The Moat Report Asia was authored by Koon Boon Kee, featuring competitively advantaged businesses across Asia. The report is no longer being published. Please feel free to access past issues below.

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…