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Russia three years on – Macro Musings (Part 2)
Where the discount lands: household savings, housing, fees and the cost of settlement
Oct 31
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Russia Three Years On – Macro Musings (Part 1)
Tracing the discount on Russian capital through venture exits, golden shares, and asset transfers
Oct 23
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Launch Tech (2488.HK) – World’s 2nd largest automotive diagnostics firm navigates decoupling, cloud services and recurring-software revenue
Reverse-engineering the economics of a hardware exporter with a hidden, high-margin software annuity
Jul 22
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Noah Holdings (NOAH.K; 6686.HK) – Rising above China’s wealth management flood
China’s largest listed wealth manager is trading below net cash on a survivors’ discount while quietly compounding its offshore franchise
Apr 28
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Ep 9. Veteran EM CIO speaks of "decade-defining" Gulf crisis and impacts on EM investment flows
Gary Dugan of the Global CIO Office speaks on winners and losers from shifting allocations and the accelerating shift towards a multipolar world
Mar 24
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Plover Bay Technologies (1523.HK) – Another strong year coupled with preparation to split in two
2025 results deliver margin expansion and another year of excess cash returns, but the real headline is its decision for a US spinoff
Mar 1
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Gas Malaysia Berhad (GASM.KL) – The pipeline titan powering Malaysia’s industry
A quiet utility patiently positions itself for market liberalization, an opportunity the market has yet to recognize
Feb 9
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Softcare Limited (2698.HK) – A formidable fortress in Africa finding its footing
Rare HK-listed frontier market pure play on consumer hygiene
Dec 19, 2025
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Pyramids and Pagodas
Contextualizing emerging market businesses with geopolitical and macroeconomic thematic analysis - follow us on X @Decipherintl
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