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SeaLink Travel: An Example of a “Perennial” Compounder

We remain impressed by the long view of SeaLink Travel’s Jeff Ellison and his team in creating an ecosystem approach in building a perennial revenue model and recurring income stream that the market underappreciates substantially.

The Moat Report Asia: CUB Elecparts (Taiwan)

CUB Elecparts (MV $785m): World’s Aftermarket Leader in Automotive Tire Pressure Monitoring System (TPMS) Expanding into ADAS Market ROE 49.4% and trading…

The Moat Report Asia: Nippon Indosari (Indonesia)

Nippon Indosari (MV $570m): Indonesia’s #1 bread maker with 90% share in the mass market with the “Sari Roti” brand ROE 34.3%…

The Moat Report Asia: Chenbro Micom (Taiwan)

Chenbro Micom (MV $189m): World’s #1 Independent Server Chassis Maker ROE 26.6% and trading at EV/EBIT 6.8x, EV/EBITDA 5.8x Chenbro Micom (TSEC:…

The Moat Report Asia: Nitori (Japan)

Nitori (MV $13.3bn): “Japan’s IKEA” Experiencing Increasing Returns to Scale from Extending Domestic Dominance and Global Expansion ROE 23.3% and trading at…

The Moat Report Asia: Nissei Build Kogyo (Japan)

Nissei Build Kogyo (MV $390m): Japan’s #1 Solution Specialist in Parking Systems and Prefabricated Building ROE 20.6% and trading at EV/EBIT 10.8x,…

The Moat Report Asia: Eslite Spectrum (Taiwan)

Eslite Spectrum (MV $259m): Asia’s Next Muji with Unique Retail Management Platform at Tipping Point of Expansion ROE 24.7% and trading at…

The Moat Report Asia: Okamoto Industries (Japan)

Okamoto Industries (MV $851m): Japan’s #1 Condom Player ROE 14.2% and trading at EV/EBIT 11.7x, EV/EBITDA 8.8x, EV/Sales 1x Okamoto Industries (TYO:…

The Moat Report Asia: Weathernews Inc. (Japan)

Weathernews Inc. (MV $320m): World’s #1 Weather Information Services Company ROE 27.2% and trading at EV/EBIT 9x, EV/EBITDA 7.5x Weathernews Inc (TYO:…

The Moat Report Asia: Basso (Taiwan)

Basso (MV $264m): Global #1 ODM Maker of Pneumatic Power Tools ROE 18.5% and trading at EV/EBIT 10.8x with 5.3% dividend yield…

The Moat Report Asia: Sinbon Electronics (Taiwan)

Sinbon Electronics (MV $417m): Leading Cable-Connector Solutions Provider with the “Innovator’s DNA” in MAGIC Applications Sinbon Electronics (TWSE: 3023) is Taiwan’s leading…

The Moat Report Asia: Jollibee (Philippines)

Jollibee (MV $4.34Bn): Philippines’ #1 Foodservice Company Hitting Tipping Point in Well-Executed International Expansion Jollibee Foods Corp (PSE: JFC) is Philippines’ #1…

The Moat Report Asia: Concepcion Industrial Corp (Philippines)

Concepcion Industrial Corp (MV $325M): Philippines’ #1 HVAC (Aircon and Refrigerator) Company in An Under-Penetrated Domestic Market 23.1% ROE and Trading at…

The Moat Report Asia: Sappe (Thailand)

Sappe (MV $227M): Thailand’s #1 Functional Beverage Company With >60% of Sales from Global Exports Sappe (SET: Sappe) is Thailand’s #1 functional…

The Moat Report Asia: Hu Lane Associate (Taiwan)

Hu Lane Associate (MV $437M): Asia ex-Japan’s #1 Automotive Connector, the “Nervous System” in Smart Cars Hu Lane Associate (HL) (GreTai: 6279…

The Moat Report Asia: RFM Corp (Philippines)

RFM Corp: Philippines #1 Ice-Cream and Pasta King and a Revitalized Concepcion Family = The Next Universal Robina Corporation (URC)? RFM Corp…

The Moat Report Asia: Tung Thih Electronic (Taiwan)

Tung Thih Electronic (TTE): Asia’s #1 (Global #3) Automotive Parking Sensor Innovator with >50% Market Share in China Tung Thih Electronic (TTE)…

The Moat Report Asia: Rechi Precision (Taiwan)

Rechi Precision: Global #4 Air-Conditioner Compressor pumping into new applications and the multi-billion BLDC motor market Trading at P/B 1.63x, EV/EBITDA 7.2x,…

The Moat Report Asia: Zeng Hsing (Taiwan)

Zeng Hsing: World’s #1 Manufacturer of Home-Use Sewing Machines Global Market Share 30%, ROE 18.9%, EV/EBIT 9.6x, EV/EBITDA 8.2x, Dividend 5.3% Zeng…

The Moat Report Asia: Lakshmi Machine Works (India)

Lakshmi Machine Works (LMW) (NSE: LAXMIMACH) is the undisputed leader in textile spinning machinery in India with a market share of 60%…

The Moat Report Asia: Kajaria Ceramics (India)

Kajaria Ceramics (KJC) (NSE: KajariaCer) is the #1 ceramic tiles company in India with a 20% market share in the organized segment…

The Moat Report Asia: Yung Chi Paint (Taiwan)

Yung Chi Paint (YCP) (TWSE: 1726 TT) is Taiwan’s largest paint and coating maker with domestic market share leadership of 30% and…

The Moat Report Asia: TECO Electric & Machinery (Taiwan)

TECO Electric & Machinery (TWSE: 1504 TT) is the global #3 leader in large-sized motors under the brand TECO-Westinghouse, overtaking GE and…

The Moat Report Asia: Premier Marketing (Thailand)

Premier Marketing (PM TB) is the flagship vehicle of the Premier Group. PM is the dominant leader in the fish snack product…

The Moat Report Asia: Apex Healthcare (Malaysia)

Apex Healthcare (APEX MK) is Malaysia’s #1 pharmaceutical wholesaler and one of the largest private sector manufacturer of off-patent medicines. Its integrated…

The Moat Report Asia: PChome Online (Taiwan)

PChome Online (GTSM: 8044 TT) is the largest ecommerce group in Taiwan and has complete platform coverage in the Amazon-type of B2C…

The Moat Report Asia: Microlife (Taiwan)

Microlife (GTSM: 4103 TT) is the world’s largest manufacturer of digital thermometers with 50% global market share (20% under its own brand…

The Moat Report Asia: St Shine Optical (Taiwan)

St Shine Optical (GreTai: 1565 TT) is the fifth largest contact lens manufacturer in the world and the #1 global ODM (Original…

The Moat Report Asia: Home Product Center (Thailand)

Home Product Center (HMPRO TB) is Thailand and Southeast Asia’s largest retailer of home improvement products and services. It has 66 stores…

The Moat Report Asia: Taiwan Paiho (Taiwan)

Taiwan Paiho (TWSE: 9938 TT) is the world’s largest touch fastener tape maker (1.3m km/yr, >10% market share) with applications in apparel,…

The Moat Report Asia: Sinmag Equipment (Taiwan)

Sinmag Equipment (GreTai: 1580 TT) is Asia’s #1 bakery equipment solutions provider, with every baking machine out of five made by Sinmag,…

The Moat Report Asia: Caring Pharmacy (Malaysia)

Caring Pharmacy (Bursa: CARING MK) is the top 3 community pharmacy operator in Malaysia with an estimated 4% nationwide market share (over…

The Moat Report Asia: IPCA Laboratories (India)

IPCA Laboratories (NSE: IPCA) is a fully-integrated manufacturer of branded and generic formulations and the world’s largest manufacturer of a dozen APIs…

The Moat Report Asia: Tassal (Australia)

Tassal (ASX: TGR) is an Australian-based vertically-integrated producer of farmed Atlantic salmon with over 70% domestic market share. Tassal’s salmon products are…

The Moat Report Asia: Chicony (Taiwan)

Chicony (TPE: 2385 TT) is established in Feb 1983 and listed in Jan 1999, Chicony is the global leader in keyboards with…

The Moat Report Asia: Major Cineplex (Thailand)

Major Cineplex (SET: MAJOR TB) is a Thailand-based lifestyle entertainment company listed on the Stock Exchange of Thailand (SET) on May 23,…

The Moat Report Asia: Hon Chuan (Taiwan)

Dominant market share in Taiwan (cap & closure 80%, PET 60%, label 40%), one of the three largest PET bottlers in China…