Welcome!
stock valuation
Tong's Portfolio
Without good stories, stock liquidity and speculation, cheap stock markets will stay cheap
High stock valuations drive investments and innovations, which drive productivity and earnings, supporting even higher valuations.
September 27, 2024
Tong's Portfolio
99 Speed Mart: A ‘flywheel’ business model for basic consumption goods
Scale is 99 Speed Mart’s economic moat.
September 05, 2024
Tong's Portfolio
‘Peddling fantasies’ to push up stock valuations is not a crime
According to Musk, Tesla’s robotaxi network is “a US$5 trillion to US$7 trillion market cap situation”.
August 07, 2024
Tong's Portfolio
Do you really understand what PER in stock valuations means?
The point is, the valuation for a company and therefore, its implied PER, is not static.
July 25, 2024
Property
Is Hongkong Land a value trap or undervalued?
We think that Hongkong Land is fairly valued at current prices and fundamentals.
July 04, 2024
Investing ideas
Valuing vice stocks
The highest-scoring company in both tables is Shenzhen-listed Wuliangye Yibin, which manufactures and markets liquor.
June 27, 2024
Tong's Portfolio
Why some stock markets perform and others don’t … and ideas to improve
The most illiquid stocks are, often, also those with the lowest free float.
December 07, 2023
Tong's Portfolio
WeWork: The rise and collapse of the ‘throw enough money and it will work’ business model
WeWork eventually gained a listing on the New York Stock Exchange in October 2021, via a SPAC.
August 30, 2023
Tong's Portfolio
Critical to consider management’s capabilities and integrity in evaluating stocks
Last week, we wrote about how the Covid-19 pandemic was testing times for businesses, given the high degree of uncertainties.
July 06, 2023
Tong's Portfolio
Valuation of companies is ultimately about cash generation, not accounting profits
Globally, inflation is at a multi-decades high and looking to be stickier than most have expected.
March 09, 2023