This blog was started to post views on investment ideas, and to get fresh perspectives on them.
Recent musings
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Singapore Airlines (SGX:C6L) – Record Revenue, Thin Margin of Safety
The operating franchise is the strongest it has been. At 1.34 times post-dividend book, the share price already assumes peak-cycle returns and a contained Air India.
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SATS Ltd (SGX:S58) – FY26 Update: Thesis Intact, Discount Gone
FY26 delivered the margin expansion and debt reduction the WFS acquisition promised. At about 25 times earnings, the share price already reflects most of it.
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Singtel (SGX:Z74) – Paying for Execution, Not Buying a Discount
Optus has turned and asset recycling is producing real cash. At about 26 times underlying earnings, the price already credits much of that; the case for…
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SATS Ltd (SGX:S58) – A Growth Case, Not a Value Case
Three years after buying Worldwide Flight Services, SATS is the largest air cargo handler in the world. At about 16 times forward earnings, the return has…
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Seatrium (SGX:5E2)
A Good Company At A Bad Price. Seatrium builds offshore platforms, rigs, floaters and specialised vessels, and repairs and converts them. It was created when Sembcorp…