Emerging Value updates 9
some sales and another new position!
Hello everyone !
Newsletter update
Write ups
Company updates
Movements
Newsletter update: We are now over 5800 subscribers! Thanks for all the free and premium subscribers. I aim to find the best value anywhere and in emerging markets.
Big news:
I am planning a side newsletter focusing on Payments. I have been working on Payments for over a decade. I am teaming up with a Friend with a big experience in payments in strategic teams. The idea is to review payment companies, future trends, really focus on the big picture together, and have fun, and stay up to date with trends. These are not directly investing write ups as they will be based on conversations. These will be more like expert talks where I will link up what has been discussed with the investing take away.
As a first public post, we will review Visa and cross post it here. You can start subscribing here, but there is nothing yet. https://paymentsinvest.substack.com .Stay tuned.
The Emerging Value newsletter will keep focusing more and more on emerging markets opportunities, while monitoring and updating my value/quality portfolio in Europe/Japan/North America.
Special share ⭐️
A few months ago I highlighted a new newsletter starting that was focused only on Norwegian stocks (https://norwaystocks.substack.com). I helped putting this writer on the map, getting to know people and now he is over 1.4K subscribers, by doing a good job.
Today I want to share a new newsletter that I find interesting and unique. I imagine how hard it is to start a newsletter from scratch. It’s frustrating and you could have the best content but no readers.
The new newsletter is Specialised on the middle east, Saudi and UAE stocks, and has less than 50 subs. https://buildfreecapital.substack.com. So if you are interested let’s give her a boost and interact/share her work.
I don’t make any money from sharing it, I just help the ones starting as it costs me nothing. I also had great help from Michael at https://www.asiancenturystocks.com, for free. I pass it back.
—sponsor—
I use Koyfin for all my data analysis on stocks, graphs, and watchlists, and I have a 20% discount with my affiliate link here. It’s a product with real value for me. The free version is great too! I use long term views to see book value evolution and share buybacks, as well as revenue and net income.
I found this interview interesting and entertaining. Myles is a great guy and investor https://www.asiancenturystocks.com/p/interview-with-myles-kuah
1-I wrote about Kontron, and IOT company at a very low valuation when I bought: less now:
2-I published my H1 review, which after a 16.7% return, started a cycle with a new stricter investment framework to improve performance.
3-I wrote about understanding the compounder cycle.
4-I posted an update on Cafom. Since then, the ecommerce sub published stellar results. Very pleased.
5-I wondered if it is time to buy LVMH, for me not yet, the first half results were not great, and the valuation is not that cheap. I would say; it’s only for the most patient investor, maybe next year we will see a rebound.
Two days ago I wrote about JD.com which impressed me as I researched the company and management plans.
Lastly, I wrote the best buys series, with Quality, hidden champions and deep value. There will be more to come with thematic buys.
I have been busy and from now on I will have less focus on other write ups and ideas. However I will keep helping new publications.
I will now release them separately, in the best buys or in portfolio updates.
I have published an update with some movements on July 17, and I did even more movements after that. It’s bad.
The reason is not to tease people, it’s a consequence of my work on best buys.
After my best buys series, and my first half portfolio review, It actually forced me to reflect and sell a few stocks that did not fit into the framework anymore, in order to buy more of the best buys or to get closer to my sector allocation goals as written in my H1 letter.
I recommend to everyone to write journals so they can self improve continuously.
Most sales are value stocks that rerated and performed well in 2025.
After a rerating, they did not compare well to the best buys in the quality or hidden champion category.
Fraser and Neave (+38%): Not growth enough after the rerating
Bastide le confort (+5% but a loss on my first buys) : Not quality enough after the rerating.
Boustead Singapore (+100%) : Not quality enough after the rerating.
I opened a new emerging market position in Energy to align more with my Energy exposure goal - Very very cheap and fitting well with my strategy. It is not Petrobras or any well known company. Petrobras is not directly an energy play but more of a brazil politics play due to the controlled sale price for the local market.
Added to some “best buys”
Details below for premium subscribers. Not a premium subscriber yet?
Subscribing gets you
The most complete coverage of emerging markets
Following my Hidden champions and quality stocks ex-US.
The best buys on Tuesdays
Quick monthly portfolio review on the first Tuesday
10 or more unique write ups per year
Watchtlists in Koyfin with over 200 Emerging and Hidden champions stocks (free with Koyfin)