Equity Deep Research
SPCX Valuation Structure Analysis
Unpacking the $100B ARR narrative, the backlog disclosure gap, customer concentration, and related-party financing — why the current valuation carries meaningful correction risk.
RESEARCH CENTER
Research is not for buying. It is for understanding.
We break down industry position, business model, moat and financial quality first — then return to valuation, positioning and trade structure. Conclusions change; the framework must stay inspectable, and survive both the bull and the bear case.
We break down industry position, business model, moat and financial quality first — then return to valuation, positioning and trade structure. Conclusions change; the framework must stay inspectable, and survive both the bull and the bear case.
RESEARCH DESKS
Enter by research question
From single companies to portfolios, macro forces and multi-case series — pick the scale that fits the question.
EXPLORE
Equity Deep Research
Business, financials, competitive advantage and risk scenarios.
COMPANY
EXPLORE
Asset Allocation
ETFs, factors, tax and portfolio structure.
PORTFOLIO
EXPLORE
Macro & Geopolitics
Rates, policy, geopolitics and their transmission paths.
MACRO
EXPLORE
Series Research
Compare multiple cases of the same theme side by side.
SERIES
LATEST
Latest Research
The three most recent pieces — start from the newest view.
Defense & Aerospace ETFs: XAR, ITA, and SHLD — Three Paths for a Geopolitical Era
Defense & aerospace is a category Taiwan's ETFs almost entirely lack. A deep dive into XAR's equal-weight rebalancing, ITA's cap-weighted Boeing risk, SHLD's global defense-tech role, U.S. defense budget structure, and the two-way risk of a geopolitical premium.
VEA, IXUS, AVDV, IDVO: How to Choose Non-U.S. ETFs
A tool-first guide to four U.S.-listed non-U.S. ETFs: VEA for developed ex-U.S., IXUS for total international ex-U.S., AVDV for international small-cap value, and IDVO for quality non-U.S. stocks plus covered-call income.
EDITOR'S PATH
Recommended Series Paths
Start from the first article of each series and build the framework in order.
Equity Deep Research
Merge & Split: The Art of Capital Allocation
Mergers and spin-offs are two sides of the same capital allocation question. This introduction uses conglomerate discount, focus premium and the best owner test to judge when to merge and when to split.
enterprise-strategy
Five M&A Models: Trust vs. Control After Acquisition
Most M&A failures aren't valuation mistakes — they're people mistakes. This opening piece maps five M&A archetypes around one question: after the deal closes, do you trust the people you acquired, or do you control them? A strategic framework for Taiwan enterprises going global.
Asset Allocation
What Is a BDC? Complete Guide for Taiwan Investors
BDCs are legally mandated to distribute 90% of taxable income as dividends — yielding 9–13% annually. This guide breaks down the structure, income mechanics, six key risks, and practical steps for Taiwan-based investors.