Biting off more than I can chew
Joined September 2015
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7 days, 7 writeups, 30k words on one of the cheapest sectors anywhere in the world. Starting today with an industry primer and overview of 25 companies you've (probably) never heard of. Link in bio.
Fresh off the press: a whopping 75% special div coming out of Left Field (and stub is still cheap)
As promised, the full writeup on Left Field Printing ($1540.hk) is now live on my new substack, link in bio. More writeups to come!
Preserved Plum snack seller LiuLiu Orchard's IPO application was rejected by the exchange three times. They then changed their name to LiuLiuMei (LLM), reapplied and tripled on listing because theyre an 'AI stock'. Very healthy market.
These figures showing demand down 13% are from the Chinese National Bureau of Statistics not POSCO... What's this malarkey about fantasy numbers and then immediately quoting them. The govt says growth is coming from high tech sectors (RE to EVs), this says nothing to address that
unavailable
Value Praya retweeted
Gas Malaysia (GASM.KL), a boring ~6% yielder with limited growth? As Malaysia gas subsidies unwind and market liberalization nears by 2030, this pipeline leader is quietly gearing up for new infrastructure plays and tailwinds.
Deep dive and KL insights:
pyramidsandpagodas.com/p/gas…
Value Praya retweeted
Elliott Management has *just* published a presentation on Toyota Industries. It is better than 99% of activist presentations on Japanese situations.
English
elliottletters.com/wp-conten…
Japanese
elliottletters.com/wp-conten…
Value Praya retweeted
It is with great sadness that we share that David M. Webb MBE passed away peacefully in Hong Kong on Tuesday January 13th, 2026 from metastatic prostate cancer. David will be missed by family, many friends, and supporters. The family request privacy at this difficult time.
Amazing how many 'experts' think this is the first time TPUs have been used for training 🙄
TPU, not GPU (google after all). But it is indeed distributed LLM training across multiple DCs like the original article was saying.
arxiv.org/abs/2403.05530
Value Praya retweeted
Indonesia's plastics industry may lack the shine of EM hotspots, but Panca Budi (PBID.JK) is a lean local leader with a grip on traditional markets and a distribution moat in this huge market. An undervalued powerhouse in a quietly booming industry?
Link:
pyramidsandpagodas.com/p/pan…
Alex should just show these videos every earnings call when he gets the same 'so what value proposition does plover bay actually deliver' question
1523.hk
1800s: US encourages stealing industrial technology from the UK like looms.
Alexander Hamilton: "those who may introduce from abroad improvements and secrets of extraordinary value."
1900s: US becomes technology leader, starts enforcing IP laws, 'pulling up the ladder'
IMPORTANT ANNOUCEMENT: AFFIRM AND PRAYA VALUE REACH HISTORIC AGREEMENT TO ACCELERATE AMERICAN FINANCE AND FOOD LEADERSHIP
Value Praya retweeted
Paxman ($PAX.ST) my latest write-up. Founder led microcap MedTech company which is carving out it's own niche in cancer care. No paywalls just some intro-rambling from me and 28 slides to flip through, you find it at the usual link. Hope you enjoy, retweet if you do. 😁😁
Congratulations to Bloomberg who can publish another slop HKD depeg article just by changing all mentions of strong to weak from last weeks slopticle.
The Hong Kong Monetary Authority has purchased HK$9.42 billion of local currency to defend the peg, after the exchange rate hit the weak end of the 7.75-7.85 trading band. It's the first weak end intervention since May 2023
bloomberg.com/news/articles/…
ALT (Bloomberg graphic) HKD per USD rates
OK so is Cursor a principal or agent and should it be recognising revenue net of LLM costs?
AI coding agents like Cursor might add more NNARR than the entire SaaS industry (ex MSFT) in the second quarter.
Should also say that I enjoyed the @fundaai write-up of Google which sparked this thought.
People waiting overnight for the Switch 2 $NTDOY. Bullish people are queueing or bearish there's only a few?
