Flash | Mingyang issued positive profit alert today indicating its net profit to up 131.1-188.9% yoy to Rmb800-1,000m in 2025E, implying net profit of Rmb34-234m in 4Q25E, from a net loss of Rmb462m in 4Q24. Its 2025E preliminary earnings are 34-47% and 26-41% below consensus (Bloomberg) and Citi estimate respectively, and is shy of the company's target of net profit to up 200% yoy in 2025E set by the employee share option scheme. We attribute Mingyang's preliminary profit miss possibly to less-than-expecte ...

I aim to provide alpha-generating investment ideas. I am an independent investor managing my family's portfolio, primarily via a Self Managed Super Fund. You can expect my articles to deliver a clearly structured, evidence-based thesis.I have a generalist approach as I explore, analyze and invest in any sector so long there is perceived alpha potential vs the S&P500. The typical holding period ranges between a few quarters to multiple years.A bit about how I approach research and coverage of a stock:I build ...

Core Viewpoint - The article emphasizes the importance of generating alpha through independent investment strategies, focusing on a generalist approach across various sectors with potential for outperforming the S&P 500 [1] Group 1: Investment Strategy - The company manages a family portfolio primarily through a Self Managed Super Fund, aiming for a holding period that ranges from a few quarters to multiple years [1] - The investment approach includes building and maintaining spreadsheets that track historical financial data, key metrics, guidance trends, and performance indicators [1] - The company prefers not to build DCF models for long-term projections, instead focusing on assessing past performance and the outlook on five key drivers of DCF valuation: revenues, costs and margins, cash flow conversion, capex and investments, and interest rates [1] Group 2: Research Methodology - The company monitors relevant industry news, reports, and other analysts' coverage to stay informed about the stocks being analyzed [1] - In instances of CEO changes, the company conducts in-depth research on the new leader's background and past performance [1] - For companies with high trading multiples, a reverse DCF analysis is sometimes performed to understand the implied growth CAGR implications [1]

Core Viewpoint - The article emphasizes the importance of generating alpha through independent investment strategies, focusing on a generalist approach across various sectors with potential for outperforming the S&P 500 [1] Group 1: Investment Strategy - The company manages a family portfolio primarily through a Self Managed Super Fund, aiming for a holding period that ranges from a few quarters to multiple years [1] - The investment approach includes building and maintaining spreadsheets that track historical financial data, key metrics, guidance trends, and performance indicators [1] - The company prefers not to build long-term DCF models, instead focusing on assessing company performance and the outlook on five key drivers of valuation: revenues, costs and margins, cash flow conversion, capex and investments, and interest rates [1] Group 2: Research Methodology - The company monitors relevant industry news, reports, and other analysts' coverage to stay informed about the stocks being researched [1] - In instances of CEO changes, the company conducts in-depth analysis of the new leader's background and past performance [1] - For companies with high trading multiples, a reverse DCF analysis is performed to understand the implied growth rates [1]

Group 1 - The independent investor aims to provide alpha-generating investment ideas through a generalist approach, analyzing various sectors with perceived alpha potential against the S&P 500 [1] - The typical holding period for investments ranges from a few quarters to multiple years, focusing on comprehensive financial data and key performance indicators [1] - The investor emphasizes the importance of assessing a company's historical performance and outlook on key drivers of valuation rather than relying heavily on DCF models [1] Group 2 - The investor intends to buy shares of Barrick Mining within the next 72 hours, indicating a positive outlook on the company's stock [2]

Core Viewpoint - The article emphasizes the importance of generating alpha through independent investment strategies, focusing on a generalist approach across various sectors with potential for outperforming the S&P 500 [1] Group 1: Investment Strategy - The company manages a family portfolio primarily through a Self Managed Super Fund, aiming for alpha-generating investment ideas [1] - The typical holding period for investments ranges from a few quarters to multiple years, indicating a long-term investment strategy [1] Group 2: Research Methodology - Comprehensive spreadsheets are maintained to track historical financial data, key metrics, guidance trends, and valuation comparisons with peers [1] - The company monitors relevant industry news and reports, as well as other analysts' coverage, to stay informed about market conditions [1] - In cases of significant leadership changes, a deep dive into the new CEO's background and performance history is conducted [1] Group 3: Valuation Approach - The company prefers not to build DCF models projecting financials far into the future, believing it adds limited value [1] - Instead, the focus is on assessing a company's historical performance and the outlook on five key drivers of DCF valuation: revenues, costs and margins, cash flow conversion, capital expenditures, and interest rates [1] - For companies trading at high multiples, a reverse DCF analysis is sometimes performed to understand implied growth rates [1]

I aim to provide alpha-generating investment ideas. I am an independent investor managing my family's portfolio, primarily via a Self Managed Super Fund. You can expect my articles to deliver a clearly structured, evidence-based thesis.I have a generalist approach as I explore, analyze and invest in any sector so long there is perceived alpha potential vs the S&P500. The typical holding period ranges between a few quarters to multiple years.A bit about how I approach research and coverage of a stock:I build ...

Core Insights - The article emphasizes the importance of generating alpha through independent investment strategies, focusing on a generalist approach across various sectors with potential for outperforming the S&P 500 [1] Investment Strategy - The investment strategy involves managing a family portfolio primarily through a Self Managed Super Fund, with a typical holding period ranging from a few quarters to multiple years [1] - Comprehensive spreadsheets are maintained to track historical financial data, key metrics, guidance trends, and performance indicators [1] Research Methodology - The research methodology includes monitoring industry news, company filings, and peer valuations, with a focus on understanding the five key drivers of DCF valuation: revenues, costs and margins, cash flow conversion, capex and investments, and interest rates [1] - In cases of significant leadership changes, a deep dive into the new CEO's background and past performance is conducted to assess potential impacts on the company [1] Valuation Approach - The article notes a preference for assessing historical performance and broad outlooks over long-term DCF projections, with reverse DCF analysis used for companies trading at high multiples [1]

Core Viewpoint - The article emphasizes the importance of generating alpha through independent investment strategies, focusing on a generalist approach across various sectors with a performance evaluation against the S&P 500 [1] Group 1: Investment Strategy - The company manages a family portfolio primarily through a Self Managed Super Fund, aiming for alpha-generating investment ideas [1] - The typical holding period for investments ranges from a few quarters to multiple years, indicating a long-term investment strategy [1] Group 2: Research Methodology - The company builds and maintains comprehensive spreadsheets that include historical financial data, key metrics, guidance trends, and valuation comparisons with peers [1] - The research approach includes monitoring industry news, reports, and other analysts' coverage, particularly during significant events like CEO changes [1] - The company prefers not to build DCF models for long-term projections, focusing instead on assessing past performance and the outlook on five key drivers of DCF valuation: revenues, costs and margins, cash flow conversion, capex and investments, and interest rates [1]

Core Viewpoint - The article emphasizes the importance of generating alpha through independent investment strategies, focusing on a generalist approach across various sectors with a performance evaluation against the S&P 500 [1] Group 1: Investment Strategy - The company manages a family portfolio primarily through a Self Managed Super Fund, aiming for alpha-generating investment ideas [1] - The typical holding period for investments ranges from a few quarters to multiple years, indicating a long-term investment strategy [1] Group 2: Research Methodology - The company builds and maintains comprehensive spreadsheets that include historical financial data, key metrics, guidance trends, and valuation comparisons with peers [1] - The research approach includes monitoring industry news, reports, and other analysts' coverage, particularly during significant events like CEO changes [1] - The company prefers not to build DCF models for long-term projections, focusing instead on assessing past performance and the outlook on five key drivers of DCF valuation: revenues, costs and margins, cash flow conversion, capex and investments, and interest rates [1]