- Research BBCA: The Durability of Capital Compounding – July 2026
BBCA’s loans grew just 0.75% this year. Its placements at Bank Indonesia and other banks grew 50% in the same five months. That is not a typo, and it is not a coincidence. It is the single fact that this report was written to explain. For years, investors have asked the same question about PT … Read more - PZZA — Thesis Update (Q1 2026)
Recovery Is Becoming Easier to See. The Market Is Still Waiting In April 2026, we published our Investment Thesis 2025 with one central question: Is the market still pricing PZZA based on its past business rather than its improving operating economics? Two months later, the core investment question has not materially changed. What has changed … Read more - Investment Thesis: Fewer Outlets, Higher Sales
One observation that prompted a deeper investigation into PZZA Restaurant businesses typically grow through scale. In most restaurant chains, the equation is straightforward: more outlets, more sales. A larger network expands customer reach, strengthens brand presence, and allows fixed operating costs to be spread across more locations. In theory, adding outlets should create a larger … Read more
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