Pyramids and Pagodas: Company Deep Dives

Pryce Corp (PPC.PS) – Fuel for thought: A strategic play into the inelastic Philippine LPG market

Pyramids and Pagodas — Tue, 29 Oct 2024 14:24:31 GMT

In this episode, we present the investment case for Pryce Corporation (PPC.PS, “Pryce”), a key player in the Philippine liquified petroleum gas (LPG) distribution market. Pryce’s vertically integrated business model includes importing, storing, and distributing LPG directly to households and small businesses, making it the second-largest player in the Visayas and Mindanao regions and third-largest nationwide.

This deep-dive leverages insights from a wide-ranging interview with Pryce Chairman and Founder, Salvador Escaño, which we will publish for our readers shortly.

Subscribe now

We also had the pleasure of presenting this idea at Graham Rhodes’ Longriver Gathering 2024 in Shenzhen in September – a great opportunity to re-connect with familiar faces and meet brilliant investing minds.

Aneka Tambang (ANTM.JK) – Indonesian nickel and gold producer poised to cash in on EV thematic and onshoring of metals supply chain

Pyramids and Pagodas — Sat, 20 May 2023 10:58:41 GMT

In our last episode, we provided a primer on Indonesia’s exciting macroeconomic landscape and discussed recent efforts to establish a full battery and EV supply chain domestically in the mineral-rich country. This episode is a deep-dive into one of the key beneficiaries of this trend, PT Aneka Tambang Tbk (ANTM.JK, ANTM IJ, ATM.AX, ATM AU, “ANTAM”). In our previous episode, we also cited an article by highlighting that Indonesia is an investible market for international (retail) investors through the right broker. The time of recording was on 17 May 2023.

WHAT IS ANTAM?

ANTAM is a state-owned gold and nickel miner in Indonesia, which has the largest nickel deposits in the world. The Company has the largest nickel reserves among its local peers.

ANTAM listed on the Indonesian Stock Exchange (IDX) in 1997, selling 35% of its shares in the process. It also listed its shares on the Australian Stock Exchange (ASX) as a foreign exempt entity in 1999 before abiding it status by the more stringent ASX listing in 2002. The business was initially involved in other minerals including bauxite, coal, mineral sands, but over the past five years the company has largely cleaned up its unprofitable businesses and now mainly focuses on nickel and gold mining.

PAX Global (0327.HK) – An undervalued Chinese POS manufacturer with significant growth runway in emerging markets

Pyramids and Pagodas — Thu, 03 Nov 2022 01:32:34 GMT

This month, we decided to do a more in-depth dive into a Hong Kong-listed company due to its significant exposure to emerging markets. The time of recording was on 1 November 2022.

WHAT IS PAX GLOBAL?

PAX Global (0327.HK, “PAX”) is the second largest point of service (“POS”) supplier in the world – it supplies the physical hardware that collects the digital payments that are becoming increasingly common in our daily lives. The company is the number one supplier in rapidly growing emerging markets, such as Latin America, the Middle East, Africa, and developing APAC.