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Past ideas, active ideas, and watchlist.
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This is a helpful place to start to orient yourself to the work we have been doing since the newsletter launched 12 weeks ago.
I run this newsletter full time, applying more than a decade of experience investigating a wide range of issues for Fortune 500 companies, including the 1MDB saga, AML failures at Nordic banks, corporate espionage, fraud, and more recently, accidents and global fleet issues for industrials.
I hope that applying this skillset generates differentiated content for our readers. I am also currently focused on Singapore, which accounts for 10% of global chip production and 20% of global semiconductor equipment production, neighbors the fastest growing DC market in APAC (Johor), and is in close proximity to Penang, another notable semiconductor hub.
Our ideas thus far fit into three broad themes.
Singapore construction.
Chinese energy equipment manufacturers.
Japanese data center value chain.
Below, we list successful past ideas followed by active ideas and our watchlist. Click on the links to read the original posts.
Past ideas
XMH Holdings ($BQF.SI)
+40% in the two weeks following its AGM on 28 August 2025.
This idea was picked up after we noticed that the company reported ~S$50M in diesel genset sales to Malaysia. The local media did not make the connection to the rapid DC market growth in Johor, and some checks revealed that the company had a long track record supplying key infrastructure in Singapore with diesel gensets.
Recently included in MSCI Singapore Micro Cap Index.
Soilbuild Construction ($V5Q.SI)
+50% between August to October 2025.
Led by a relatively young and articulate CEO, this company benefitted from a surge in interest in Singapore construction companies following reports that Singapore was on track for an unprecedented S$ 60B in construction demand this year. This was supported by a healthy order book and a degree of backstop by way of work from associated companies.
We exited following the announcement of a spin-off of part of its business, which is typically followed by a negative reaction from the market.
+17% between September to November 2025.
This Singaporean cable manufacturer with localized cable factories in Malaysia and Vietnam stood to benefit from significant DC and infrastructure investments in South East Asia.
Active ideas
Chongqing Machinery and Electric Co. ($2722.hk)
Average cost basis < HK$ 1.85. Price at time of writing is HK$2.10.
Conglomerate that owns stakes in JVs with Cummins and Hitachi. We identified this idea by looking for companies similar to XMH Holdings.
Arguably one of the cheapest power ideas available.
Conducting reverse roadshows that are evidently well received. Recently included in MSCI Global Small Cap Index.
Wasion Holdings ($3393.hk)
Added at HK$ 14 and 15. Price at time of writing is HK$ 13.30.
Sells smart meters to utilities, notably to the Chinese State Grid.
Has a subsidiary supplying modular data center solutions to Day One, who in turn services Bytedance, Oracle and possibly another Western customer.
We are monitoring the ramp of Johor factory supplying Day One data centers by periodically visiting the factory. According to management, the factory should go from US$ 7M in revenue in H1 2025 to US$ 280M some time in 2026.
Average cost basis < HK$ 0.40. Price at time of writing is HK$ 0.43.
Upcoming AGM on 18 December 2025.
This construction company trades at negative EV and at a modest PE, despite having record revenues, earnings and order book. The future pipeline is supported by a 10 year urban development masterplan and can be readily tracked by way of government tenders. This gives us a view of the order book before the company reports to the market.
The company pays a relatively generous dividend and compares favourably with more expensive peers more widely known in the Singapore market. The opportunity appears to exist because the Singaporean financial press and online investing community do not adequately cover the Hong Kong exchange.
We identified this company after it issued a profit alert on 15 September 2025, having spent the fortnight before studying the Singapore construction market.
CTR Holdings ($1416.hk)
Average cost basis < HK$ 0.20. Price at time of writing is HK$ 0.26.
The company issued a profit alert on 24 October 2025. Having studied the Singapore construction and semiconductor OEM market, we recognised that CTR’s revenues were likely explained by work on a US$ 7bn plant for Micron. This led to the discovery of its impressive portfolio of work on data centers and semiconductor plants. The opportunity exists because of minimal IR and a poorly designed website.
A write-up pulling together our research on this company will be published shortly.
OMS Energy Technologies ($OMSE)
Rode part of the move from <US$5 to US$7, which may have been driven by the CEO attending Singapore International Energy Week.
Momentum has cooled somewhat in the lead up to the CEO’s IPO lockup expiry on 10 November. Price at the time of writing is US$ 5.16.
The company is due to release H1 2026 results pre-market on 21 November 2025. To a large degree, those results rest on revenues from Saudi Aramco - get in touch with us for an update on helpful read-throughs for those revenues.
Japanese data center value chain