Gavin Tan

Insights from Singapore residents are welcomed! Further details, free to read: Deep Dive: moatmap.ai/deep-dive/1D0.… Stock Score: moatmap.ai/stock/1D0.SI (10/10)

The bear case writes itself. Singapore is 745 sq km, a domestic ceiling near 110 outlets. Is paying 14x forward earnings for a no-growth business value investing? (9/10)

My late grandfather used to run kopitiams in Penang. A kopitiam is a Southeast Asian coffee shop where neighbours eat $3 meals and drink butter-roasted coffee under ceiling fans. Kimly ($1D0.SI) does this at industrial scale in Singapore. Market cap: $399M USD. (1/10)

@mkfilko @dirtcheapstocks Thanks! I believe Azeus is reinvesting significantly in marketing, hiring sales staff around the world and R&D in their upcoming ESG tracking and reporting software. Let's see what their coming half year results look like.

Wow this is an amazing find Gavin, fellow Singaporean here too! on your 9th point, don't quite get the message, if there is no reinvestment, it can either mean, the product is so good (which is clearly is) that it doesn't need any improvement OR it means the company lacks innovation and in the long run their competitive moat may be threatened. Curious to hear your take, thanks!

Singapore-listed software co, $271M market cap. 5-year revenue CAGR: 21% ROE: 68.9% Dividend yield: 8.2% (99% payout) Hat tip @dirtcheapstocks who flagged a while back. Meet $BBW.SI, Azeus Systems. (1/10)

@not_nthni3l The way I think about it is SaaS businesses are invested in the P&L through marketing and R&D spent. I suspect the new area of growh, Presgo (ESG SaaS) will be challenging given the changing winds. Now, if only they pivot to semicon hardware... :-)

@MoatOwl The founders hold 82% of the shares, yet they choose to distribute 99% of the profits as dividends instead of reinvesting or buying back shares. This strongly suggests a lack of high-return reinvestment opportunities within the company.

Full year FY2026 results drop Friday. We'll know if the CERKS transition is as ugly as feared. Free to read on MoatMap: Deep Dive: moatmap.ai/deep-dive/BBW.… Stock Score: moatmap.ai/stock/BBW.SI (10/10)

If a founder owns 82% of his own company and chooses to pay out 99% of earnings rather than reinvest or buy back stock, what is he telling you about the reinvestment opportunities inside the business? (9/10)