Latest Write-ups

Balanced research on publicly listed companies.
[ATHM] Autohome Inc

Autohome: Prospects for Capital Allocation

On how Autohome captures the automobile ownership lifecycle, its big cash position, the capital required for operations, the prospects for future returns on that capital and growth reinvestment, the prospects for returns to shareholders, and how I would value the company.

[FDS] FactSet Research Systems

FactSet Research: Unit Economics Valuation

On how FactSet surfed the wave of data accessibility, the winner-take-most industry, the three main risks of the business, the moat, and how I would value the company through unit economics.

[EAF] GrafTech International

GrafTech: A Case of Simple Math with Minority Risk

On the graphite electrodes industry, the barriers to entry, GrafTech’s vertical integration, its long-term agreements, the easy way to calculate the short-term cash flows, and minority risks.

[SINA] Sina

SINA Corp: A Market Mis-Calculation

On SINA’s conglomerate history, its dependence on Weibo, the moat, the microcosm of Chinese society, and how I would value the company.

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