$5592.T operates Japan’s 🇯🇵 largest pharmacy reservation platform. • 34% EBIT CAGR • Network effects • Recurring revenue & high margins • Hikari Tsushin owns 40% • Proven management team Trading at a 40% discount to peers likely due to forced selling. Link in bio

I enjoyed this old interview with the founder of Malaysia based PE Creador Capital youtube.com/watch?v=0aKioiD0…

Harbour Energy $HBR.L is the largest independent oil producer listed in London. Most people still file it as a tired North Sea play. It hasn't been that for two years. Here's the setup, and why I'm long. 🧵👇(Full deep dive in the first comment.) — After buying Wintershall Dea and LLOG's US Gulf business, Harbour pumps close to 500,000 barrels a day across five countries. $12.80 to lift a barrel. Investment grade. — It's cheap for two reasons the market has right. Norway and the UK tax the marginal barrel at 78%. And 2027 free cash flow dips. Both are real. Neither is the whole story. — The 2027 dip isn't damage. It's a payment schedule. Norway collects its tax in instalments, so a strong 2026 gets partly settled with 2027 cash. Revenue is fine. The calendar just goes out of phase with the barrel. Harbour's own presentation calls it "the tax lag effect." — The bigger picture is the tax rate itself. Every barrel Harbour adds is taxed at 23% in the US Gulf, far below the 78% North Sea. Price the company at a flat mid-cycle deck and free cash flow still climbs from ~$0.6bn to ~$1.0bn in two years. — Then there's why it's cheap right now, and it has nothing to do with the business. Shareholders who took stock as payment for assets have been dumping it. BASF has gone from 46.5% to under 25%. EIG cleared its entire remaining stake at 205p. — Where that leaves it: ~$9 per barrel of reserves in the ground, vs $19 for Ithaca and $21 for Aker BP ~1.5x cash operating profit ~13% distribution yield while you wait Below every published price target — The honest risk, which I lead with in the piece rather than bury: The whole sector may stay cheap regardless. If that de-rating is structural, this is a value trap and I'm wrong about all of it. I don't think it is. I also got oil badly wrong earlier this year. Picked an unhedged producer on a macro call and watched it break. Which is exactly why I like this one. It's 60% gas, hedged, and nowhere near Hormuz. It doesn't need me to be right about the barrel. — Full deep dive in the first comment. The numbers, the tax mechanics, a proper valuation, and a full section on how I could be wrong. Long and disclosed. Not advice.

$PIF.TO #PIF #PolarisRenewable big news for the expansion in Mexico. All 3 projects selected to advance to final contract negotiations. 250 MW Solar+180 MWh batt, w 25-year PPA Bigger than current Polaris portfolio (~182 MW) Mexico's moving faster... xitter.cf/TomSmith839/status/206…

Polaris $RAMPF $PIF.TO up only 10% on the news that 250 MW of Solar and 180 MWh of BESS has been selected. Will more than double installed capacity (not apples to apples as geo & hydro > solar)