Jiro Yasu, Patrick Rial, and Jeff Musial of Varecs Partners presented their investment thesis on Alphapolis (Japan: 9467) at Asian Investing Summit 2025.

Thesis summary:

Alphapolis is a small-cap Japanese content company operating in the high-growth manga and anime sectors, two of Japan’s most culturally significant and globally expanding creative exports. The company has developed a distinctive content generation model by harnessing a user-generated content (UGC) platform to source successful manga series, which are later published and adapted into anime. This approach produces a hit rate far superior to traditional publishing models and enables Alphapolis to operate with gross margins of 73%, operating margins of 22%, and a return on invested capital of 33%. Over the past five years, Alphapolis has grown revenue and EBIT at CAGRs of 16% and 11%, respectively, with manga sales now accounting for 74% of total revenue, up from just 24% in 2014.

Alphapolis’s growth trajectory is underpinned by two structural tailwinds. First, the global manga and anime markets — estimated at $15 billion and $22 billion, respectively — have been compounding at high-single to double-digit rates, especially overseas, where anime viewership among Gen Z in markets like the U.S. has surged. Second, as Japanese content assets remain scarce and consolidation intensifies, Alphapolis stands out as a rare, undervalued pure-play in the space. With the success of its anime titles such as *Gate* and *Moonlit Fantasy*, the company is scaling production, with five new series in development and early monetization of related IP through licensing and merchandise.

The business model is capital-light and highly scalable. Alphapolis serves as a publisher, producer, and partial investor in anime productions, earning royalties and downstream revenue from streaming rights and merchandise. Its unique UGC-driven content pipeline, which converts digital light novels into manga and then anime, has enabled it to systematically identify hits with significantly reduced risk and cost. The success of this approach has been demonstrated by sales surges following anime releases and a deepening library of monetizable IP. Moreover, digital distribution, now dominant across the manga industry, has dramatically improved profitability and reduced return rates.

Alphapolis recently traded at 19x forward P/E (14x ex-cash) and just 8x EV/EBIT, well below global and domestic peers. A conservative DCF model implies intrinsic value of ¥54 billion versus a recent market cap of ¥37.5 billion, suggesting 44% upside. With scarcity value, global growth drivers, a proven content monetization engine, and optionality in new revenue streams like gaming and licensing, Alphapolis offers an asymmetric opportunity in one of Japan’s most dynamic creative industries.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

First name:

Last name:

Email address:

City / state / country:

Company:

How did you hear about MOI Global? Select Member referral Staff This website Media / Internet Other

If referral, please provide member's name:

Which of the following applies most closely to you? Select Investment Firm - Head Investment Firm - Analyst or PM Institutional Allocator - Firm C-Level Executive Institutional Allocator - Firm Employee Family Office - Head or Co-Owner Family Office - Employee Non-Investment Firm - C-Level Executive Non-Investment Firm - Employee Other

How do you hope to add value to the community?

Leave this field empty if you're human:

About the instructors:

Jiro Yasu has two decades of investment experience in the Japanese equity markets including at Varecs Partners, First Eagle Investment Management and Daiwa Securities America. As the Representative Director of Varecs Partners, Jiro spearheads the investment firm’s efforts to identify mid-sized listed Japanese companies where corporate value can be realized for all stakeholders by working together with management. Jiro holds a BA in economics with a specialty in econometrics from Keio University.

Patrick Rial joined Varecs Partners in 2015 as Senior Analyst. He joined from J.P. Morgan Securities Japan where he worked in equity strategy and small cap research. Prior to J.P. Morgan, he was a product manager at Morgan Stanley MUFG Securities. Mr. Rial began his career as a financial journalist covering Japanese equity markets. He has been a CFA charterholder since 2011. He holds a BA in economics and history from Georgetown University.

Jeff Musial joined Varecs Partners in 2021 as Senior Analyst. He joined from Burgundy Asset Management in Toronto where he was the Vice President of Asian Equities, focused on Japan. Prior to that, he worked in Asian Equities at RBC Global Asset Management in Hong Kong. Mr. Musial has been a CFA charterholder since 2015, and holds an International MBA from the Schulich School of Business in Canada. He also holds a BA in Psychology from the University of Western Ontario, and attended Nanjing University on a 1-year Mandarin studies scholarship.

Kimi Venkataraman and Sidd Thomas of India Intrinsic Value Consultants presented their investment thesis on UTI Asset Management Company (India: UTIAMC) at Asian Investing Summit 2025.

Thesis summary:

UTI Asset Management is one of India’s oldest and most respected names in investment management, with roots tracing back to its establishment by an act of Parliament in 1965. Today, the firm remains a top-ten player in the Indian asset management industry, with approximately $23 billion in assets under management and a 5.2% market share. Despite its legacy status and broad distribution footprint — 190 branches covering over 99% of Indian pin codes — UTI remains underappreciated in a market where mutual fund penetration is still in its infancy, with AUM-to-GDP sitting at just 15% compared to 140% in the U.S.

The company has a diversified business across mutual funds, pension mandates, and portfolio management services (PMS), with the latter accounting for 64% of AUM. Mutual fund assets, though smaller in absolute terms, benefit from a retail-heavy and largely direct distribution model, supported by a network of 55,000+ independent financial advisors. The company’s strong institutional backing — from State Bank of India, LIC, and two other public sector banks — gives it credibility and reach, particularly in India’s growing Tier 2 and Tier 3 cities.

UTI shares recently traded at ₹980, a P/E multiple of just 16x FY25 and a return on equity of 20%. In comparison, peers like HDFC AMC and Nippon Life command valuations of 27–32x earnings with ROEs in the 29–34% range. While UTI’s growth has been more modest — 5% annual revenue growth and 15% EPS CAGR over the last five years — the valuation discount appears excessive given the firm’s franchise value, brand recognition, and improving profitability metrics. The structural drivers of long-term AUM growth in India remain firmly in place, with the country still vastly underpenetrated by global standards.

Risks include potential market share erosion to more aggressive private sector competitors and sensitivity to short-term equity market sentiment. Nonetheless, UTI offers a compelling combination of heritage, scalability, and financial discipline, trading at a material discount to peers. With improving margins, strong distribution, and a tailwind from the formalization of savings in India, UTI represents a classic value opportunity in a structurally expanding industry.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

First name:

Last name:

Email address:

City / state / country:

Company:

How did you hear about MOI Global? Select Member referral Staff This website Media / Internet Other

If referral, please provide member's name:

Which of the following applies most closely to you? Select Investment Firm - Head Investment Firm - Analyst or PM Institutional Allocator - Firm C-Level Executive Institutional Allocator - Firm Employee Family Office - Head or Co-Owner Family Office - Employee Non-Investment Firm - C-Level Executive Non-Investment Firm - Employee Other

How do you hope to add value to the community?

Leave this field empty if you're human:

About the instructor:

Krishnaraj (Kimi) Venkataraman serves as a Director of Intrinsic Value Consultants Pte. Ltd., Singapore. He ran multiple investing partnerships in India delivering market beating returns consistently. Kimi started his career with Tata Steel and later Procter & Gamble, turned into an entrepreneur and ran several businesses. The last one, Marketics, was successfully sold to WNS. Kimi has been an investor for more than 30 years. In 2001 he stumbled upon the letters of Warren Buffett and nothing else was needed. Kimi is glad that Mr Buffett does not charge a royalty on returns made from his teachings.

Siddharth (Sidd) Thomas serves as a Partner of India Intrinsic Value Consultants. He founded Beaconsfield Investment Management in 2010. Prior to that he worked as an analyst covering Asian equities at Fairfax Financial Holdings and as an associate analyst at Credit Suisse equity research. Born and raised in Chennai, India, Siddharth completed his bachelor’s of science degree from Purdue University.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Peter Kennan of Black Crane Capital presented his investment thesis on Intelligent Monitoring Group (Australia: IMB) at Asian Investing Summit 2025.

Peter presented his original thesis at Asian Investing Summit 2024.

Thesis summary:

Intelligent Monitoring Group (IMG) is a leading Australian security services company that is undergoing a compelling transformation from a legacy alarm monitoring business to a growing, tech-enabled security platform. Historically known for signal-based monitoring, IMG has successfully positioned itself at the forefront of video guarding — a rapidly expanding segment that replaces human guards with AI-driven, remotely monitored video surveillance. The company’s shift in strategy is yielding tangible benefits, with strong tailwinds from commercial growth, margin expansion, and industry adoption of higher-tech solutions.

Video guarding, which is well underway in the U.S. and Europe, is now gaining momentum in Australia, where the addressable market includes over 10 million residential premises and 2.6 million registered businesses. IMG is uniquely positioned to lead this evolution due to its incumbent scale, trusted brand, and differentiated capabilities — including Grade A control rooms, the country’s largest installer network, and reseller partnerships. With minimal capex requirements and substantially higher operating margins than traditional guard-based models, the economics of video guarding are favorable. Management sees a multibillion-dollar opportunity, multiples larger than the current business size.

In addition to organic expansion, IMG continues to pursue value-accretive M&A, consolidating its leadership in the commercial and residential security segments. The company’s role as incumbent and disruptor gives it competitive advantages in acquiring smaller operators and scaling innovative technologies across its platform. Importantly, the downside appears well protected by a stable cash-generative legacy business, which supports reinvestment and provides optionality.

Despite these strengths, IMG recently traded at a low valuation relative to its long-term potential. With a strong balance sheet, growing commercial exposure, and early leadership in an underpenetrated but fast-evolving market, the company offers an asymmetric opportunity for patient investors. While the precise pace of adoption for video guarding remains a near-term unknown, the structural direction of the industry is clear — and IMG is best positioned to capitalize on it.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

First name:

Last name:

Email address:

City / state / country:

Company:

How did you hear about MOI Global? Select Member referral Staff This website Media / Internet Other

If referral, please provide member's name:

Which of the following applies most closely to you? Select Investment Firm - Head Investment Firm - Analyst or PM Institutional Allocator - Firm C-Level Executive Institutional Allocator - Firm Employee Family Office - Head or Co-Owner Family Office - Employee Non-Investment Firm - C-Level Executive Non-Investment Firm - Employee Other

How do you hope to add value to the community?

Leave this field empty if you're human:

About the instructor:

Peter Kennan is the founder of Black Crane Capital a catalyst/activist, deep value investment manager. Black Crane has a strong track record of creating value by actively engaging with under valued listed companies including the successful restructuring turnarounds of Elders, Emeco and MMA Offshore. Prior to founding Black Crane in 2009, Peter was a leading corporate financier with UBS Asia Pacific where he was Head of Asian Industrials Group, a team covering energy, infrastructure, resources, consumer/retail and general industrial companies. Prior to that, Peter was Head of Telecoms and Media for UBS Australia. Before UBS, Peter spent seven years with BP in a variety of engineering and commercial roles.

Vinod Moras of Kiara Advisors presented his investment thesis on Narayana Hrudayalaya Ltd. (India: NARH) at Asian Investing Summit 2025.

Thesis summary:

Narayana Hrudayalaya is a leading Indian hospital chain founded by the renowned cardiac surgeon Dr. Devi Shetty, with a mission to deliver high-quality healthcare at affordable prices. Since going public in 2016, the company has evolved from a doctor-led institution into a professionally managed, ROI-focused healthcare platform under the leadership of Viren Shetty. With a network of 19 hospitals across India and operations in the Cayman Islands, Narayana has executed a successful transformation by optimizing its asset base, improving clinical efficiency, and expanding EBITDA margins from ~10% to over 22% in just five years.

The company recently traded at ₹1,683 per share, giving it a market capitalization of approximately ₹344 billion ($4 billion), which represents a notable ~27% discount to Indian hospital peers on an EV/EBITDA basis despite stronger operational metrics. Since 2019, Narayana’s revenue has grown 74%, EBITDA has tripled, net income has surged over 500%, and return on equity has expanded fivefold to 31%. This performance has been driven by better occupancy rates, rising average revenue per occupied bed (ARPOB), and increasing insurance penetration. With structural tailwinds in India’s underpenetrated healthcare system and rising middle-class demand, the company is well-positioned for continued profitable growth.

Looking ahead, Narayana is entering an expansion phase with plans to add over 2,000 beds by FY2030, focused on core geographies such as Bangalore and Kolkata. This capital expenditure, totaling INR 29 billion, is expected to be funded entirely through internal accruals. Optionality exists through its successful Cayman Islands operation — which boasts 41% EBITDA margins and a ROCE above 50% — as well as pilot initiatives in integrated health insurance and monetization of its proprietary hospital management software (Athma and Medha). These efforts not only open up new profit pools but also demonstrate the scalability of Narayana’s low-cost, high-quality care model in international and tech-driven settings.

Risks remain, particularly from regulatory pricing caps, wage inflation, and the capital-intensive nature of the hospital business. Moreover, about 30% of EBITDA is derived from a single overseas hospital in the Cayman Islands, introducing some concentration risk. However, with a solid balance sheet, strong management, and multiple growth levers, Narayana offers an attractive blend of proven execution and long-term optionality. As healthcare in India transitions toward organized, insurance-led delivery, Narayana is well-positioned to emerge as a blue-chip compounder in the making.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

First name:

Last name:

Email address:

City / state / country:

Company:

How did you hear about MOI Global? Select Member referral Staff This website Media / Internet Other

If referral, please provide member's name:

Which of the following applies most closely to you? Select Investment Firm - Head Investment Firm - Analyst or PM Institutional Allocator - Firm C-Level Executive Institutional Allocator - Firm Employee Family Office - Head or Co-Owner Family Office - Employee Non-Investment Firm - C-Level Executive Non-Investment Firm - Employee Other

How do you hope to add value to the community?

Leave this field empty if you're human:

About the instructor:

Vinod Moras is a seasoned value investor with over a decade of experience in Asian equities. He is currently an Investment Manager at Highwest Global Management, overseeing the firm’s India portfolio within its Asia-focused, long-only strategy. Previously, he was Head of Investments at Sixteenth Street Capital, leading research and portfolio strategy for South and Southeast Asia. Vinod also held investment roles at KIARA Advisors and APS Asset Management. Vinod brings operational experience to investing, having worked in the automotive and oil & gas industries before transitioning to finance. He has been a member of the Value Investors Club (VIC) and holds an undergraduate degree in engineering and master’s degree in finance from NYU Polytechnic Institute.

Rajeev Agrawal of DoorDarshi Advisors presented his in-depth investment thesis on Repco Home Finance (India: REPCOHOME) at Asian Investing Summit 2025.

Thesis summary:

Repco Home Finance is a small-cap housing finance company in India, focused primarily on self-employed and salaried customers in the under-penetrated affordable housing market. With a 230-branch network and a customer base concentrated in Tier 2 and Tier 3 cities, Repco offers loans through direct sales, loan camps, and distribution agents. Despite growing assets under management at only 5% CAGR over the past six years, the firm has delivered stronger PAT growth of 10.6% annually. A combination of prudent underwriting, improving asset quality, and a resilient customer base has enabled Repco to generate consistently high returns on equity — averaging 14% over the last decade and 13% through COVID-disrupted years.

The company recently traded at ₹335 per share, or approximately $244 million in market cap, representing just 4.9x trailing earnings and 0.7x book value. With a capital adequacy ratio of 32.5%, Tier 1 capital at 31.7%, and improving credit metrics, the balance sheet is robust. Non-performing assets have steadily declined, and loans disbursed post-COVID are showing stronger repayment behavior, leading to lower credit costs. Net interest margins and spreads have improved steadily, driving both income and profitability in recent quarters. While management transition remains a key overhang, incoming CEO T. Karunakaran — an internal veteran who served previously as CFO and COO — is expected to provide continuity and operational clarity, with strategic direction to emerge in coming quarters.

Repco’s performance still lags behind larger Indian housing finance peers in terms of scale and growth, but the valuation gap has widened disproportionately. Peers trade at median multiples of 2.1x book and 19x earnings despite delivering similar long-term ROEs and slightly stronger growth. If Repco’s return profile holds and loan book growth accelerates even modestly, a re-rating is plausible. Management has guided for 15–20% PAT growth, and even assuming a conservative 12% CAGR and a re-rating to 8x P/E, the stock could double over the next 2.25 years—implying a 40% annualized return.

The market’s skepticism stems from a legacy of underperformance, uncertain growth prospects, and past leadership that overpromised and underdelivered. However, recent improvements in asset quality, profitability, and capital efficiency suggest a turning point. As liquidity builds and management credibility is re-established, Repco is positioned as a classic deep value play. Investors with patience and a long-term horizon may find a compelling margin of safety at current levels.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

First name:

Last name:

Email address:

City / state / country:

Company:

How did you hear about MOI Global? Select Member referral Staff This website Media / Internet Other

If referral, please provide member's name:

Which of the following applies most closely to you? Select Investment Firm - Head Investment Firm - Analyst or PM Institutional Allocator - Firm C-Level Executive Institutional Allocator - Firm Employee Family Office - Head or Co-Owner Family Office - Employee Non-Investment Firm - C-Level Executive Non-Investment Firm - Employee Other

How do you hope to add value to the community?

Leave this field empty if you're human:

About the instructor:

Rajeev Agrawal is the Fund Manager and Managing Partner at DoorDarshi India Fund. DoorDarshi India Fund is a US-based fund that focuses on investing in Indian equities. Rajeev is also the founder of DoorDarshi Advisors, a General Partner to DoorDarshi India Fund. Rajeev has been investing in the US and Indian equity markets for 15+ years. Rajeev follows Value Investing principles and finds that the Indian equity market provides wonderful opportunities for his style of investing. Prior to starting DoorDarshi, Rajeev was a Technology executive focusing on the Financial Industry and has worked with IHS Markit, Goldman Sachs, Bank of America, JP Morgan and Dresdner Bank. Rajeev did his B.Tech from IIT Bombay and MBA from IIM Calcutta.