TripAdvisor (TRIP): World’s largest travel site. 75% of revenue from hotels which are only 15% of the site’s user content. Current fair value $45-50 if they can keep the non-hotel business growing.
Alibaba (BABA): Arguable the world’s strongest E-commerce brand. Revenues up 64% yoy but earnings declined 40%. Prioritizing user growth and user experience instead of profitability.
Tencent (0700.HK): One of the world’s strongest internet and mobile brands. Recent earnings growth of 40%. Tangible fair value range of 200-300 HKD (2.5 – 5 years of supernormal growth).
Best World International (CGN.SI): Approx fair value of $1. Waiting for direct sales expansion into China. Wary of non-increasing cash flows.
Noble (CGP.SI): Potential momentum from short squeeze of bond holders. Waiting for results after selling oil businesses to determine valuation.