company	Link
13	10	Growth	NVDA	NVIDIA Corp	4	77.74	135.37	78	8,162	10,559	2%	74%	80%	4%	3,320,624	AI semiconductor	Link
14	11	Contrarian	QCOM	Qualcomm Inc	4	121.36	165.27	60	7,282	9,916	2%	36%	18%	4%	184,111	Handset/IoT/Automotive Semi	Link
15	12	Contrarian	AMD	Advanced Micro Devices, Inc.	4	135.66	141.86	57	7,733	8,086	-2%	5%	5%	3%	229,598	GPU/CPU	Link
16	13	Growth	SNOW	Snowflake Inc	4	148.23	115.49	85	12,600	9,817	1%	-22%	-37%	3%	38,712	Data management/warehousing	Link
17	14	Contrarian	FSLR	First Solar Inc	4	150.26	204.94	35	6,010	7,173	5%	36%	36%	3%	21,938	Utility solar	Link
18	15	Contrarian	ASML	ASML Holding NV	4	683.10	674.73	10	6,831	6,747	0%	-1%	-1%	2%	250,059	Semiconductor equipment
19	16	Contrarian	APTV	Aptiv PLC	4	66.72	56.37	180	12,010	10,147	-1%	-16%	-32%	4%	14,981	Automotive supplier	Link
20	17	Contrarian	TSLA	Tesla Inc	4	162.28	248.98	25	4,057	6,225	0%	53%	53%	2%	780,171	EVs	Link
21	18	Contrarian	MSCI	Msci Inc	4	452.80	577.95	10	4,528	5,780	1%	28%	28%	2%	45,456	Financial data	Link
22	19	Contrarian	ENVX	Enovix Corp	3	9.46	9.04	500	4,732	4,520	0%	-4%	-26%	2%	1,592	Silicon anode Li-ion battery	Link
23	20	Contrarian	CRM	Salesforce Inc	3	216.90	294.72	20	4,338	5,894	1%	36%	36%	2%	281,752	Application software	Link
24	21	Contrarian	MDB	Mongodb Inc	3	282.90	271.85	20	5,658	5,437	1%	-4%	-4%	2%	20,081	Document database
25	22	Growth	MRVL	Marvell Technology Inc	3	70.95	84.77	70	4,967	5,934	6%	19%	19%	2%	73,428	Custom ASICs
26	23	Contrarian	S	SentinelOne Inc	3	18.13	26.01	180	3,263	4,682	1%	43%	4%	2%	8,181	Endpoint Security	Link
27	24	Growth	AMZN	Amazon.com Inc	4	169.44	197.93	22	3,728	4,354	6%	17%	9%	2%	2,077,386	E-commerce, cloud	Link
28	25	Contrarian	CFLT	Confluent Inc	3	19.94	26.22	200	3,988	5,244	0%	31%	31%	2%	8,600	Data streaming	Link
29	26	Contrarian	NEE	NextEra Energy Inc	3	61.82	77.35	40	2,473	3,094	-2%	25%	25%	1%	158,982	Utlity and renewables	Link
30	27	Contrarian	LULU	Lululemon Athletica Inc	3	301.54	321.17	10	3,015	3,212	8%	7%	7%	1%	39,432	Sportswear
31	28	Growth	INDI	indie Semiconductor Inc	3	5.76	3.49	650	3,744	2,269	5%	-39%	-54%	1%	689	Automotive semiconductors	Link
32	29	Contrarian	NVTS	Navitas Semiconductor Corp	2	5.71	2.58	180	1,028	464	4%	-55%	-66%	0%	473	GaN and SiC	Link
33	Total/average								222,184	280,671	2%	49%	36%	100%	433,507
39		Cash remaining to be deployed (includes sales proceeds)							19,505
40
41		Total capital in The Barbell Portfolio							200,000
44		Net profit from stock sale							18,580


1
2
3	Symbol	Stock	Current Price	Daily	P/E (Google Finance)	52-week High	52-week Low	Latest coverage
4	MSFT	Microsoft Corp	452.16	0.27%	39x	453.6	309.45	Link
5	AAPL	Apple Inc	452.16	0.27%	39x	453.6	309.45
6	GOOG	Alphabet Inc Class C	172.65	-0.02%	23x	193.3	128.11	Link
7	NFLX	Netflix Inc	756.1	0.01%	43x	773	417.1	Link
8	NOW	ServiceNow Inc	943.41	1.12%	147x	979.78	592.48	Link
9	DDOG	Datadog Inc	123.26	-1.74%		138.61	77.81	Link
11	RKLB	Rocket Lab USA Inc	11.42	6.73%		12.09	3.47	Link
13	MELI	MercadoLibre Inc	2054.9	0.87%	74x	2161.73	1312.84	Link
17	ONON	On Holding AG	46.5	-1.94%	85x	52.8	24.15	Link
18	LVMUY	LVMH Moet Hennessy Louis Vuitton SA Unsponsored ADR	131.7	-0.67%	22x	191.63	125	Link
19	TSM	Taiwan Semiconductor Mfg. Co. Ltd.	192.95	1.26%	31x	212.6	89.47
20	MU	Micron Technology Inc	99.73	0.08%	143x	157.54	69.75
21	NKE	Nike Inc	78.06	1.21%	22x	123.39	70.75
22	KVYO	Klaviyo Inc	39.64	4.23%		39.93	21.26	Link
23	GLBE	Global-E Online Ltd	38.33	-0.29%		42.88	27.3
24	BE	Bloom Energy Corp	9.94	3.54%		18.14	8.41
25	NU	Nu Holdings Ltd	14.34	-4.97%	46x	15.98	7.75	Link
26	BIDU	Baidu Inc	90.02	-1.33%	12x	126.23	79.69	Link
27	BX	Blackstone Inc	168.14	0.23%	58x	175.94	96.15
28	APO	Apollo Global Management Ord Shs	141	-1.58%		147.04	82.3
29	ABNB	Airbnb Inc	136.46	1.24%	19x	170.1	110.4	Link
30	PLD	Prologis Inc	113.4	0.41%	34x	137.52	101.11
31	PLUG	Plug Power Inc	2.09	6.63%		6.96	1.6
32


1
2	The Price Target Report
3	The Barbell Portfolio				Entry Price ($)		Target Price ($)			Potential upside (%)
4	Category	Symbol	Stock	Current Stock Price	Recommended Entry Price	Discount to IV	Intrinsic Value (IV)	1-yr Price Target (PT)	3-yr Price Target (PT)	Today (IV)	1-year PT	3-year PT
5	Growth	INDI	indie Semiconductor Inc	3.49	4.20	-40%	7.0	5.1	8.0	101%	46%	129%
6	Contrarian	SE	Sea Ltd	95.38	73.60	-20%	92	104	156	-4%	9%	64%
8	Value	BABA	Alibaba Group Holding Ltd - ADR	97.58	98.70	-30%	141	135	175	44%	38%	79%
9	Value	TCEHY	Tencent Holdings ADR	53.6	38.88	-20%	49	59	74	-9%	10%	38%
10	Contrarian	ENVX	Enovix Corp	9.04	10.92	-30%	16	18	24	73%	97%	163%
11	Contrarian	META	Meta Platforms Inc	567.16	466.40	-20%	583	618	836	3%	9%	47%
13	Growth	CRWD	Crowdstrike Holdings Inc	303.13	258.40	-20%	323	360	457	7%	19%	51%
14	Contrarian	ENPH	Enphase Energy Inc	83.54	97.60	-20%	122	97	128	46%	16%	53%
15	Contrarian	ADYEY	Adyen Unsponsored Netherl 100 ADR Representing 1 Ord Shs	15.23	12.16	-20%	15	18	23	0%	18%	53%
17	Contrarian	QCOM	Qualcomm Inc	165.27	151.20	-20%	189	227	263	14%	37%	59%
18	Contrarian	S	SentinelOne Inc	26.01	23.24	-20%	29	32	38	12%	21%	45%
19	Growth	MBLY	Mobileye Global Inc	15.57	15.40	-30%	22	21	31	41%	35%	99%
21	Contrarian	NVTS	Navitas Semiconductor Corp	2.58	2.31	-30%	3.3	3.4	5.4	28%	32%	109%
22	Contrarian	NEE	NextEra Energy Inc	77.35	76.00	-20%	95	94	111	23%	22%	44%
24	Contrarian	APTV	Aptiv PLC	56.37	89.60	-20%	112	115	157	99%	104%	179%
25	Growth	SNOW	Snowflake Inc	115.49	128.80	-20%	161	169	237	39%	46%	105%
26	Growth	TSLA	Tesla	248.98	207.20	-20%	259	229	349	4%	-8%	40%
27	Growth	FSLR	First Solar Inc	204.94	192.80	-20%	241	273	414	18%	33%	102%
28	Growth	ZS	Zscaler Inc	182.59	168.80	-20%	211	199	296	16%	9%	62%
29	Growth	MSCI	Msci Inc	577.95	501.60	-20%	627	678	859	8%	17%	49%
30	Contrarian	CRM	Salesforce Inc	294.72	257.60	-20%	322	341	443	9%	16%	50%
31	Growth	LULU	Lululemon Athletica Inc	321.17	340.80	-20%	426	427	554	33%	33%	72%
32	Contrarian	AMZN	Amazon.com Inc	197.93	160.00	-20%	200	236	292	1%	19%	48%
33	Growth	NVDA	NVIDIA Corp	135.37	92.00	-20%	115	142	167	-15%	5%	23%
34	Growth	AMD	Advanced Micro Devices, Inc.	141.86	165.60	-20%	207	247	339	46%	74%	139%
35	Growth	MRVL	Marvell Technology Inc	84.77	79.20	-20%	99	111	141	17%	31%	66%
36	Contrarian	MDB	Mongodb Inc	271.85	282.40	-20%	353	382	541	30%	41%	99%
37	Contrarian	CFLT	Confluent Inc	26.22	20.24	-20%	25	26	34	-4%	-2%	30%
38	Contrarian	ASML	ASML Holding NV	674.73	752.80	-20%	941	1040	1420	39%	54%	110%
39
40
41	The Price Target Report
42	The Watchlist Portfolio				Entry Price ($)		Target Price ($)			Potential upside (%)
43	Category	Symbol	Stock	Current Stock Price	Recommended Entry Price	Discount to IV	Intrinsic Value (IV)	1-yr Price Target (PT)	3-yr Price Target (PT)	Today (IV)	1-year PT	3-year PT
44	Growth	MSFT	Microsoft Corp	410.37	359.20	-20%	449	501	673	9%	22%	64%
45	Contrarian	AAPL	Apple Inc	222.91	149.60	-20%	187	225	260	-16%	1%	17%
46	Growth	GOOG	Alphabet Inc Class C	172.65	152.00	-20%	190	197	254	10%	14%	47%
47	Contrarian	NFLX	Netflix Inc	756.1	512.80	-20%	641	778	907	-15%	3%	20%
48	Growth	NOW	ServiceNow Inc	943.41	737.60	-20%	922	956	1240	-2%	1%	31%
49	Contrarian	DDOG	Datadog Inc	123.26	98.40	-20%	123	138	182	0%	12%	48%
51	Growth	RKLB	Rocket Lab	11.42	4.68	-40%	7.8	7.3	12	-32%	-36%	5%
53	Growth	MELI	MercadoLibre Inc	2054.9	1000.00	-20%	1250	1400	2300	-39%	-32%	12%
57	Growth	ONON	On Holding AG	46.5	20.09	-30%	28.7	30	47	-38%	-35%	1%
58	Contrarian	LVMUY	LVMH Moet Hennessy Louis Vuitton SA Unsponsored ADR	131.7	132.00	-20%	165	198	232	25%	50%	76%
59	Contrarian	TSM	Taiwan Semiconductor Mfg. Co. Ltd.	192.95	157.60	-20%	197	220	280	2%	14%	45%
60	Growth	MU	Micron Technology Inc	99.73	76.80	-20%	96	109	144	-4%	9%	44%
61	Contrarian	NKE	Nike Inc	78.06	87.20	-20%	109	112	150	40%	43%	92%
62	Growth	KVYO	Klaviyo Inc	39.64	18.40	-20%	23	26	37	-42%	-34%	-7%
63	Growth	GLBE	Global-E Online Ltd	38.33	24.71	-30%	35.3	38.1	55.6	-8%	-1%	45%
64	Growth	BE	Bloom Energy Corp	9.94	6.12	-40%	10.2	9.9	13.3	3%	0%	34%
65	Value	NU	Nu Holdings Ltd	14.34			To be revealed in deep dive article
66	Value	BIDU	Baidu Inc	90.02			To be revealed in deep dive article
67	Value	BX	Blackstone Inc	168.14			To be revealed in deep dive article
68	Value	APO	Apollo Global Management Ord Shs	141			To be revealed in deep dive article
69	Growth	ABNB	Airbnb Inc	136.46			To be revealed in deep dive article
70	Contrarian	PLD	Prologis Inc	113.4			To be revealed in deep dive article
71	Growth	PLUG	Plug Power Inc	2.09	3.90	-40%	6.5	6.9	10.2	211%	230%	388%
74


1
2
3		Top buys	Ticker	Brief rationale
4	1	Confluent	CFLT	Trough EV/Revenue multiple amongst peer group and go-to-market changes brings attractive risk/reward to the table.
5	2	Marvell Technology	MRVL	I am the most constructive on MRVL in many quarters given all end markets are now trending up.
6	3	MongoDB	MDB	Signs of a turnaround with a better 2Q and strong 2H guidance leaves me positive on MDB.
7	4	Zscaler	ZS	Irrational fears about competition have made valuation attractive and lowered expectations.
9	5	Snowflake	SNOW	Expectation reset after Frank Slootman left as CEO, with a renewed focus on AI and new products.
11	6	MSCI	MSCI	Quality company at attractive valuation after non-fundamental event affected 1Q24.
14	7	Salesforce	CRM	More than 5% free cash flow yield for a quality name like Salesforce brings an attractive contrarian angle to the name
15	8	Lululemon	LULU	Fears of US slowdown and competition brought valuation to a trough, with likely reacceleration in 2H24


1
2		Transactions
3	Column 1	Date	Symbol	Stock	Quantity (+/-)	Price	Total	Column 2
4	1	30/11/22	BABA	Alibaba Group Holding Ltd - ADR	100	82.80	8,280
5	2	30/11/22	TCEHY	Tencent Holdings ADR	280	37.30	10,444
6	3	28/12/22	BE	Bloom Energy Corp	230	17.30	3,979
7	4	28/12/22	INDI	indie Semiconductor Inc	650	5.76	3,744
8	5	28/12/22	SE	Sea Ltd	230	48.30	11,109
9	6	28/12/22	UPST	Upstart Holdings Inc	280	12.03	3,368
10	7	28/12/22	FREY	FREYR Battery Inc	200	8.05	1,610
11	8	28/12/22	PLUG	Plug Power Inc	110	11.53	1,268
12	9	5/1/23	ENVX	Enovix Corp	300	6.55	1,965
13	10	2/2/23	META	Meta Platforms Inc	60	148.34	8,900
14	11	22/2/23	ENVX	Enovix Corp	100	7.99	799
15	12	2/3/23	ORGN	Origin Materials Inc	200	4.64	928
16	13	31/3/23	SCHW	Charles Schwab Corporation Common Stock	90	51.15	4,604
17	14	14/4/23	VLN	Valens Semiconductor Ltd	300	2.57	771
18	15	17/4/23	SCHW	Charles Schwab Corporation Common Stock	30	50.02	1,501
19	16	8/5/23	CRWD	Crowdstrike Holdings Inc	10	128.10	1,281
20	17	8/5/23	ENPH	Enphase Energy Inc	8	159.60	1,277
21	18	8/5/23	ADYEY	Adyen Unsponsored Netherl 100 ADR Representing 1 Ord Shs	80	15.81	1,265
22	19	18/5/23	INVZ	Innoviz Technologies Ltd	500	2.54	1,270
23	20	18/5/23	PLUG	Plug Power Inc	200	7.72	1,544
24	21	19/5/23	QCOM	Qualcomm Inc	30	105.67	3,170
25	22	1/6/23	CRWD	Crowdstrike Holdings Inc	15	143.21	2,148
26	23	2/6/23	S	SentinelOne Inc	100	13.02	1,302
27	24	28/6/23	CRWD	Crowdstrike Holdings Inc	15	143.25	2,149
28	25	28/6/23	ENPH	Enphase Energy Inc	30	159.50	4,785
29	26	21/7/23	UPST	Upstart Holdings Inc	-60	56.48	-3,389
30	27	22/7/23	ENVX	Enovix Corp	-100	19.90	-1,990
31	28	28/7/23	ENPH	Enphase Energy Inc	30	147.70	4,431
32	29	28/7/23	MBLY	Mobileye Global Inc	100	37.75	3,775
33	30	11/8/23	ORGN	Origin Materials Inc	1,000	1.21	1,210
34	31	18/8/23	LAZR	Luminar Technologies Inc	200	5.57	1,114
35	32	17/8/23	SE	Sea Ltd	100	39.03	3,903
36	33	18/8/23	ADYEY	Adyen Unsponsored Netherl 100 ADR Representing 1 Ord Shs	320	9.31	2,979
37	34	25/8/23	ADYEY	Adyen Unsponsored Netherl 100 ADR Representing 1 Ord Shs	300	8.20	2,460
38	35	18/9/23	ADYEY	Adyen Unsponsored Netherl 100 ADR Representing 1 Ord Shs	250	7.14	1,785
39	36	18/9/23	MBLY	Mobileye Global Inc	70	37.21	2,605
40	37	28/9/23	ENPH	Enphase Energy Inc	10	117.17	1,172
41	38	28/9/23	SE	Sea Ltd	30	42.04	1,261
42	39	28/9/23	ADYEY	Adyen Unsponsored Netherl 100 ADR Representing 1 Ord Shs	200	7.01	1,402
43	40	28/9/23	QCOM	Qualcomm Inc	6	109.66	658
44	41	28/9/23	LAZR	Luminar Technologies Inc	160	4.28	685
45	42	28/9/23	PLUG	Plug Power Inc	100	7.34	734
46	43	28/9/23	FREY	FREYR Battery Inc	120	4.94	593
47	44	19/10/23	NVTS	Navitas Semiconductor Corp	180	5.71	1,028
48	45	20/10/23	ENPH	Enphase Energy Inc	15	98.05	1,471
49	46	1/11/23	ENPH	Enphase Energy Inc	15	72.20	1,083
50	47	2/11/23	QCOM	Qualcomm Inc	30	115.12	3,454
51	48	21/11/23	UPST	Upstart Holdings Inc	-160	25.32	-4,051
52	49	28/11/23	FREY	FREYR Battery Inc	-320	1.48	-474
53	50	4/1/24	NEE	NextEra Energy Inc	40	61.82	2,473
54	51	5/1/24	MBLY	Mobileye Global Inc	120	16.00	1,920
55	52	12/1/24	AEHR	Aehr Test Systems	90	17.70	1,593
56	53	1/2/24	MBLY	Mobileye Global Inc	70	16.00	1,120
57	54	6/2/24	APTV	Aptiv PLC	50	82.37	4,119
58	55	22/2/24	NVDA	NVIDIA Corp	90	75.31	6,778
59	56	28/2/24	FSLR	First Solar Inc	40	150.26	6,010
60	57	29/2/24	SNOW	Snowflake Inc	40	182.05	7,282
61	58	1/3/24	BE	Bloom Energy Corp	-230	9.02	-2,075
62	59	1/3/24	ORGN	Origin Materials Inc	-1,200	0.57	-684
63	60	6/3/24	VLN	Valens Semiconductor Ltd	-300	2.21	-663
64	61	15/3/24	TSLA	Tesla Inc	25	162.28	4,057
65	62	2/4/24	PLUG	Plug Power Inc	-410	3.33	-1,365
66	63	9/4/24	ZS	Zscaler Inc	30	185.25	5,558
67	64	24/4/24	MSCI	Msci Inc	10	452.80	4,528
68	65	24/4/24	ENPH	Enphase Energy Inc	20	107.98	2,160
69	66	25/4/24	META	Meta Platforms Inc	10	420.65	4,207
70	67	6/5/24	AEHR	Aehr Test Systems	-90	11.80	-1,062
71	68	6/5/24	UPST	Upstart Holdings Inc	-60	25.70	-1,542
72	69	6/5/24	SCHW	Charles Schwab Corporation Common Stock	-120	76.61	-9,193
73	70	6/5/24	SE	Sea Ltd	-36	76.61	-2,758
74	71	6/5/24	CRWD	Crowdstrike Holdings Inc	-4	315.34	-1,261		-362.523
75	72	6/5/24	META	Meta Platforms Inc	-7	464.08	-3,249		-578.4
76	73	21/5/24	NVDA	NVIDIA Corp	-20	94.69	-1,894		-544.3
77	74	24/5/24	LULU	Lululemon Athletica Inc	10	301.54	3,015		-951.92
78	75	30/5/24	CRM	Salesforce Inc	20	216.90	4,338		-387.58
79	76	12/6/24	INVZ	Innoviz Technologies Ltd	-500	1.04	-520		-2210.18
80	77	12/6/24	LAZR	Luminar Technologies Inc	-360	1.50	-540		-688.36
81	78	17/6/24	SNOW	Snowflake Inc	15	126.25	1,894		-1019.16
82	79	21/6/24	NVDA	NVIDIA Corp	-7	127.10	-890
83	80	21/6/24	QCOM	Qualcomm Inc	-6	211.52	-1,269
84	81	21/6/24	FSLR	First Solar Inc	-5	259.12	-1,296
85	82	21/6/24	CRWD	Crowdstrike Holdings Inc	-4	381.23	-1,525
86	83	19/7/24	AMZN	Amazon.com Inc	12	181.10	2,173		0.77%
87	84	19/7/24	CRWD	Crowdstrike Holdings Inc	5	295.00	1,475		0.53%
88	85	19/7/24	AMD	Advanced Micro Devices, Inc.	15	153.98	2,310		0.82%
89	86	20/7/24	AMD	Advanced Micro Devices, Inc.	30	131.49	3,945
90	87	6/8/24	NVDA	NVIDIA Corp	15	92.30	1,385
91	88	6/8/24	AMD	Advanced Micro Devices, Inc.	12	123.20	1,478
92	89	6/8/24	AMZN	Amazon.com Inc	10	155.45	1,555
93	90	7/8/24	CRWD	Crowdstrike Holdings Inc	20	232.25	4,645
94	91	8/8/24	CRWD	Crowdstrike Holdings Inc	20	232.25	4,645
95	92	15/8/24	MBLY	Mobileye Global Inc	600	13.98	8,388
96	93	23/8/24	SNOW	Snowflake Inc	30	114.13	3,424
97	94	29/8/24	ENVX	Enovix Corp	200	9.84	1,968
98	95	29/8/24	S	SentinelOne Inc	80	24.51	1,961
99	96	3/9/24	MRVL	Marvell Technology Inc	70	70.95	4,967
100	97	4/9/24	ZS	Zscaler Inc	30	158.70	4,761
101	98	9/9/24	MDB	Mongodb Inc	20	282.90	5,658
102	99	18/9/24	APTV	Aptiv PLC	40	70.21	2,808
103	100	9/10/24	CFLT	Confluent Inc	200	19.94	3,988
104	101	16/10/24	ASML	ASML Holding NV	10	683.10	6,831
105	102	1/11/24	APTV	Aptiv PLC	90	56.48	5,083
106
107	As of 9 aug 24
108	Sell transactions total						-41,689
109	Profit						22,185
110		Upstart					5,614
111		Enovix					1,335
112							3,089
113							1,019
114							3,811
115							2,210
116							3,927
117							635
118							544
119	Losses						-3,605
120		FREYR Battery					-1,136
121							-190.44
122							-526
123							-108
124							-218.1
125							-531
126							-750
127							-145


1
2
3
4
5
6	Conviction rating	4	Ticker	SE
7	Recommended entry price	73.60	Current price	95.38
8	1-Year Price Target	104.00
9	3-Year Price Target	156.00
10
11	Company name	Sea Limited	Deep dive research
12	Company name	Sea Limited	Deep dive research
13	Industry	E-commerce, Gaming, Fintech	Type	Date	Report
14	Industry	E-commerce, Gaming, Fintech	Type	Date	Report
15	Market capitalization ($ million)	54,590	Deep dive	13/1/23	Stock Idea 2: Sea Limited (A Deep Dive - Part 1)
16	Market capitalization ($ million)	54,590	Deep dive	13/1/23	Stock Idea 2: Sea Limited (A Deep Dive - Part 1)
17	Founded	2009	Deep dive	20/1/23	Stock Idea 2: Sea Limited (A Deep Dive - Part 2)
18	Founded	2009	Deep dive	20/1/23	Stock Idea 2: Sea Limited (A Deep Dive - Part 2)
19	Main competitors	Lazada, Tokopedia, TikTok	Deep dive	27/1/23	Stock Idea 2: Sea Limited (A Deep Dive - Part 3)
20	Main competitors	Lazada, Tokopedia, TikTok	Deep dive	27/1/23	Stock Idea 2: Sea Limited (A Deep Dive - Part 3)
21	Founder-led/Owner-operator?	Yes
22	Founder-led/Owner-operator?	Yes
23	Founder holding %	18%
24	Founder holding %	18%
25	NTM P/E	20x	Earnings review
26	NTM P/E	20x	Earnings review
27	Net cash	Yes	Type	Date	Report
28	Net cash	Yes	Type	Date	Report
29	52-week high	101.93	4Q22	13/3/23	Sea Limited 4Q22: Defying All Odds
30	52-week high	101.93	4Q22	13/3/23	Sea Limited 4Q22: Defying All Odds
31	52-week low	34.35	1Q23	17/5/23	Sea Limited 1Q23: Executing Well Towards Profitable Growth As E-Commerce And Fintech Shines
32	52-week low	34.35	1Q23	17/5/23
33	Beta	1.52	2Q23	17/8/23	Sea Limited 2Q23: Investing For The Long-Term
34	Beta	1.52	2Q23	17/8/23	Sea Limited 2Q23: Investing For The Long-Term
35	Return on Equity	15%
36	Return on Equity	15%
37
38
39	Model assumptions
40	Model assumptions
41	Revenue (5-year CAGR)	12%
42	Revenue (5-year CAGR)	12%
43	EPS (5-year CAGR)	27%
44	EPS (5-year CAGR)	27%
45	Terminal multiple	20x
46	Terminal multiple	20x
47	Discount rate	14%
48	Discount rate	14%


1
2		Scoring system:
3		Yes	5
4		Somewhat yes	2.5
5		No	0
6
7
8		Business model		Answer	Comments
9	1	Does the company have a sound business model?	5	Yes	Diversification in gaming, e-commerce and fintech business, with leadership positions in gaming and e-commerce.
10	2	Is the business model asset light?	5	Yes	Capital expenditures made up 7% of revenues on average over last 3 years. Capital expenditures include investment in servers, computer hardware and software, and leasehold improvements.
11	3	Does the business have recurring or predictable revenues?	5	No	No recurring or predictable revenues given it is affected by many factors.
12	4	Is the business scalable?	5	Yes	The company can easily scale the business by leasing more warehouses, investing in more servers etc.
13		Management		Answer	Comments
14	5	Is the company operating under an owner/operator or founder-led model?	5	Yes	Forrest Li is Sea Limited's founder and has served as the chairman of the company's CEO since inception in May 2009.
15	6	Do the managers own a significant stake? (Ownership)	5	Yes	Forrest Li owns 18% of Sea Limited
16	7	Are the managers well aligned with shareholders? (Incentive plan)	5	Yes	Share incentive plan for employees and directors
17	8	Are the managers competent?	5	Yes	Forrest Li has been running the company since inception, growing Garena into a sizable gaming business and Shopee to become the largest in its core markets (SEA and Taiwan)
18	9	Has the management demonstrated a high degree of integrity (honesty)?	5	Yes	Management has been forthcoming in their plans. For example: Exiting non-core markets (1H22), focus on profitability (2H22), reinvesting into business to face competitive threats (2Q23).
19	10	Is management turnover low?	5	Yes	Most of the management team joined Sea Limited when it was founded. CEO/COO/CFO/President of Garena has been with company since 2009, 2010, 2010, 2009 respectively.
20	11	Are the managers good capital allocators?	5	Somewhat yes	Management has shown signs of being prudent with capital, not just in its focus on profitability and sustainability in 2H22, but also when it made the decision to reverse its plans to expand into new regions when the macro backdrop changed.
21	12	Reinvestment rate: ROIC more than WACC?	5	No	I think this has the potential to be yes in 1 to 3 years time when the company refocuses its efforts on profitability, but due to the near-term need for investment in Shopee, I do not see this in the very near-term.
22		Growth		Answer	Comments
23	13	Does the company have a long runway or TAM?	5	Yes	Penetration of e-commerce and fintech in core markets of Southeast Asia and Taiwan remains low and the market continues to grow.
24	14	Does the company have a good track record for expansion?	5	Yes	The rise of Garena's Free Fire and Shopee in core markets demonstrate the strong track record for expansion.
25	15	Does the company have a sound long-term growth strategy?	5	Yes	Garena (in-house game development, third party game publishing, invest in Free Fire), Shopee (Increase mind share, engagement and loyalty), SeaMoney (Continue to grow products and digital bank)
26	16	Is the company growing sustainably?	5	Yes	The company has a strong focus on "self-sufficiency".
27	17	Are there clear levers for margin expansion?	5	Yes	These levers include improving economises of scale, reducing sales and marketing expenses (promotions and discounts), reducing G&A (HQ and hiring)
28	18	Is the company focused on organic growth?	5	Yes	Sea Limited focuses on organic growth (Garena, Shopee, SeaMoney)
29	19	Has the company been successful in inorganic growth, if any?	5	Somewhat yes	Acquisition was complementary to organic growth to supplement capabilities (Bank BDE in Indonesia, Phoenix Labs for Garena). Phoenix Labs was a curious acquisition since it was spun off later.
30		Financials		Answer	Comments
31	20	Is the company net cash?	5	Yes	Net cash of $1.1 billion as of 2Q23
32	21	Are the company's gross margins > 40%?	5	Yes	Gross margins at 47% as of 2Q23
33	22	Are the company's operating margins positive >10% or net profit margins >5%?	5	Somewhat yes	9% operating profit margin and 10% net profit margins as of 2Q23
34	23	Is the company free cash flow positive?	5	Yes	$794 million in free cash flows generated in 1H23
35	24	Are gross, operating and net profit margins expanding?	5	Yes	From 1H22 to 1H23, gross margins improved from 39% to 47% operating margins went from -23% to 7%, and net profit margins went from -26% to 7%.
36	25	Is the company free from the need to raise equity in the foreseeable future?	5	Yes	No need for equity given net cash position and generating positive FCF.
37	26	Is the return on equity sufficient?	5	Yes	Return on equity of 15% expected
38		Competitive moat		Answer	Comments
39	27	Does the company have strong competitive advantages?	5	Yes	Garena (Partners, more than 2,000 global developers), Shopee (Scale, success in gamifying e-commerce, marketing campaigns, huge ecosystem of buyerrs and sellers), Sea Money (Leverage on user base from Shopee, one of few to be granted digital bank license, "an everything app")
40	28	Are the competitive advantages not easily replicable?	5	Somewhat yes	The scale, ecosystem and partnerships formed by Sea Limited across businesses make it somewhat difficult to replicate its competitive advantages.
41	29	Is the company's competitive advantage continuing to grow?	5	Yes	Yes, the company continues to invest in Garena, Shopee and SeaMoney, improving engagement, increasing innovation and expanding the product and feature portfolio.
42	30	Is the company the market leader or gaining market share?	5	Yes	In 2022, when Southeast Asia's total gross merchandise volume (GMV) was $99.5 billion. Shopee took up nearly half of the total with a GMV of $47.9 billion. Lazada was second but only had half of Shopee’s GMV.
43		Industry		Answer	Comments
44	31	Are there high barriers to entry to the industry?	5	Somewhat yes	Because of the highly competition nature of the industry, only players backed by established parents or players with an existing large user base can compete meaningfully in the e-commerce industry. Similarly, for the gaming business has somewhat high barriers to entry due to the need for partnerships and developer talent.
45	32	Is the industry free from intense competitive pressures?	5	No	The e-commerce industry faces intense competitive pressures. Shopee competes with the likes of Lazada, Tokopedia and more recently, TikTok Shop.
46	33	Does the industry have secular tailwinds?	5	Yes	There are secular tailwinds, especially for e-commerce and fintech, in Southeast Asia, Taiwan and Brazil.
47	34	Is the industry generally profitable?	5	Somewhat yes	While the industry is generally profitable, there are examples from China which suggests that there is the possibility of price wars if there is irrational competition.
48		Risks		Answer	Comments
49	35	Is the company free from customer/supplier concentration risk?	5	Yes	No individual customer accounted for more than 10% of net revenues for the years ended December 31, 2020, 2021 and 2022. No individual third-party game developer, third-party logistics services provider or other third-party business partner accounted for more than 10% ofnet cost of revenue for the years ended December 31, 2020, 2021 and 2022.
50	36	Is the company free from the risk of obsolescence or technology risks?	5	No	There are risks that other formats may gain popularity.
51	37	Is the company free from geopolitcal or regulatory risks?	5	No	Unfortunately, Garena's Free Fire was banned in India due to geopolitical reasons despite Sea Limited being a Singapore based company.
52	38	Is the company free from cyclical risks?	5	Somewhat yes	Because of the diversification of the business, the gaming and e-commerce business can help offset their own sector cyclical downturns.
53	39	Is the company free from huge macroeconomic risks?	5	No	Spending in gaming, e-commerce and fintech may come off strongly if there is a negative macroeconomic event.
54		Valuation		Answer	Comments
55	40	Is the company trading at a sufficient discount to its intrinsic value?	5	Yes	Company is trading at undemanding valuations given long runway for growth, improving profitability and strong competitive positions.
56		Overall score
57		Score out of 200	200	153
58		Score out of 100		76
59
60		Count:
61		Yes		27
62		Somewhat yes		7
63		No		6


1
2			Ticker	BABA
3			Current price	97.58
4
5	Company name	Alibaba Group	Deep dive research
6	Company name	Alibaba Group	Deep dive research
7	Industry	E-commerce, Cloud, Fintech, Local Services, Logistics	Type	Date	Report
8	Industry	E-commerce, Cloud, Fintech, Local Services, Logistics	Type	Date	Report
9	Market capitalization ($ million)	32,710	Update	3/4/23	Alibaba: Reorganization Unlocks Significant Shareholder Value
10	Market capitalization ($ million)	32,710	Update	3/4/23
11	Founded	1999	Deep dive	7/4/23	Stock Idea 7: Alibaba (A Deep Dive - Part 1)
12	Founded	1999	Deep dive	7/4/23	Stock Idea 7: Alibaba (A Deep Dive - Part 1)
13	Main competitors	JD, PDD, Tencent, Meituan, Baidu	Deep dive	5/10/23	Stock Idea 7: Alibaba (A Deep Dive - Part 2)
14	Main competitors	JD, PDD, Tencent, Meituan, Baidu	Deep dive	5/10/23	Stock Idea 7: Alibaba (A Deep Dive - Part 2)
15	Founder-led/Owner-operator?	No	Update	12/7/23	Alibaba: Ant Update, June Quarter Preview, Jack Ma's Message, Amongst Others
16	Founder-led/Owner-operator?	No	Update	12/7/23
17	Founder holding %	Not Applicable
18	Founder holding %	Not Applicable
19	NTM P/E	8x	Earnings review
20	NTM P/E	8x	Earnings review
21	Net cash	Yes	Type	Date	Report
22	Net cash	Yes	Type	Date	Report
23	52-week high	117.82	FY4Q23	22/5/23	Alibaba: Significant Discount To Sum-Of-The-Parts Valuation Not Warranted
24	52-week high	117.82	FY4Q23	22/5/23
25	52-week low	66.63	FY1Q24	25/8/23	Alibaba: FY1Q24 Review
26	52-week low	66.63	FY1Q24	25/8/23	Alibaba: FY1Q24 Review
27	Beta	0.54
28	Beta	0.54
29	Return on Equity	13%
30	Return on Equity	13%
31
32
33	Sum-Of-The-Parts (SOTP) valuation assumptions
34	Sum-Of-The-Parts (SOTP) valuation assumptions
35	Revenue (5-year CAGR)	9%
36	Revenue (5-year CAGR)	9%
37	EPS (5-year CAGR)	15%
38	EPS (5-year CAGR)	15%
39	Taobao Tmall Group (P/E)	10x
40	Taobao Tmall Group (P/E)	10x
41	Cloud Intelligence Group (P/S)	3.0x
42	Cloud Intelligence Group (P/S)	3.0x
43	Local Services Group (P/S)	2.5x
44	Local Services Group (P/S)	2.5x
45	International Digital Commerce Group (P/S)	2.5x
46	International Digital Commerce Group (P/S)	2.5x
47	Cainiao Smart Logistics Group (P/S)	2.0x
48	Cainiao Smart Logistics Group (P/S)	2.0x
49	Digital Media and Entertainment Group (P/S)	.5x
50	Digital Media and Entertainment Group (P/S)	.5x


1
2		Scoring system:
3		Yes	5
4		Somewhat yes	2.5
5		No	0
6
7
8		Business model		Answer	Comments
9	1	Does the company have a sound business model?	5	Yes	Alibaba has a solid business model, focusing on customers for its e-commerce segment and digital transformation of enterprises in the cloud segment, with strong leadership in both.
10	2	Is the business model asset light?	5	Yes	Alibaba operates an asset light business model and on average, capital expenditures made up 5% of revenues.
11	3	Does the business have recurring or predictable revenues?	5	Somewhat yes	Cloud revenues are sticky, while e-commerce revenues are not.
12	4	Is the business scalable?	5	Yes	Alibaba has a scalable platform
13		Management		Answer	Comments
14	5	Is the company operating under an owner/operator or founder-led model?	5	Yes	Alibaba has 18 co-founders. Eddie Wu (CEO), Trudy Dai (CEO of Tmall and Taobao), Jane Jiang, (Chief People Officer), are some of the co-founders of Alibaba managing the company
15	6	Do the managers own a significant stake? (Ownership)	5	Somewhat yes	Eddie Wu owns $370 million worth of shares, although it makes up a small percentage of the company
16	7	Are the managers well aligned with shareholders? (Incentive plan)	5	Yes	Alibaba has an equity incentive plan since 2014
17	8	Are the managers competent?	5	Yes	Alibaba has a strong culture of hiring talent, retaining them and putting them in the top jobs
18	9	Has the management demonstrated a high degree of integrity (honesty)?	5	Yes	I have been covering Alibaba for the longest time and they have been honest with the public markets
19	10	Is management turnover low?	5	No	Alibaba has a culture of changing its management team when they are not performing. Jack Ma was CEO until 2019, Daniel Zhang was CEO until 2023 and Eddie Wu replaced Daniel Zhang in 2023. While Jack Ma was the longest CEO of Alibaba, in the last 4 years, there were 3 changes to the CEO position. CFO Toby Xu and CTO Wu Zeming has been in the position since 2022. However, I am not worried because of the amount of talent they have in the company.
20	11	Are the managers good capital allocators?	5	Yes	Managers at Alibaba has been excellent capital allocators, looking to put capital into its businesses for growth, carrying out stock buybacks, and enhancing shareholder value.
21	12	Reinvestment rate: ROIC more than WACC?	5	Somewhat yes	ROIC has periods when they are higher or lower than WACC
22		Growth		Answer	Comments
23	13	Does the company have a long runway or TAM?	5	Yes	Alibaba has multiple businesses that have a long runway, international commerce, cloud, local services, amongst others.
24	14	Does the company have a good track record for expansion?	5	Yes	Alibaba has demonstrated strength across key industries of e-commerce and cloud and expanded faster than the market.
25	15	Does the company have a sound long-term growth strategy?	5	Yes	Alibaba continues to invest in e-commerce, growing its user base and increasing monetization from the huge user base.
26	16	Is the company growing sustainably?	5	Yes	Alibaba is growing profitability given its huge net cash position and free cash flow generation machine.
27	17	Are there clear levers for margin expansion?	5	Yes	Alibaba has demonstrated very well how it can improve operational efficiencies in its business when it needs to.
28	18	Is the company focused on organic growth?	5	Yes	Alibaba has shown strong focus on organic growth, with its Tmall and Taobao business growing organically
29	19	Has the company been successful in inorganic growth, if any?	5	Yes	Alibaba has been successful in acquisitions, including that of Lazada, Ele.me, Youkou, controlling interest in Cainiao, all of which has been accretive to the company
30		Financials		Answer	Comments
31	20	Is the company net cash?	5	Yes	Net cash of $67 billion or 32% of its market cap as of 2Q23
32	21	Are the company's gross margins > 40%?	5	Somewhat yes	Gross margins at 39% as of 1H23
33	22	Are the company's operating margins positive >10% or net profit margins >5%?	5	Yes	23% operating profit margin and 9% net profit margins as of 1H23
34	23	Is the company free cash flow positive?	5	Yes	$26 billion in free cash flows generated in last 1 year, or 12% free cash flow yield
35	24	Are gross, operating and net profit margins expanding?	5	Yes	Alibaba has been focused on improving operating efficiency, turning many businesses margins positive and improving on profitability while doing so.
36	25	Is the company free from the need to raise equity in the foreseeable future?	5	Yes	No need for equity given net cash position and generating positive FCF.
37	26	Is the return on equity sufficient?	5	Yes	Return on equity of 13%
38		Competitive moat		Answer	Comments
39	27	Does the company have strong competitive advantages?	5	Yes	Alibaba is like what Mohnish Pabrai call a "Spawner", a company which is capable of spawning related and unrelated businesses. Not many companies have the DNA to do so, and most of them are the mega caps that we know today like Amazon, Tencent etc. The competitive advantage of Alibaba include its huge user base (e-commerce), its strong technology leadership (cloud), and its strong ecosystem of businesses.
40	28	Are the competitive advantages not easily replicable?	5	Somewhat yes	The huge user base, technology leadership in cloud and strong ecosystem of businesses are not easily replicable by competitors
41	29	Is the company's competitive advantage continuing to grow?	5	Yes	Alibaba continues to invest in its businesses, and innovate to cater to the needs of its customers.
42	30	Is the company the market leader or gaining market share?	5	Yes	Alibaba continues to be the market leader in both e-commerce and cloud, and the job here is to maintain market share.
43		Industry		Answer	Comments
44	31	Are there high barriers to entry to the industry?	5	Somewhat yes	To a certain extent, the e-commerce industry has low barriers to entry given that anyone can build an e-commerce platform, but the difficulty comes from the ability to attract customers into the platform. The cloud industry in general has high barriers to entry.
45	32	Is the industry free from intense competitive pressures?	5	Somewhat yes	The e-commerce industry has traditionally had periods of intense competition in China, while the cloud market has more rational competition.
46	33	Does the industry have secular tailwinds?	5	Yes	E-commerce and cloud continue to enjoy solid tailwinds for growth
47	34	Is the industry generally profitable?	5	Somewhat yes	As a result of periods of intense competition in the e-commerce segment, there are times of lower profitability, but in general, the industry should be profitable if rational.
48		Risks		Answer	Comments
49	35	Is the company free from customer/supplier concentration risk?	5	Yes	Alibaba's businesses, including the e-commerce and cloud businesses, have a diversified customer base. In addition, Alibaba has a diversified supplier base, with its own in-house capabilities playing a key role including its logistics business (Cainiao).
50	36	Is the company free from the risk of obsolescence or technology risks?	5	No	Alibaba is exposed to changes in technology and thus need to invest in its business
51	37	Is the company free from geopolitcal or regulatory risks?	5	No	Alibaba is exposed to geopolitical tensions and regulatory pressures
52	38	Is the company free from cyclical risks?	5	Somewhat yes	While Alibaba is exposed to cyclicality of the consumer segment, it has many other businesses that provides diversification for the overall group
53	39	Is the company free from huge macroeconomic risks?	5	No	Alibaba is exposed to weak macroeconomic risks
54		Valuation		Answer	Comments
55	40	Is the company trading at a sufficient discount to its intrinsic value?	5	Yes	Alibaba is undervalued based on a sum-of-the-parts valuation basis
56		Overall score
57		Score out of 200	200	158
58		Score out of 100		79
59
60		Count:
61		Yes		27
62		Somewhat yes		9
63		No		4


1
2			Ticker	ADYEY
3			Current price	15.23
4
5	Company name	Adyen	Deep dive research
6	Company name	Adyen	Deep dive research
7	Industry	Payments	Type	Date (Last updated)	Report
8	Industry	Payments	Type	Date (Last updated)	Report
9	Market capitalization ($ million)	43,696	Deep dive	5/10/23	Stock Idea 17: Adyen (A Deep Dive)
10	Market capitalization ($ million)	43,696	Deep dive	5/10/23	Stock Idea 17: Adyen (A Deep Dive)
11	Founded	2006	Channel check	25/8/23	Adyen: Channel Checks
12	Founded	2006	Channel check	25/8/23	Adyen: Channel Checks
13	Main competitors	Stripe, Braintree (PayPal)	Channel check	19/9/23	Adyen: Extensive Channel Checks (Differentiation, Value Proposition, Pricing, Braintree, NPS)
14	Main competitors	Stripe, Braintree (PayPal)	Channel check	19/9/23
15	Founder-led/Owner-operator?	Yes
16	Founder-led/Owner-operator?	Yes
17	Founder holding %	3%	Earnings review
18	Founder holding %	3%	Earnings review
19	NTM P/E	28x	Type	Date (Last updated)	Report
20	NTM P/E	28x	Type	Date (Last updated)	Report
21	Net cash	Yes	1H23	21/8/23	Adyen: 1H23 Review (Changes In Intrinsic Value And Price Targets)
22	Net cash	Yes	1H23	21/8/23
23	52-week high	17.27	3Q23	22/11/23	Adyen: 2023 Investor Day And Business Update
24	52-week high	17.27	3Q23	22/11/23	Adyen: 2023 Investor Day And Business Update
25	52-week low	6.99
26	52-week low	6.99
27	Beta	1.99
28	Beta	1.99
29
30
31	Model assumptions
32	Model assumptions
33	Revenue (5-year CAGR)	24%
34	Revenue (5-year CAGR)	24%
35	EPS (5-year CAGR)	27%
36	EPS (5-year CAGR)	27%
37	Return on Equity	23%
38	Return on Equity	23%
39	Terminal multiple	25x
40	Terminal multiple	25x
41	Discount rate	10%
42	Discount rate	10%


1
2		Scoring system:
3		Yes	5
4		Somewhat yes	2.5
5		No	0
6
7
8		Business model		Answer	Comments
9	1	Does the company have a sound business model?	5	Yes	High return on equity business based a differentiated single platform, which also enables it to have low costs.
10	2	Is the business model asset light?	5	Yes	Adyen operates an asset light business model and on average, capital expenditures made up 5% of revenues.
11	3	Does the business have recurring or predictable revenues?	5	Somewhat yes	While revenues are based on transactions, customers sign contracts with Adyen and this business is largely quite sticky.
12	4	Is the business scalable?	5	Yes	Highly scalable single platform: Adyen just needs to hire more talent to scale up.
13		Management		Answer	Comments
14	5	Is the company operating under an owner/operator or founder-led model?	5	Yes	Pieter van der Does is the cofounder and CEO of Adyen
15	6	Do the managers own a significant stake? (Ownership)	5	Yes	Pieter van der Does owns 3% of Adyen
16	7	Are the managers well aligned with shareholders? (Incentive plan)	5	Yes	Adyen has a share incentive plan for directors and employees
17	8	Are the managers competent?	5	Yes	The team has grown Adyen significantly, evidence of their strong competence in scaling up the business and growing it.
18	9	Has the management demonstrated a high degree of integrity (honesty)?	5	Yes	Management has been honest about their intentions to invest in the business for the long-term, to focus on product differentiation rather than a price war, amongst others.
19	10	Is management turnover low?	5	Yes	Pieter van der Does has been with Adyen since inception, while Ingo Uytdehaage, co-CEO has been with Adyen since 2011, CCO Roelant Prins has been with Adyen since 2007
20	11	Are the managers good capital allocators?	5	Yes	The managers have been excellent capital allocators, prudently managing Adyen such that it does not require any external funding and operating Adyen at such high ROICs consistently.
21	12	Reinvestment rate: ROIC more than WACC?	5	Yes	ROIC has consistently been higher than WACC since listing.
22		Growth		Answer	Comments
23	13	Does the company have a long runway or TAM?	5	Yes	Adyen is a disruptor within the payments space, where legacy vendors still make up more than 80% of the market.
24	14	Does the company have a good track record for expansion?	5	Yes	Adyen has been a market share gainer since listing, growing faster than the industry over the past few years.
25	15	Does the company have a sound long-term growth strategy?	5	Yes	Adyen has a clear strategy to grow with its customers and expand to new customers.
26	16	Is the company growing sustainably?	5	Yes	Adyen did not need to raise capital given the asset light and highly profitable nature of its business.
27	17	Are there clear levers for margin expansion?	5	Yes	The levers of expansion include: Economies of scale, normalizing investments in technology and talent.
28	18	Is the company focused on organic growth?	5	Yes	Adyen has shown an exceptional focus on growing the business organically
29	19	Has the company been successful in inorganic growth, if any?	5	Yes	Adyen has an exceptional focus on organic growth and building its capabilities in-house rather than acquire
30		Financials		Answer	Comments
31	20	Is the company net cash?	5	Yes	Net cash of €6.4 billion as of 2Q23
32	21	Are the company's gross margins > 40%?	5	Yes	Gross margins at 87% as of 1H23
33	22	Are the company's operating margins positive >10% or net profit margins >5%?	5	Yes	33% operating profit margin and 33% net profit margins as of 1H23
34	23	Is the company free cash flow positive?	5	Yes	€247 million in free cash flows generated in 1H23
35	24	Are gross, operating and net profit margins expanding?	5	Yes	As the accelerated pace of investments and hiring is expected to slow in 2024, I expect margins to expand considerably.
36	25	Is the company free from the need to raise equity in the foreseeable future?	5	Yes	No need for equity given net cash position and generating positive FCF.
37	26	Is the return on equity sufficient?	5	Yes	Return on equity of 23%
38		Competitive moat		Answer	Comments
39	27	Does the company have strong competitive advantages?	5	Yes	Adyen is focused on product differentation while competitors are focused more on low cost solutions. While Adyen could compete on costs, its main differentiation lies in the technology and product differentiation it is able to offer.
40	28	Are the competitive advantages not easily replicable?	5	Somewhat yes	The investment in technology and talent is necessary and not all companies without the right culture can achieve this.
41	29	Is the company's competitive advantage continuing to grow?	5	Yes	Adyen continues to invest aggressively in the people necessary to grow the business and thus, grow its competitive advantage.
42	30	Is the company the market leader or gaining market share?	5	Yes	Adyen continues to gain share, especially from legacy vendors.
43		Industry		Answer	Comments
44	31	Are there high barriers to entry to the industry?	5	Yes	While the barriers of entry can be low, to get to where Adyen is today, I would argue that there are significant investment needs to get to the product feature level that is on par with Adyen.
45	32	Is the industry free from intense competitive pressures?	5	Somewhat yes	With the exception of the US market where complexity is low, Adyen has not seen intense competitive pressures in the key markets it operates in
46	33	Does the industry have secular tailwinds?	5	Yes	There continues to be strong secular tailwinds for the payments market as cashless transactions continue to rise
47	34	Is the industry generally profitable?	5	Yes	The industry has generally been profitable although there are some players choosing to sacrifice margins as they are playing a different strategy.
48		Risks		Answer	Comments
49	35	Is the company free from customer/supplier concentration risk?	5	Yes	Adyen has low customer and banking partner concentration risk. No single customers that on an individual level accounted for more than 10% of the total revenue.
50	36	Is the company free from the risk of obsolescence or technology risks?	5	No	Adyen needs to continue to innovate in a fast changing and competitive payments industry
51	37	Is the company free from geopolitcal or regulatory risks?	5	Yes	Adyen has steered clear of geopolitical and regulatory risks
52	38	Is the company free from cyclical risks?	5	No	Given Adyen is in the payments business, despite the business being sticky, at the end of the day, it is still subhect to cyclical fluctuations.
53	39	Is the company free from huge macroeconomic risks?	5	No	Settlement and processing fees are paid by transaction and if macroeconomic risks were to affect transaction volume, Adyen would be affected
54		Valuation		Answer	Comments
55	40	Is the company trading at a sufficient discount to its intrinsic value?	5	Yes	Given the growth and quality profile of Adyen, the company is trading at an undemanding valuation.
56		Overall score
57		Score out of 200	200	178
58		Score out of 100		89
59		Count:
60		Yes		34
61		Somewhat yes		3
62		No		3


1
2			Ticker	CRWD
3			Current price	303.13
4
5	Company name	CrowdStrike	Deep dive research
6	Company name	CrowdStrike	Deep dive research
7	Industry	Cybersecurity	Type	Date (Last updated)	Report
8	Industry	Cybersecurity	Type	Date (Last updated)	Report
9	Market capitalization ($ million)	74,305	Deep dive	10/3/23	CrowdStrike: Ready To Buy This Cybersecurity Leader On Pullbacks
10	Market capitalization ($ million)	74,305	Deep dive	10/3/23
11	Founded	2011	Channel check	21/3/23	Microsoft's Cybersecurity Business
12	Founded	2011	Channel check	21/3/23	Microsoft's Cybersecurity Business
13	Main competitors	Microsoft, SentinelOne, legacy vendors	Deep dive	1/6/23	CrowdStrike: An Opportunity To Strike
14	Main competitors	Microsoft, SentinelOne, legacy vendors	Deep dive	1/6/23	CrowdStrike: An Opportunity To Strike
15	Founder-led/Owner-operator?	Yes
16	Founder-led/Owner-operator?	Yes
17	Founder holding %	5%	Earnings review
18	Founder holding %	5%	Earnings review
19	NTM P/E	46x	Type	Date (Last updated)	Report
20	NTM P/E	46x	Type	Date (Last updated)	Report
21	Net cash	Yes	FY4Q23	10/3/23	CrowdStrike: Ready To Buy This Cybersecurity Leader On Pullbacks
22	Net cash	Yes	FY4Q23	10/3/23
23	52-week high	398.3	FY1Q24	1/6/23	CrowdStrike: An Opportunity To Strike
24	52-week high	398.3	FY1Q24	1/6/23	CrowdStrike: An Opportunity To Strike
25	52-week low	178.35	FY2Q24	12/9/23	CrowdStrike: Differentiating Itself As A Leader In Cybersecurity
26	52-week low	178.35	FY2Q24	12/9/23
27	Beta	1.1
28	Beta	1.1
29	Return on Equity	27%
30	Return on Equity	27%
31
32
33	Model assumptions
34	Model assumptions
35	Revenue (5-year CAGR)	23%
36	Revenue (5-year CAGR)	23%
37	EPS (5-year CAGR)	28%
38	EPS (5-year CAGR)	28%
39	Terminal multiple	40x
40	Terminal multiple	40x
41	Discount rate	10%
42	Discount rate	10%


1
2		Scoring system:
3		Yes	5
4		Somewhat yes	2.5
5		No	0
6
7
8		Business model		Answer	Comments
9	1	Does the company have a sound business model?	5	Yes	CrowdStrike is well positioned within the cybersecurity industry to gain share from legacy vendors, while doing so in an efficient and profitable manner.
10	2	Is the business model asset light?	5	Yes	CrowdStrike has an asset light business as it does not require heavy capital spending to grow.
11	3	Does the business have recurring or predictable revenues?	5	Yes	Revenues are recurring in nature givensubscription revenues form a large majority of its business
12	4	Is the business scalable?	5	Yes	Its cloud-native Falcon platform is highly scalable.
13		Management		Answer	Comments
14	5	Is the company operating under an owner/operator or founder-led model?	5	Yes	George Kurtz is a co-founder and CEO of CrowdStrike
15	6	Do the managers own a significant stake? (Ownership)	5	Yes	George Kurtz owns 5% of the company
16	7	Are the managers well aligned with shareholders? (Incentive plan)	5	Yes	The 2019 Equity Incentive Plan is active and it includes Performance-based Stock Units
17	8	Are the managers competent?	5	Yes	The current management team is highly competent in not just growing the business, expanding the opportunity and doing so sustainably.
18	9	Has the management demonstrated a high degree of integrity (honesty)?	5	Yes	Management has been transparent and honest thus far, having no issues with integrity.
19	10	Is management turnover low?	5	Yes	George Kurtz has been in the CEO seat since founding, President Michael Sentonas has been with CrowdStrike since 2016, CFO Burt Podbere has been with CrowdStrike since 2015, Chief Security Officer Shawn Henry has been with CrowdStrike since 2012.
20	11	Are the managers good capital allocators?	5	Yes	The management team has been excellent capital allocators, and its focus on cash flows has resulted in low use of debt and a strong net cash position. The stock price return of more than 180% since listing is testament of that.
21	12	Reinvestment rate: ROIC more than WACC?	5	Somewhat yes	CrowdStrike has just turned profitable this quarter and it is expected to generate ROIC that is more than WACC in the near-term.
22		Growth		Answer	Comments
23	13	Does the company have a long runway or TAM?	5	Yes	CrowdStrike has a long runway in the cybersecurity market, with newer segments expanding market opportunities further.
24	14	Does the company have a good track record for expansion?	5	Yes	CrowdStrike has seen market share gain relative to the industry as its strategy for expansion has proven to be effective.
25	15	Does the company have a sound long-term growth strategy?	5	Yes	In its latest Fal.Con 2023, CrowdStrike shared its long-term plans to reach $10 billion in ARR through its core and emerging segments.
26	16	Is the company growing sustainably?	5	Yes	CrowdStrike is not just growing strongly, but also profitably
27	17	Are there clear levers for margin expansion?	5	Yes	CrowdStrike has multiple levers for margin expansion, including growing economies of scale, improving operating efficiencies, and more.
28	18	Is the company focused on organic growth?	5	Yes	While CrowdStrike has done acquisitions, the main growth pillar continues to be organic growth.
29	19	Has the company been successful in inorganic growth, if any?	5	Yes	CrowdStrike has acquired multiple companies (Reposify, Bionic.AI, Humio) to complement its existing capabilities.
30		Financials		Answer	Comments
31	20	Is the company net cash?	5	Yes	Net cash of $2.3 billion as of 2Q23
32	21	Are the company's gross margins > 40%?	5	Yes	Gross margins at 76% as of 1H23
33	22	Are the company's operating margins positive >10% or net profit margins >5%?	5	Yes	20% operating profit margin and 23% net profit margins expected for 3Q23
34	23	Is the company free cash flow positive?	5	Yes	$748 million in free cash flows generated in last 1 year
35	24	Are gross, operating and net profit margins expanding?	5	Yes	CrowdStrike has been improving operating efficiencies, while gaining economies of scale, resulting in strong profitability and cash flows.
36	25	Is the company free from the need to raise equity in the foreseeable future?	5	Yes	No need for equity given net cash position and generating positive FCF.
37	26	Is the return on equity sufficient?	5	Yes	Return on equity of 27%
38		Competitive moat		Answer	Comments
39	27	Does the company have strong competitive advantages?	5	Yes	CrowdStrike's technology is regarded as best-in-class, with its cloud-native Falcon platform being a key differentiator. In addition, CrowdStrike has strong financials relative to other fast growing competitors, a robust partner ecosystem and strong brand recognition. Lastly, CrowdStrike is gaining a data advantage with the large amount of data its platform processes each day.
40	28	Are the competitive advantages not easily replicable?	5	Somewhat yes	While competitors with the necessary resources can technically enter the market and compete, CrowdStrike is differentiating itself as it is gaining a scale and data advantage over peers that are just starting out.
41	29	Is the company's competitive advantage continuing to grow?	5	Yes	CrowdStrike continues to gain a data advantage over peers given the market consolidation and it also continues to invest heavily in its business (R&D makes up 27% of revenues in FY2023) and continue to innovate to grow its competitive advantage.
42	30	Is the company the market leader or gaining market share?	5	Yes	CrowdStrike is a clear market share gainer in the industry.
43		Industry		Answer	Comments
44	31	Are there high barriers to entry to the industry?	5	Somewhat yes	As mentioned above, while competitors with the necessary resources can technically enter the market and compete, CrowdStrike is currently in such a leading position in terms of size, having a large talent pool and data advantage that it has a relatively high "implied" barrier to entry.
45	32	Is the industry free from intense competitive pressures?	5	Somewhat yes	The cybersecurity market has a high level of competition, but in the current macroeconomic landscape, the industry is consolidating vendors, resulting in a favorable environment for those in which customers are consolidating with, like CrowdStrike.
46	33	Does the industry have secular tailwinds?	5	Yes	CrowdStrike is riding multiple growth tailwinds in fast growing segments in cybersecurity like cloud secuirty, amongst others.
47	34	Is the industry generally profitable?	5	Somewhat yes	While there are players focused on growth, players that have gained sufficient scale can be profitable.
48		Risks		Answer	Comments
49	35	Is the company free from customer/supplier concentration risk?	5	Yes	No material customer or supplier concentration risk
50	36	Is the company free from the risk of obsolescence or technology risks?	5	No	CrowdStrike has been able to gain market share as a result of innovation, but there are risks of obsolescene and technology risks given how rapidly the cybersecurity space is moving and evolving.
51	37	Is the company free from geopolitcal or regulatory risks?	5	Yes	CrowdStrike has no material geopolitcal or regulatory risks
52	38	Is the company free from cyclical risks?	5	Somewhat yes	CrowdStrike has been shielded from weakness in the cybersecurity market as it has been a key beneficiary of the consolidation trend.
53	39	Is the company free from huge macroeconomic risks?	5	Somewhat yes	Cybersecurity budgets tend to be more resilient against macroeconomic weakness as it is seen as an essential spend
54		Valuation		Answer	Comments
55	40	Is the company trading at a sufficient discount to its intrinsic value?	5	Somewhat yes	Given the strong competitive position, financials and fundamentals of CrowdStrike, the company is rarely trading at a deep discount to its intrinsic value.
56		Overall score
57		Score out of 200	200	175
58		Score out of 100		88
59		Count:
60		Yes		31
61		Somewhat yes		8
62		No		1


1
2			Ticker	ENPH
3			Current price	83.54
4
5	Company name	Enphase Energy	Deep dive research
6	Company name	Enphase Energy	Deep dive research
7	Industry	Solar Microinverters	Type	Date	Report
8	Industry	Solar Microinverters	Type	Date	Report
9	Market capitalization ($ million)	11,287	Deep dive	12/5/23	Stock Idea 10: Enphase (Sell-Off Presents Opportunity To Buy Quality Name)
10	Market capitalization ($ million)	11,287	Deep dive	12/5/23
11	Founded	2006
12	Founded	2006
13	Main competitors	SolarEdge
14	Main competitors	SolarEdge
15	Founder-led/Owner-operator?	No
16	Founder-led/Owner-operator?	No
17	Founder holding %	Not Applicable
18	Founder holding %	Not Applicable
19	NTM P/E	20x	Earnings review
20	NTM P/E	20x	Earnings review
21	Net cash	Yes	Type	Date	Report
22	Net cash	Yes	Type	Date	Report
23	52-week high	141.59	2Q23	28/7/23	Enphase Energy: 2Q23 Review
24	52-week high	141.59	2Q23	28/7/23	Enphase Energy: 2Q23 Review
25	52-week low	73.49
26	52-week low	73.49
27	Beta	1.72
28	Beta	1.72
29	Return on Equity	63%
30	Return on Equity	63%
31
32
33	Model assumptions
34	Model assumptions
35	Revenue (5-year CAGR)	17%
36	Revenue (5-year CAGR)	17%
37	EPS (5-year CAGR)	22%
38	EPS (5-year CAGR)	22%
39	Terminal multiple	25x
40	Terminal multiple	25x
41	Discount rate	11%
42	Discount rate	11%


1
2		Scoring system:
3		Yes	5
4		Somewhat yes	2.5
5		No	0
6
7
8		Business model		Answer	Comments
9	1	Does the company have a sound business model?	5	Yes	Enphase Energy has not just managed to be a leader in the microinverter market, but do so in an asset light manner relative to competitor (SolarEdge), and do so in a highly profitable manner.
10	2	Is the business model asset light?	5	Yes	Enphase Energy has an asset light business model as it makes use of contract manufacturers instead of requiring high capital expenditures to build factories and facilities.
11	3	Does the business have recurring or predictable revenues?	5	No	While there are subscription revenues within the business, the majority of the business includes the sale of products and are thus not recurring in nature
12	4	Is the business scalable?	5	Yes	Highly scalable due to low need for capital expenditures to expand.
13		Management		Answer	Comments
14	5	Is the company operating under an owner/operator or founder-led model?	5	Somewhat yes	While the CEO joined in 2017 and is technically not a co-founder, I answered somewhat yes here because co-founder Raghu Belur is still the CPO of the company and in the management team.
15	6	Do the managers own a significant stake? (Ownership)	5	Yes	Badri Kothandaraman (CEO), owns 1.5% of the company, worth $263 million.
16	7	Are the managers well aligned with shareholders? (Incentive plan)	5	Yes	The 2021 Equity Incentive Plan aims to align employees and executives with shareholder interests.
17	8	Are the managers competent?	5	Yes	I argue yes because the current management team that has been in place since 2017 has led to tremendous growth and profitability for the company in the period they have been with the company.
18	9	Has the management demonstrated a high degree of integrity (honesty)?	5	Yes	Yes, management has been honest and transparent with what is happening in the industry and the company.
19	10	Is management turnover low?	5	Yes	Badri Kothandaraman (CEO), Mandy Yang (CFO), Dave Ranhoff (CCO), Raghu Belur (co-founder/CPO) has been with Enphase since 2017, 2018, 2017 and 2006 respectively.
20	11	Are the managers good capital allocators?	5	Yes	I have mentioned this in the deep dive, but the management team has a strong capital allocation strategy, buying back shares if the share price is below intrinsic value.
21	12	Reinvestment rate: ROIC more than WACC?	5	Yes	Enphase Energy has an average ROIC of 35% in the last 4 years, compared to its WACC of 12%
22		Growth		Answer	Comments
23	13	Does the company have a long runway or TAM?	5	Yes	Enphase Energy has a total serviceable market of $23 billion, including opportunities outside of the US, opportunities outside of microinverters, amongst others.
24	14	Does the company have a good track record for expansion?	5	Yes	Enphase Energy has demonstrated a strong track record of growing its business in the last 6 years.
25	15	Does the company have a sound long-term growth strategy?	5	Yes	Enphase Energy has multiple levers for growth, including international opportunities, market opportunities outside of microinverters, as well as continued expansion in the US microinverter market.
26	16	Is the company growing sustainably?	5	Yes	Yes, the company is growing in a highly profitable manner.
27	17	Are there clear levers for margin expansion?	5	Yes	Yes, the levers for margin expansion include improving the product mix, improving logistics, IRA benefits, cost reductions, economies benefits
28	18	Is the company focused on organic growth?	5	Yes	The emphasis has been on organic growth and the company has been excellent at growing organically thus far.
29	19	Has the company been successful in inorganic growth, if any?	5	Yes	With acquisition, these has been to complement or add to capabilities that it currently lacks (ClipperCreek: EV charging, GreenCom Networks: IoT software solutions)
30		Financials		Answer	Comments
31	20	Is the company net cash?	5	Yes	Net cash of $480 million as of 2Q23
32	21	Are the company's gross margins > 40%?	5	Yes	Gross margins at 46% as of 2Q23
33	22	Are the company's operating margins positive >10% or net profit margins >5%?	5	Yes	24% operating profit margin and 22% net profit margins as of 2Q23
34	23	Is the company free cash flow positive?	5	Yes	$865 million in free cash flows generated in last 1 year
35	24	Are gross, operating and net profit margins expanding?	5	Yes	Improving product mix, improving logistics, IRA benefits, cost reductions, economies benefit to drive margin expansion
36	25	Is the company free from the need to raise equity in the foreseeable future?	5	Yes	No need for equity given net cash position and generating positive FCF.
37	26	Is the return on equity sufficient?	5	Yes	Return on equity of 63%
38		Competitive moat		Answer	Comments
39	27	Does the company have strong competitive advantages?	5	Yes	Enphase Energy has a product differentiation advantage as a result of its enhanced features and technology leadership in the microinverter market. Along with its low capital expenditure requirements and highly profitable business due to the duopoly market structure, this has enabled Enphase Energy to generate significant cash flows to reinvest in the business or acquire complementary businesses.
40	28	Are the competitive advantages not easily replicable?	5	Somewhat yes	Enphase Energy has built a strong market share position of 48% and with its current competitive position and continued investment in its business, it will not be easy for competitors to catch up.
41	29	Is the company's competitive advantage continuing to grow?	5	Yes	Enphase Energy has been relentless in its R&D efforts and it has been paying off with new and enhanced products, features, and this provides additional product differentiation for the company.
42	30	Is the company the market leader or gaining market share?	5	Yes	48% market share in a duopoly market structure with SolarEdge.
43		Industry		Answer	Comments
44	31	Are there high barriers to entry to the industry?	5	Somewhat yes	When talking about the microinverter market, given the duopoly situation with Enphase Energy and SolarEdge, the duopoly structure has made it difficult for others to enter and compete meaningfully.
45	32	Is the industry free from intense competitive pressures?	5	Yes	As Enphase Energy is operating in a duopoly with SolarEdge, there has been minimal competitive pressures as the two players command the lion share of the market.
46	33	Does the industry have secular tailwinds?	5	Yes	The solar penetration in the US and globally remains low and this brings strong industry tailwinds for the microinverter market.
47	34	Is the industry generally profitable?	5	Yes	The microinverter industry has been profitable as a result of a duopoly structure.
48		Risks		Answer	Comments
49	35	Is the company free from customer/supplier concentration risk?	5	No	Enphase Energy relies on a small number of contract manufacturers. Flex, Salcomp and Sunwoda assemble and test our IQ Microinverter, ACM products, IQ Battery storage systems and IQ Gateway products.
50	36	Is the company free from the risk of obsolescence or technology risks?	5	No	Enphase Energy needs to continue to innovate and bring incremental differentiation relative to competitors.
51	37	Is the company free from geopolitcal or regulatory risks?	5	Yes	Enphase Energy does not have material regulatory or geopolitical risks
52	38	Is the company free from cyclical risks?	5	No	Enphase Energy can be particularly affected by the cyclicality of the solar industry, and one headwind include high interest rates, which leads to lower solar installation.
53	39	Is the company free from huge macroeconomic risks?	5	No	If the macroeconomic backdrop were to weaken, residential solar installations will not be immune.
54		Valuation		Answer	Comments
55	40	Is the company trading at a sufficient discount to its intrinsic value?	5	Yes	Enphase Energy trades at a significant discount to its intrinsic value due to weak sentiment.
56		Overall score
57		Score out of 200	200	168
58		Score out of 100		84
59		Count:
60		Yes		32
61		Somewhat yes		3
62		No		5


1
2
3
4	Business model
5	Does the company have a sound business model?	5
6	Is the business model asset light?	5
7	Does the business have recurring or predictable revenues?	5
8	Is the business scalable?	5
9
10
11	Management
12	Is the company operating under an owner/operator or founder-led model?	5
13	Do the managers own a significant stake? (Ownership)	5
14	Are the managers well aligned with shareholders? (Incentive plan)	5
15	Are the managers competent?	5
16	.Has the management demonstrated a high degree of integrity (honesty)?	5
17	Is management turnover low?	5
18	Are the managers good capital allocators?	5
19	Reinvestment rate: ROIC more than WACC?	5
20
21	Growth
22	Does the company have a long runway or TAM?	5
23	Does the company have a good track record for expansion?	5
24	Does the company have a sound long-term growth strategy?	5
25	Is the company growing sustainably?	5
26	Are there clear levers for margin expansion?	5
27	Is the company focused on organic growth?	5
28	Has the company been successful in inorganic growth, if any?	5
29
30	Financials
31	Is the company net cash?	5
32	Are the company's gross margins > 40%?	5
33	Are the company's operating margins positive >10% or net profit margins >5%?	5
34	Is the company free cash flow positive?	5
35	Are gross, operating and net profit margins expanding?	5
36	Is the company free from the need to raise equity in the foreseeable future?	5
37	Is the return on equity sufficient?	5
38
39	Competitive moat
40	Does the company have strong competitive advantages?	5
41	Is the competitive advantage replicable?	5
42	Is the company's competitive advantage continuing to grow?	5
43	Is the company the market leader or gaining market share?	5
44
45	Industry
46	Are there high barriers to entry to the industry?	5
47	Is the industry highly competitive?	5
48	Does the industry have secular tailwinds?	5
49	Is the industry generally profitable?	5
50
51	Risks
52	Is a customer/supplier concentration risk?	5
53	Are there risk of obsolescence or technology risks?	5
54	Are there geopolitcal or regulatory risks?	5
55	Are there cyclical risks?	5
56	Are there huge macroeconomic risks?	5
57
58	Valuation
59	Is the company trading at a sufficient discount to its intrinsic value?	5
60		200


1
2		Transactions
13	10	2/2/23	META	Meta Platforms Inc	60	148.34	8,900


1
2		Published Articles List
3		Company	Article type	Article	Published date
4	1	indie Semiconductor	Deep dive	Stock Idea 1: Indie Semiconductor (A Deep Dive - Part 1)	28/10/22
5			Deep dive	Stock Idea 1: Indie Semiconductor (A Deep Dive - Part 2)	29/10/22
6			Deep dive	Stock Idea 1: Indie Semiconductor (A Deep Dive - Part 3)	30/10/22
7			Earnings/Research	Indie Semiconductor: Reason For The 26% Gain In The Last Week	16/2/23
8			Earnings/Research	Indie Semiconductor Earnings Analysis: Solid Earnings Report With An Accelerated Profitability Path	20/2/23
9			Earnings/Research	Indie Semiconductor: Design Wins, Acquisitions, Profitability In 2H23	23/5/23
10	2	Sea Limited	Deep dive	Stock Idea 2: Sea Limited (A Deep Dive - Part 1)	13/1/23
11			Deep dive	Stock Idea 2: Sea Limited (A Deep Dive - Part 2)	20/1/23
12			Deep dive	Stock Idea 2: Sea Limited (A Deep Dive - Part 3)	27/1/23
13			Earnings/Research	Sea Limited: Defying All Odds	13/3/23
14			Earnings/Research	Sea Limited: Executing Well Towards Profitable Growth As E-Commerce And Fintech Shines	17/5/23
15	3	Upstart	Deep dive	Stock Idea 3: Upstart Holdings (A Deep Dive - Part 1)	3/2/23
16			Deep dive	Stock Idea 3: Upstart Holdings (A Deep Dive - Part 2)	10/2/23
17			Earnings/Research	Upstart: A Turnaround Quarter As The Worst Is Likely Over	21/2/23
18			Earnings/Research	Upstart Earnings Analysis: Addition Of Long-Term Funding Partner Will Be A Huge Catalyst	10/5/23
19			Earnings/Research	Upstart: An Update After Meeting Management Of Upstart	6/7/23
20	4	Enovix	Deep dive	Stock Idea 4: Enovix (A Deep Dive - Part 1)	17/2/23
21			Deep dive	Stock Idea 4: Enovix (A Deep Dive - Part 2)	24/2/23
22			Earnings/Research	Enovix Earnings Analysis: Reaching An Inflection Point	23/2/23
23			Earnings/Research	Enovix: Convertible Senior Note Offering And Fab-2 Scenario Analysis	19/4/23
24			Earnings/Research	Enovix Earnings Analysis: Executing Well To Exceed Key Milestones	4/5/23
25			Earnings/Research	Enovix: Takeaways From CEO Raj Talluri	30/5/23
26	5	Bloom Energy	Deep dive	Stock Idea 5: Bloom Energy (A Deep Dive - Part 1)	3/3/23
27			Deep dive	Stock Idea 5: Bloom Energy (A Deep Dive - Part 2)	17/3/23
28			Earnings/Research	Bloom Energy: Weakness In Share Price Creates Attractive Buying Opportunity	23/5/23
29	6	Plug Power	Deep dive	Stock Idea 6: Plug Power (A Deep Dive - Part 1)	24/3/23
30			Deep dive	Stock Idea 6: Plug Power (A Deep Dive - Part 2)	31/3/23
31			Earnings/Research	Plug Power Earnings Analysis	1/3/23
32			Earnings/Research	Plug Power Earnings Analysis	11/5/23
33			Earnings/Research	Plug Power: Ambitious Long-Term Goals Looks More Attainable As Hydrogen Demand Accelerates	4/7/23
34	7	Alibaba	Deep dive	Stock Idea 7: Alibaba (A Deep Dive - Part 1)	7/4/23
35			Deep dive	Stock Idea 7: Alibaba (A Deep Dive - Part 2)	13/4/23
36			Earnings/Research	Alibaba: Reorganization Unlocks Significant Shareholder Value	3/4/23
37			Earnings/Research	Alibaba: Significant Discount To Sum-Of-The-Parts Valuation Not Warranted	22/5/23
38	8	FREYR Battery	Deep dive	Stock Idea 8: FREYR Battery (A Deep Dive - Part 1)	21/4/23
39			Deep dive	Stock Idea 8: FREYR Battery (A Deep Dive - Part 2)	28/4/23
40			Earnings/Research	FREYR Battery Earnings Analysis: Accelerating Giga America	28/2/23
41			Earnings/Research	FREYR Battery: Significantly Undervalued Battery Player	16/5/23
42	9	Marathon Petroloeum	Deep dive	Stock Idea 9: Marathon Petroleum (Best-In-Class Refiner, Stellar Management & Solid Shareholder Returns)	5/5/23
43	10	Enphase	Deep dive	Stock Idea 10: Enphase (Sell-Off Presents Opportunity To Buy Quality Name)	12/5/23
44	11	Qualcomm	Deep dive	Stock Idea 11: Qualcomm Stock Is Too Cheap To Ignore After Q2 Earnings	19/5/23
45	12	Nvidia	Deep dive	Stock Idea 12: Nvidia (A Generational Opportunity With Generative AI But Valuation A Key Concern)	26/5/23
46	13	Innoviz	Deep dive	Stock Idea 13: Innoviz (A Deep Dive Part 1)	2/6/23
47			Deep dive	Stock Idea 13: Innoviz (A Deep Dive Part 2)	9/6/23
48	14	SentinelOne	Deep dive	Stock Idea 14: SentinelOne (Overreaction Brings Rare Opportunity To Buy Cybersecurity Leader At A Discount)	6/6/23
49			Earnings/Research	SentinelOne: Updates After Meeting Management Team	11/7/23
50	15	Luminar	Deep dive	Stock Idea 15: Luminar (A Deep Dive)	16/6/23
51	16	Navitas Semiconductor	Deep dive	Stock Idea 16: Navitas Semiconductor (A Deep Dive)	23/6/23
52	17	Adyen	Deep dive	Stock Idea 17: Adyen (A Deep Dive)	30/6/23
53	18	Charles Schwab	Deep dive	Charles Schwab: 30% Undervaluation Provide Excellent Contrarian Opportunity	29/3/23
54			Earnings/Research	Charles Schwab: Increasing Conviction In The Contrarian Investment Thesis	18/4/23
55	19	Valens Semiconductor	Deep dive	Valens Semiconductor: Buy Alert Created For Worldwide Industry Leader In Digital Connectivity	12/4/23
56			Earnings/Research	Valens Semiconductor: Focus On Near-Term Catalysts After Earnings	7/6/23
57			Earnings/Research	Valens Semiconductor: A Look Into The Announcement	8/6/23
58	20	Meta Platforms	Earnings/Research	Meta Platforms Earnings Analysis: Efficiency Is The Theme	2/2/23
59			Earnings/Research	Meta Platforms: TikTok Upside, Improving Engagement And Year Of Efficiency	5/4/23
60			Earnings/Research	Meta: Quantifying And Diving Into The Reels Opportunity	27/6/23
61	21	Apple	Earnings/Research	Apple Earnings Analysis: Vulnerable In The Near-Term	3/2/23
62	22	Netflix	Earnings/Research	Netflix Earnings Analysis: The Bottom Is Indeed In	6/2/23
63	23	Microsoft	Earnings/Research	Microsoft Earnings Analysis: 4 Key Takeaways From The Recent Quarter	7/2/23
64			Deep dive	Microsoft's Cybersecurity Business	21/3/23
65			Deep dive	Comparison Between AWS, Azure And GCP	27/6/23
66	24	ServiceNow	Earnings/Research	ServiceNow Earnings Analysis: 5 Key Takeaways From The Recent Earnings	9/2/23
67			Earnings/Research	ServiceNow Earnings Analysis	9/5/23
68	25	Datadog	Earnings/Research	Datadog Earnings Preview: 3 Things Investors Need To Know Before Next Week's Results	9/2/23
69			Earnings/Research	Datadog: Waiting For The Right Entry Valuation	22/3/23
70	26	Google	Earnings/Research	Google's Monopoly Position Is Threatened (ChatGPT Vs Bard)	13/2/23
71			Earnings/Research	Rare Attractive Risk Reward Opportunity For Google	3/5/23
72			Deep dive	Comparison Between AWS, Azure And GCP	27/6/23
73	27	Baidu	Earnings/Research	Baidu: Becoming An AI Leader In China	15/2/23
74	28	Workday	Earnings/Research	Workday: Management Transition, Macro Headwinds And Workforce Reductions	21/2/23
75	29	Origin Materials	Earnings/Research	Origin Materials Earnings Analysis: Starting A Small Position In The Barbell Portfolio	27/2/23
76	30	Symbiotic	Earnings/Research	Symbiotic: A Quick Scan Into The Warehouse Automation Company	2/3/23
77	31	ITT	Earnings/Research	ITT: Long-Term Linear Compounder In The Making	7/3/23
78	32	Tencent	Earnings/Research	Tencent: Maintaining Position As 2023 Should Be A Strong Year For The Company	8/3/23
79	33	Fluence Energy	Earnings/Research	Fluence Energy: Differentiating Itself As A Leading Provider Of Battery Energy Storage Systems	8/3/23
80	34	CrowdStrike	Earnings/Research	CrowdStrike: Ready To Buy This Cybersecurity Leader On Pullbacks	10/3/23
81			Earnings/Research	CrowdStrike: An Opportunity To Strike	1/6/23
82	35	BlackRock	Earnings/Research	BlackRock: I Will Start Buying At Crisis Level Valuation	16/3/23
83	36	Amazon	Earnings/Research	Amazon: Buy Alert Created As Valuation Looks Attractive	23/3/23
84			Earnings/Research	Amazon Shareholder Letter And 1Q23 Preview	26/4/23
85			Deep dive	Comparison Between AWS, Azure And GCP	27/6/23
86	37	Airbnb	Earnings/Research	Airbnb: Disruptor In Travel Industry Remains On Top	13/4/23
87	38	SMCI	Earnings/Research	SMCI: AI Beneficiary In A Highly Competitive Market	6/6/23
88	39	Samsara	Deep dive	Samsara: Limited Upside From Here	14/6/23
89	40	Snowflake	Deep dive	Snowflake: Huge Market Opportunity, But Not Without Risks	7/7/23
90	41		Market	A Different China Is Emerging	6/3/23
91	42		Market	The Fed Is Creating A Black Swan Event Of Our Lifetime	23/3/23
92	43		Market	Portfolio Strategy	28/3/23
93	44		Market	The 60/40 Portfolio Remains Relevant Today	10/4/23
94	45		Market	Commercial Real Estate Could Add To US Regional Banks Troubles	25/4/23
95	46		Market	The Fed Has To Solve The Problem It Created	27/4/23
96	47		Market	4 Reasons Why We Are Headed For A Market Pullback	31/5/23
97	48		Market	The Optimistic Market Meets The Hawkish Fed	15/6/23
98
99


1					AFRM
2					AIXXF
3					AMPL
4					ARM
5					ASPN
6					AYX
7					BILL
8					BILL
9					BMY
10					CCI
11					CFLD
12					CHPT
13					CLS
14					CLS
15					CPNG
16					CPRT
17					DELL
18					DLO
19					DOCN
20					ENLT
21					EPAM
22					EPD
23					FOUR
24					FSLR
25					FSR
26					GP
27					GTLB
28					HIMS
29					HOOD
30					INTA
31					JOBY
32					JPM
33					MNDY
34					MPWR
35					MQ
36					NEE
37					NIO
38					NKLA
39					OPEN
40					OSTK
41					PATH
42					PERI
43					PGY
44					PINS
45					PYPL
46					ROKU
47					SGH
48					SKYT
49					SMCI
50					SOFI
51					SPT
52					SQ
53					SQM
54					STLA
55					STRL
56					T
57					TDOC
58					TSCO
59					TTD
60					TWLO
61					UNH
62					XOM
63					ZI
64					ZM