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Company Write-Ups
Tianli International (SEHK: 1773): Cheap schools, ugly contracts
A mainland school operator trades below tangible book after a sector selloff, but cash flows and control rights sit inside a contract structure…
Sep 18
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Tangible Bargains
VICI Properties (NYSE: VICI): 7.2% yield, 0.97x tangible book, and the Caesars lease question
VICI has never traded below tangible book in eight years, until Caesars' ownership change put the lease in question.
Sep 7
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Tangible Bargains
1
Indofood Agri Resources Ltd. (SGX: 5JS): Cheap palm oil, a clean balance sheet, and one very controlling family.
The operating recovery is real, but an 86% controller and a contested forestry charge leave minority holders with a small position.
Sep 7
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Tangible Bargains
1
Huons Co., Ltd. (KOSDAQ: A243070): Cheap against tangible assets, disrupted at the operating line
The assets are cheap, but an FDA data-integrity finding has broken the operating line.
Sep 7
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Tangible Bargains
Hsing Ta Cement Co., Ltd. (TWSE: 1109): Cheap against assets, weak at the operating line
The balance sheet is unusually strong, but a shrinking cement business and entrenched family control make the recovery conditional.
Sep 6
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Tangible Bargains
1
Asia Cement Corporation (TWSE: 1102): The book is cheap. The business still has to earn it.
The stock trades below tangible book, but the operating recovery is still a theory.
Sep 5
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Tangible Bargains
August 2026
Jiangxi Ganyue Expressway (SSE: 600269): The toll roads are durable. The concession story still needs proof.
A state-backed toll-road operator trading below tangible book, with durable assets and live concession and capital-allocation risks.
Aug 30
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Tangible Bargains
1
Start Here
I buy shit companies cheap, with a reasonable chance they become less shitty.
Aug 29
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Tangible Bargains
1
Human Holdings (TSE: 2415): The net cash is real. The governance discount is too.
Net cash worth 116% of market cap, 0.94x tangible book, and a Tokyo Stock Exchange float requirement that quietly rewrote the ownership story.
Aug 29
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Tangible Bargains
1
Shoe Station Group (NASDAQ: SHOE): cheap for reasons you can name
A debt-free retailer trades below tangible book after a failed re-banner and a sharp fall in returns.
Aug 20
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Tangible Bargains
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