Core Insights - The investment strategy focuses on acquiring strong businesses at undervalued prices, emphasizing the importance of quality and economic fundamentals [1] - The portfolio has evolved through various industries, including technology, banking, and emerging markets, with a current emphasis on high-quality businesses and their competitive advantages [1] - The investment philosophy is influenced by notable investors and CEOs, highlighting the significance of learning from successful figures in the industry [1] Investment Strategy - The approach prioritizes large tech companies with extensive user bases and content libraries, recognizing the potential for cross-selling opportunities [1] - Valuation is conducted at the EBIT plus R&D level, reflecting the belief in the potential of certain R&D investments [1] - The investment philosophy rejects traditional "Buy" and "Sell" recommendations, advocating for a focus on exceptional businesses at fair prices, with a preference for "Strong Buy" and "Strong Sell" classifications [1] Performance Metrics - The annual return from February 2019 to October 2024 is reported at 11.4% CAGR, which is below the market's 15.18% CAGR [1] - The belief is that expanded knowledge and principles learned will enable future outperformance of the market [1] - The strategy aims to minimize portfolio turnover, with the expectation that most profits will come from holding existing investments rather than frequent trading [1]

Core Insights - The payments industry is primarily dominated by Visa Inc. and Mastercard Incorporated, which are integral to the global digital transaction ecosystem as cash usage declines [1][2] - Investors are evaluating which company presents a better investment opportunity amid evolving consumer spending habits and macroeconomic uncertainties [2][3] Visa Overview - Visa is the largest player in global payments, operating in over 200 countries, and has shown steady transaction volume growth even during economic downturns [4] - In fiscal 2023, Visa's processed transactions increased by 10.4%, with projections of 10% growth in 2024 and an average of 10.2% in the first nine months of 2025 [4] - Visa's net revenues for the latest quarter reached $10.2 billion, a 14.3% year-over-year increase, driven by strong payments volume and cross-border transactions [5] - Visa's cross-border volume grew by 12% year-over-year, while its adjusted operating margin was 67.5%, surpassing Mastercard's 59.9% [5][6] - Visa's dividend yield is 0.7%, higher than Mastercard's 0.5%, and its long-term debt-to-capital ratio is 33.6%, significantly lower than Mastercard's 70.7% [6] Mastercard Overview - Mastercard is recognized for its higher growth potential, focusing on credit transactions and international business, which benefits from trends like the rebound in international travel [9] - In the last quarter, Mastercard's net revenue was $8.1 billion, reflecting a 16.8% year-over-year growth, outperforming Visa [12] - Mastercard's gross dollar volume increased by 9.4% to $2.6 trillion, compared to Visa's 7.5% rise to $4.3 trillion [12] - Mastercard's free cash flow was $13.6 billion in 2024, and its return on invested capital stands at 40.3%, significantly higher than Visa's 27.2% [13][14] - Zacks estimates indicate Mastercard has stronger earnings momentum, with revenue growth forecasts of 15.1% compared to Visa's 10.9% [15] Valuation and Performance Comparison - Visa trades at a forward earnings multiple of 26.43X, while Mastercard trades at 32.13X, reflecting investor confidence in Mastercard's growth outlook [18] - Year-to-date, Mastercard shares have increased by 10.2%, outperforming Visa's 7.4% rise and the industry's 2.3% growth [21] Conclusion - Both Visa and Mastercard are strong players in the payments sector, with Visa offering stability and consistent returns, while Mastercard presents a sharper growth trajectory and superior capital efficiency [24][25] - With the ongoing growth in international travel and digital payments, Mastercard is positioned to capture significant growth opportunities, making it a more compelling investment at this time [25]

Group 1 - Pine Labs, an Indian payments technology company, aims to raise up to $700 million through an IPO scheduled for the second half of October, down from an initial target of $1 billion due to current shareholders reducing their stake [1][2] - The IPO will consist of new shares valued at Rs26 billion ($295 million) and the sale of 147.8 million shares by the founder and investors, including Peak XV Partners, Pine Investment Holdings, and Invesco Investment Funds [2] - Discussions regarding the timing and size of the offering are ongoing and may change [2] Group 2 - Pine Labs reported a loss of Rs1.9 billion against a revenue of Rs13.4 billion for the fiscal year ending in March 2024 [3] - The company provides payment terminals and services in India and international markets such as Singapore, Malaysia, and the UAE [3] - In March 2023, Pine Labs and Visa launched Visa Instalment Solutions (VIS) on Pine Labs' multi-issuer platform, enabling merchants in Southeast Asia to offer installment payments [3][4]

Core Viewpoint - Paysafe has announced a new partnership with CMC Markets to enhance payment options for traders in various global markets, excluding the UK and US [1] Group 1: Company Overview - Paysafe is a leading payments platform that offers various payment solutions [1] - CMC Markets is a global provider of online trading and investment services [1] Group 2: Partnership Details - The partnership will allow CMC Markets to broaden its range of payment options for traders in the European Economic Area (EEA), south-east Asia, the Middle East, and other global markets [1] - Paysafe's Skrill and Neteller will be the first digital wallets integrated into CMC Markets' payment offerings [1]

Group 1 - Mastercard Incorporated (NYSE:MA) is recognized as a leading name in digital payments and is considered a blue-chip company due to its strong competitive position and global brand [2] - The company earns a small fee for each transaction processed through its network, providing a reliable source of revenue [2] - With an estimated one billion more people expected to enter the global consumer class in the next decade, Mastercard has significant growth potential in its payment processing network [3] Group 2 - Mastercard has been increasing its cash returns to shareholders and has grown its payouts for 13 consecutive years, making it one of the best dividend stocks [4] - The current quarterly dividend is $0.76 per share, with a dividend yield of 0.52% as of September 20 [4]

Core Insights - Payoneer Global Inc. (NASDAQ:PAYO) is recognized as a promising low-priced technology stock, focusing on high-value customers and industries while aiming for profitable growth despite market challenges [1][5]. Group 1: Financial Performance - The B2B segment is a significant growth driver, expanding by 37% in the first half of 2025 and now representing 30% of core revenue [2]. - Adjusted EBITDA margins remain stable at 25%, with customer balances increasing by 29% [2]. - Payoneer Checkout has achieved nearly $1 billion in run-rate volume and $30 million in annual revenue, reflecting over 100% year-over-year growth since its launch in 2022 [4]. Group 2: Strategic Initiatives - Recent partnerships, such as the collaboration with Stripe, enhance Payoneer's Online Checkout service, particularly targeting APAC markets like China and Hong Kong [3]. - The integration of new payment methods, including BNPL providers and digital wallets, is expected to broaden the company's service offerings [4]. - Payoneer is well-positioned to capture a larger share of the cross-border payments market, supported by licensing in mainland China and increased usage of Payoneer cards [5].

Core Insights - The announcements from PayPal, Google, and Mastercard focus on building the infrastructure for agentic commerce, which currently lacks significant consumer demand but presents numerous challenges to address [1] - Mastercard is set to enable all U.S. cardholders for Mastercard Agent Pay by November 28, with global deployment to follow shortly [2] - Google is collaborating with PayPal to enhance the adoption of Google's Agent Payments Protocol, which supports various payment methods and involves over 60 companies in its development [3][5] Group 1: Company Initiatives - Mastercard has introduced Agent Sign-Up and Insight Tokens to facilitate agentic commerce, with Citi and U.S. Bank as initial partners for its AI shopping tools [1] - Google and PayPal are working together on AI-supported shopping experiences, leveraging PayPal's payment processing and data-driven personalization [4] - The partnership between PayPal and Google follows Mastercard's collaboration with Stripe and others to scale agentic payments [5] Group 2: Market Potential and Challenges - Deloitte estimates that agentic commerce could generate up to $17.5 trillion in commerce by 2030, positioning agentic AI as a crucial element in future payments and consumer engagement [7] - Banks are expected to develop clear roadmaps for adopting agentic commerce, which could reduce operational costs by 20% [8] - The implementation of agentic AI may require banks to upgrade technology and operating models, potentially increasing expenses and impacting revenues [9] Group 3: Adoption and Integration - The success of agentic commerce will depend on merchant adoption and the ability to create personalized experiences for customers [11] - Banks must ensure that agents are controlled by account holders and that transactions are intended, highlighting the need for robust data management processes [12] - The complexity of payment types and regional schemes will necessitate different models for processing transactions in an agentic commerce environment [13][14]

Group 1: Uber Freight and AI Integration - Uber Freight announced upgrades to its AI capabilities to enhance logistics efficiency and simplify operations [1][6] - The transportation management system (TMS) now allows clients to track the entire order-to-cash journey, providing a unified platform for quicker decision-making [6][10] - New features include automated data-gathering for bid awards, enabling real-time comparisons of costs and services, which aims to reduce decision-making time and costs for clients [8][9] Group 2: Google and PayPal Partnership - Google and PayPal have entered a multi-year partnership to enhance digital commerce through AI, focusing on improving transaction experiences [4][3] - The partnership aims to leverage PayPal's payment solutions and Google’s AI capabilities to foster agentic commerce while ensuring secure transactions [4][2] - The collaboration is expected to have significant implications for the technology and e-commerce sectors if executed effectively [3] Group 3: Ethosphere's AI in Retail - Ethosphere raised $2.5 million in a pre-seed round to develop AI technology that captures in-store conversations for feedback [11][12] - The technology aims to enhance customer service by providing actionable insights to employees and managers based on real interactions [12][13] - Ethosphere's approach focuses on empowering retail employees to improve customer experiences and drive sales [15] Group 4: Ralph Lauren's Conversational AI - Ralph Lauren introduced a conversational AI chatbot named Ask Ralph to enhance customer engagement and provide personalized styling recommendations [16][17] - The chatbot aims to create a richer e-commerce experience, allowing consumers to interact as they would with a stylist in-store [17][18] - The technology is powered by Microsoft’s Azure OpenAI platform, reflecting a shift in consumer shopping habits [19][20] Group 5: Inspectorio's Paramo - Inspectorio launched Paramo, an AI-native intelligence layer designed to unify supply chain management systems [21][22] - The system aims to create a single source of truth for data, enhancing risk detection and compliance while streamlining sourcing processes [23][25] - Paramo is positioned to help brands and retailers adapt to a complex supplier landscape by increasing agility and operational intelligence [25]

Core Insights - Corpay, Inc. (CPAY) is a payments company based in Atlanta, Georgia, with a market cap of $21.6 billion, specializing in various payment categories including fuel and fleet payments, lodging solutions, corporate and vendor payments, and cross-border payments [1] - CPAY is classified as a large-cap stock, emphasizing its size and influence in the software-infrastructure industry, and is well-positioned to benefit from the shift towards digital payments and accounts payable automation [2] Financial Performance - In Q2, Corpay reported a revenue growth of 12.9% year-over-year, reaching $1.1 billion, and an adjusted EPS of $5.13, reflecting a 12.7% improvement from the previous year, both metrics meeting consensus estimates [5] - Despite strong growth in its corporate payments segment, CPAY's shares fell 3.4% following the Q2 results announcement [5] Stock Performance - CPAY's stock has decreased 23.8% from its 52-week high of $400.81, reached on February 6, and has underperformed the Dow Jones Industrial Average, which returned 9.4% over the same three-month period [3] - Over the past 52 weeks, CPAY has marginally declined, lagging behind the Dow Jones Industrial Average's 11.2% increase, and is down 9.8% year-to-date compared to the Dow's 8.5% surge [4] - CPAY has been trading below its 200-day moving average since early April and below its 50-day moving average since early March, indicating a bearish trend [4] Competitive Position - CPAY has outperformed its rival, Global Payments Inc. (GPN), which has seen a decline of 22.6% over the past 52 weeks and 23.2% year-to-date [6]

Table of Contents As filed with the U.S. Securities and Exchange Commission on September 19, 2025 Registration No. 333-290018 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 OBOOK Holdings Inc. Darren Wang OBOOK Holdings Inc. 9F., No. 28, Wencheng Rd., Beitou Dist., Taipei City 112, Taiwan, Republic of China +886-2-6610-0180 (Exact Name of Registrant as Specified in Its Charter) (State or other jurisd ...