DJY Research was a research service focused on understanding Asian companies. I’ve since launched a new research firm, Speedwell Research, which is focused on understanding the best companies all around the world. Below are selected reports and memos from my time operating DJY Research.
Why read? How to build an incredible moat and box out competitors, even if you are a late mover to the industry. Their commitment to copying what works for Amazon has yielded them the leading position in Korea. (DJY Report).
Why read? An operationally savvy and creative management team navigate a developing continent in the nascency of the internet. See how now-Billionaire Founder Forrest Li finds opportunity and parlays that into three large, unrelated businesses from gaming to ecommerce and finance to become one of the largest tech companies in Asia. (DJY Report).
Select Earnings Writeups
Why read? Since the majority of their operations are based in a single mature market, it is the cleanest picture of any ecommerce player global. They provide more ecommerce disclosures, especially on marketing and logistics, than any other public company. (DJY Report).
Why read? One of the few internet companies that has successfully navigated multiple technology shifts to dominate a vast array of disparate businesses. Arguably the only successful Superapp ever built, they must be included in any conversation of top global technology companies. (DJY Report).
Why read? Detailed overview of the fashion and apparel industries and different retailing strategies. Learn how they built one up of the world’s largest retail concepts, Uniqlo, from a single store in war-torn Japan by uniquely positioning themselves. (DJY Report).
Why read? A multi-generational, iconic company that could potentially be undergoing a massive improvement in their business led by technology advancements and shifts in consumer habits. Learn how they position themselves differently than other video game developers and hardware creators. (DJY Report).
Why read? One of the first Chinese companies to successfully fend off Western tech peers. In addition to dominating ecommerce, they spun up some of the largest finance, cloud computing, and media companies in the world. Learn how their position was threatened by peer companies with potential read-throughs to other global ecommerce companies. (DJY Report).
Why read? A case study of how to strategically increase the value of your product by launching new adjacencies. It also exemplifies how hard it is to build a super app. Readers will also learn how to think about potential earnings streams from nascent businesses. (DJY Report).
Why read? Since Didi is one of the only ride hail players to ever operate in a single, mature market, their unit economics should help inform opinions on other global players. While published at IPO (and prior to delisting) the analysis on AV disruption to ride hail as well as potential value chain leakage from ride aggregators still holds. (DJY Report).
Why read? Read for a high-level understanding of the oil industry, from upstream explorer to downstream gas retailer. Insights on the oil industry and oil accounting are equally applicable to any global player. (DJY Report).