Vertexuno Research

Research

Evidence dossiers, each stamped to primary filings and scored against the framework.

Published · Company dossierUpdated 31 Jul 2026

VertexUno's shared register of global structural trends — the macro layer that sits above every company and feeds its destination analysis. Five trends: AI compute & power build-out, deglobalisation & reshoring, the debt/rates regime, energy-security electrification, and demographic aging. Context, not advice.

Published · Company dossierUpdated 30 Jul 2026

Ping An Insurance (Group) Company of China — Equity Research · Vertexuno

Full framework equity research on Ping An: the verdict and pillar scorecard, the one metric that matters, a sized 2035/2045 destination, the one-assumption stress test, and peer figures from each rival's own FY2025 filings. Only the author's personal position size is withheld.

Framework

ValuationStruck at ~0.96x attributable book, ~7.2x reported earnings and a ~5.1% dividend yield on the H-share (2318.HK) at ~HKD 57.95, latest close (market data, 30 July 2026; up from HKD 57.05 on 23 July). Live peer valuation (market data, 30 Jul): AIA carries the sector's only premium (~1.35x embedded value, 2.48% yield); the three Chinese insurers all trade below book and at 0.44-0.64x embedded value; Ping An is NOT the cheapest (CPIC ~0.44x EV / ~5.1x earnings, PICC ~0.8x book cheaper) - its distinction is the highest dividend yield (5.09%) on the lowest ROE. Attributable book RMB 1,000,419m and attributable net profit RMB 134,778m (FY2025); group embedded value RMB 1,504,288m (~RMB 83/share), so ~0.6x embedded value; one-year new business value RMB 36,897m (+29.3%); DPS RMB 2.70, the 14th consecutive annual increase. Value built forward from the sized destination (ruling #30) via a sum-of-the-parts that isolates the bank (ruling #7): base ~HK$61, bull ~HK$75, re-cut bear ~HK$31-39; probability-weighted (base 50% / bear 30% / bull 20%) ~HK$55-57 vs ~HK$57.95 (30 Jul 2026) - essentially no margin of safety at the weighted mean. Every multiple is conditional on the disclosed 4.0% long-term investment-return assumption: a -50bp move cuts life embedded value by RMB 145,849m (-15.7%, FY2025 annual report p.77).

Published · Company dossierUpdated 1 Aug 2026

Alibaba Group Holding Limited

Alibaba (BABA / 9988.HK) — Vertexuno dossier & At US$115 you buy the AI-cloud call cheaply, cushioned by a net-cash floor (~US$38/ADS), for a ~18% margin of safety — but it earns the second-lowest and most investment-income-dependent return of its peer set (only JD screens worse), so the thesis rests on returns re-rating, not just cloud growth accelerating.

Framework

ValuationPrice struck US$115.03/ADS (BABA, 29 Jul 2026). Market cap ~US$267bn (~2.32bn ADS); P/E ~17x on investment-income-inflated earnings. Framework value ~US$142/ADS (rev. 1 Aug 2026 for the crystallized CXMT/strategic-investment mark; struck ~US$140 on 30 Jul; 15% hurdle, prob-weighted SOTP base ~US$140, bull ~US$200 @30%, bear ~US$80 @25%) — ~19% margin of safety.

Published · Company dossierUpdated 1 Aug 2026

BYD Company Limited — Research · Vertexuno

Independent equity-research evidence dossier on BYD Company Limited (Hong Kong 1211 / Shenzhen 002594): the battery-cell vertical-integration cost advantage, a comparable peer benchmark, the capital-cycle lens, and full-history financials — all stamped to primary filings.

Framework

ValuationH-share (1211) close HK$88.65 on 23 July 2026; market capitalisation approx HK$808bn / RMB 698bn; trailing P/E 21.4x on FY2025 net profit of RMB 32.6bn, approx 25x on trailing-twelve-month earnings (~RMB 27.6bn).

Published · Company dossierUpdated 1 Aug 2026

Collection coverage · Vertexuno

What research documents are held for each company and how current they are — annual reports, quarterlies, announcements, transcripts, peer filings — with named gaps.

Published · Company dossierUpdated 1 Aug 2026

Tencent Holdings — Equity Research · Vertexuno

Full published analysis of Tencent Holdings, People-first and valued on the fair-value / whole-company method: the management verdict, the moat read on output evidence, and a valuation that deduces the achievable return at the price against a 15% required return.

Framework

ValuationMarket capitalisation HKD 4,098bn (RMB 3,770bn) at HKD 443.00 (per-share). Fair value, whole-company, discounted at the 5.2% long-term Treasury risk-free rate with a 14x terminal on a 10-year horizon: ~RMB 7,022bn (~HKD 825/share) — but that gap to price is a discount-rate artefact, NOT a margin of safety. The decision figure is the achievable return at the price. Issued shares 9,120,235,999 (31 Dec 2025); FX RMB1 = HKD1.087.