Action: BUY · 600269 Company: Jiangxi Ganyue Expressway Co., Ltd. · SHSE:600269 Executed: 26 August 2026, 02:00:41 (IBKR Flex reported time) Position: 800 shares · CN¥3.87 average price · CN¥3,096 execution value · 1 fill

Why I did it

This is a small China operating-company position bought at a substantial discount to filing-derived tangible book. The operating, concession, and capital-allocation risks remain part of the live thesis record.

What changes the view

The key review points are the payout ratio after the capex cycle, related-party pricing, and whether the discount proves structural rather than temporary.

Related research

Read the Jiangxi Ganyue Expressway write-up →

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Action: BUY · 2415.T Company: Human Holdings Co., Ltd. · TSE:2415 Executed: 24 August 2026, 01:40:15 (IBKR Flex reported time) Position: 100 shares · ¥1,655 average price · ¥165,500 execution value · 1 fill

The broker record uses 24 August 2026. An earlier research note described the position as initiated on 23 August because it used a different local-date convention; the broker-reported date above is the public execution record.

Why I did it

This is the first non-US operating-company position under the new account. The position is deliberately small while the Japanese disclosure and ownership work stays under review.

What changes the view

I will revisit the position as the ownership and disclosure work closes, and as the company’s tangible-book economics either confirm or weaken the re-rating case.

Related research

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Action: BUY · SHOE Company: Shoe Station Group Inc. Executed: 17 August 2026, 15:59:07–15:59:12 (IBKR Flex reported time) Position: 33 shares · $15.4913 blended price · $511.21 execution value · 4 fills

Why I did it

This was the first name to clear the full screen under this account. The stock was cheap against tangible book, and the balance sheet did more work in the decision than the growth story. The F-Score used at the time has since been retired from the current process; the dated execution record remains unchanged.

What changes the view

I will revisit the thesis if supplier concentration, the re-banner and capital-allocation failure, or earnings deterioration worsens materially.

Related research

Read the full Shoe Station Group write-up →

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