Reletter
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Sung Capital

Oliver Sung

Hunter of ridiculously cheap off-the-map stocks.

Platform
Substack
PricingFreemiumPublishesTwice weekly
Issues75Founded4 years agoLast Issue6 days ago
Active

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oliversung.substack.com
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Latest Issues

Net net with 75% upside to NCAV, <2x FCFF, and a 3.2% dividend yield

Today’s stock is a consistently profitable net net:

Today’s stock is a consistently profitable net net:

6 days ago
7
Paid

Update on the share cannibal

Still cheap and misread by the market?

Exactly a year ago, I wrote up a little company whose strategy has pivoted to a slow liquidation while eating its own shares. It barely grows. It runs a dull, cash-generative business, takes the cash,...

10 days ago
5
Paid

The fund that ran out of the thing it was named after

I try to stay out of the big headlines. My focus is small, ignored, and obscure stocks, and the loudest blowup in finance/AI is about as far from my typical position as you can get. But every few years the market runs a live experiment that...

12 days ago
19
8

OTC Markets Group

~15x FCF for a monopolistic market operator with infinite returns on capital that could probably grow mid-single digits "forever" is not a bad deal.

In the US, ~12k stocks trade over the counter rather than on an exchange. They include the...

14 days ago
15
Paid

SUTL Enterprise is cheap but not as cheap as you think

1.1x book and ~2x EV/EBIT for a locational monopoly in Singapore.

Software is eating the world, and AI is eating software. The further that goes, the more I find myself looking for assets that live in the physical world and can't be copied...

22 days ago
14
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Authors

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  • Oliver Sung

    Founder of Sung Capital, manager of a small investment partnership.

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