Actually the concerns for the banks is how customers would think if they know the ATMs are outsourced, or if outsourcing would stop them from differentiating from an ATM angle. That’s more of a larger banks’ problem, and can be solved by outsourcing part of the fleet.

On compliance, the feedback we got from the banks is the regulations are getting more complicated so it’s easier to outsource to an expert than keeping it in-house, especially for smaller banks.

For capex, they believe majority of the units would be from asset-light model, ie the banks would keep the asset ownership. Therefore, the capex is manageable based on my model.

Kudos to Alta Fox team for the great work! We also believe $NATL is a significantly undervalued stock as market neglects its transformation to ATMaaS, recurring revenue and deleveraging opportunity. Please find our research on it here: alexfeng.substack.com/p/ncr-…

Please find our NCR Atleos (NATL) theis. Its mission-critical business not only provides support in an uncertain economy, also it's going through a SaaS-like transformation for better growth, profitability, and visibility. And the multiple is dirt cheap! open.substack.com/pub/alexfe…

We are honored to be interviewed by Capital Employed, one of our favorite sources for new ideas, to share about our strategies and two high-conviction ideas CBOX LN and NATL NYSE. Please find out with the links below.

We are glad to announce to change our X account name to Rome Capital. And here we'd like to share our first Annual Report to discuss our strategy and portfolio in detail. We look forward to hearing you feedback! Wish everyone a prosperous 2025! open.substack.com/pub/alexfe…

We're happy to launch the Company Updates series to post info and analysis on the results and actions of our portfolio companies. Hope it'd be helpful to our readers as well. Rome Capital 2024Q3 Company Updates , by @SnowsofNebraska open.substack.com/pub/alexfe…

I hope they will. However, the HK-listed companies doesn't have a culture to do buybacks. They prefer to pay dividends. I hope they can change it when moved to US. For India, the competition is going to be fierce this year, but mostly on mid/low priced products.

Samsonite would do a secondary listing instead of dual listing to make the stocks fungible. I won't be surprised they would change primary listing in US/EU some day and delist from HK. That's what most int'l companies did.

The current CEO has a good track record of managing this so far. He's quite strict on cost control based on our research. And the IR said they will make investment decision accordingly in this year as the demand is not that cerntain.

That’s so flattering! My honor

Thank you very much!

I forgot to mention SN is going to pay a $1.08 special dividend. I was worried that the company would issue equity at some point. From this move, they seem to be quite happy about their cash and debt positions.

I expected the stock price to be headed to $50, yet it went south to $40, though recovered most of the losses at the end of the day. It’s beyond me. Love to hear your opinion.

What’s more impressive is that the strong growth is achieved without the retailers restocking. The mgmt remains positive for the business momentum in 2024 as the new products usually take a year to penetrate. And they expect to introduce similar amount of new products next year.

SN released its 23Q3 results earlier today. Quite strong IMO. Upgraded the full year rev, adj. EBITDA, and adj. net income guidance, which is very impressive as most other US consumer companies I follow have downgraded their guidance.

Jeffries just initiated SharkNinja (SN) with a Buy rating and target price of $67! More of sell-side coverage will follow. The GS Global Consumer Conference on Sep 12th will be another catalyst!

This one is nasty. But I got you! LMAO