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IoT PaaS with ~$1.02B cash (>70% of market cap), an F-score of 9, and an HK dual listing as delisting insurance.

VIPS is the cheapest profitable name in China e-commerce. It trades at 5.8× earnings, 4.9× forward, 0.41× sales and 2.05× EV/EBITDA, with $3.41B of net cash under a $6.4B market cap, about 53% of it. Strip out the cash and the operating business is priced near 2× EBITDA. FY2025 free cash flow was $794M, a 12.3% yield, and it funds a 4.6% dividend plus buybacks that cut the ordinary share count about 21% in three years ($944M returned in 2025). This isn't a growth story. FY2025 revenue fell 2.3% in renminbi. But Q1 2026 turned back to +1.2% with operating margin up to 9.4%, so the slide looks like it's bottoming. Founders Shen and Hong control 66.4% of the votes, and Tencent owns 13.38%. It's a Cayman and VIE ADR, and that fear plus the no-growth label is most of the discount, not the balance sheet.

Phoenix Education Partners owns the University of Phoenix and listed on 9 October 2025. Reported operating income for the nine months to 31 May 2026 fell 39.2%, from $150.4M to $91.4M, which reads like a business coming apart. It is not. Share-based compensation rose $45.7M and strategic and restructuring costs rose $13.8M over the same period, $59.5M against an operating income decline of $59.0M. The two charges account for 100.8% of the fall. On the company's own adjusted measure, nine-month EBITDA rose 1.2% to $188.1M and adjusted net income was flat at $132.0M. The balance sheet carries no borrowings and $266.5M of cash and marketable securities, 26.1% of the market capitalisation, so enterprise value is $758.7M against guided full-year adjusted EBITDA of $246M to $250M.

Multi-mine gold producer with Goose first-gold in 2025 and a 3.4% dividend, operating gearing to a $4,500/oz gold price.

The largest specialty jeweller at 4.9 times EBITDA on borrowings, holding net cash worth 18.9% of its market value and no debt at all, 26% below its high.