Deep Dive · US Power & AI Infrastructure
Bloom Energy: the best way to play AI power scarcity, or a stock already pricing it in?
Time-to-Power is a real advantage while the grid is slow, but gas engines and turbines scale into 2028–30. What the current price already assumes.
Deep Dive · US Semiconductors
Micron: even after modeling a real downcycle, I still get $1,300–$1,470
The next memory trough, not peak FY27 earnings, is the real debate: a DCF and cycle-average P/E view with a modeled 60% FY30 gross-margin trough.
Deep Dive · Semiconductors
Kioxia: valuation, cycle risk and the path to a bull case
Bear, base and bull valuation scenarios, explicit operating assumptions and a downloadable financial model.
Deep Dive · Trading Houses
Sumitomo Corporation: portfolio in motion
SCSK, aircraft leasing, real estate, energy solutions and the post-investment free-cash-flow test.
Deep Dive · Trading Houses
Mitsui & Co.: the iron ore and LNG one
Commodity exposure, capital allocation and the MTMP2029 plan through a valuation and cash-flow lens.
Deep Dive · Trading Houses
Itochu Corporation: the consumer-focused one
FamilyMart, CTC, DESCENTE, capital efficiency and what investors are paying for quality.
Deep Dive · Trading Houses
Marubeni Corporation: Strategic Platform Businesses
GC2027, capital allocation, earnings drivers, commodity sensitivities and a downloadable valuation model.
Deep Dive · Trading Houses
Mitsubishi Corporation: one stock, a world of business
A sum-of-the-parts and DCF view of LNG, industrial materials, mobility and consumer businesses.