Substack
Maius Partners
Everything we have picked from this writer, newest first.
activism Back to The Future
China Merchants China Direct Investments (133.HK) carries Moonshot AI at a $2.5 billion valuation despite Moonshot’s reported $20 billion…
Maius Partners
business models AXT’s Tongmei Problem: Great Asset, Fragile Economics
AXT’s 85.5%-owned Tongmei depends on offshore pricing, export approvals and transfer-pricing economics despite AI-optics demand.
Maius Partners
corporate governance Trust the Ledger, Not the Legend
Corporate Travel Management and Intellego Technologies illustrate a forensic checklist for spotting permanent capital-loss risks: weak…
Maius Partners
asia Return of the Power King
China Yuchai (CYD) seeks a 2026 rerating as governance normalization, global expansion, AI data-center power demand, and green-powertrain…
Maius Partners
asia What’s Really Behind Intellego’s China Growth Story?
Intellego’s claimed China growth faces scrutiny after partner Yuwell described their UV-monitoring agreement as dependent on actual…
Maius Partners
corporate governance Reporting Season Alpha: Where Governance Meets Multi-Billion-Dollar Alpha
CQME’s 37.8%-owned Hitachi/ABB Chongqing JV is expanding toward ¥5 billion revenue capacity, supporting 2025 earnings acceleration…
Maius Partners
data centers The Announcement That Changes Everything
China Yuchai’s potential MGP IPO could separate its data-center and genset arm, with employee incentives tied to a listing and a proposed…
Maius Partners
asia Monster in the Middle: Unpacking the High-Stakes Buyout Battle
Energy Monster’s $1.25-per-ADS management buyout faces Hillhouse Capital’s fully funded $1.77 competing offer, turning the Chinese…
Maius Partners
aerospace & defense North American Data Centers AND Aerospace Exposure at 9x PE?
Impro Precision (1286.HK) trades below 5x trough EBITDA as data-center and aerospace components grow, while its CEO has bought HK$420…
Maius Partners
deep value Thakral Corporation: A Conglomerate Reimagined
Thakral Corporation (AWI.SI) trades at roughly 6x normalized earnings and over 50% below estimated NAV, combining Australian land-lease…
Maius Partners
asia Half-Year Review
2722.HK trades at 0.5x book as its new board, dividend focus and incentive plan signal a capital-allocation turnaround; the portfolio…
Maius Partners
consumer The Labubu Trilemma: Part 2
Labubu’s growth, scarcity and regulatory acceptance mirror the Beanie Babies trilemma: preserve exclusivity, scale sales and curb scalping…
Maius Partners
asia The Labubu Trilemma
Pop Mart’s Labubu boom relies on blind boxes, scarcity and celebrity marketing, forcing a trade-off between exclusivity, growth and China’s…
Maius Partners
dividends 2722.HK Results Update and other Portfolio Thoughts
2722.HK swung to over ¥1bn net cash after inventory provisions masked core earnings, while CQ Cummins ramps capacity toward 23,000 engines…
Maius Partners
ai The Global AI Data Center Bargain You’ve Never Heard Of
Chongqing Machinery & Electric (2722 HK) trades below 7x earnings despite its CQ Cummins joint venture supplying diesel backup engines to…
Maius Partners
balance sheets CYD and H22 Results First Take:
CYD’s FY24 earnings miss reflected ¥200m of one-offs; adjusted net income reached roughly ¥430m and operating cash flow rose 40%.
Maius Partners
portfolio management Portfolio Updates
CYD was sold near $21 versus an $11 entry after exceeding a $19.50 target; proceeds moved to H22.SI, whose CYD stake implies $1.30 NAV and…
Maius Partners
buybacks Yonex (TYO:7906) - Playing the Long Game
Yonex controls 60%+ of global badminton and trades at 8.5x forward EBITDA despite 40% five-year earnings compounding, with buybacks…
Maius Partners
asia Hong Leong Asia: Unveiling Undervalued Gems in CYD’s Parent Company
Hong Leong Asia (SGX: H22) has 40% base-case upside, driven by its CYD stake’s data-center opportunity and Singapore-Malaysia…
Maius Partners
asia China Yuchai: Deep Value Meets Growth (NYSE:CYD)
China Yuchai (CYD) trades at 2x EBITDA and 0.3x book as data-center backup-power demand, buybacks, and net cash support an earnings…
Maius Partners