About Recital
Recital is an equity research publication dedicated to deep-dive fundamental analysis, exploring business moats, and uncovering long-term value in resilient, often-misunderstood sectors. Written by Anthony Yiu, CFA, Recital goes beyond surface-level metrics to find the stories behind the numbers.
What to Expect
Investing requires a rigorous, repeatable framework. Recital is the public record of my thought process in making investment decisions. My research focuses heavily on consumer staples, legacy industries, and value/contrarian opportunities, with extensive coverage of the global tobacco and spirits sectors.
Recent deep dives and thematic research include:
Structural & Geopolitical Analysis: Quantifying the “geopolitical discount” and ESG-driven market exit costs that structurally differentiate the growth algorithms of British American Tobacco (BAT) and Philip Morris International (PMI).
Cash Flow & Turnaround Modeling: Constructing high-certainty free cash flow bridges for consumer giants like Diageo, analyzing how capital expenditure discipline and operational inflections drive total shareholder returns.
Earnings & Strategic Dissections: Unpacking quarterly realities—from the sustainability of PMI’s ZYN pouch growth to evaluating BAT’s Capital Markets Day narratives and regional leadership shake-ups.
Every issue is designed to stress-test logic, expose underlying assumptions, and evaluate capital allocation with a long-term, objective lens.
Who Reads Recital?
What began as a personal exercise in refining my analytical process has grown into a trusted resource for a highly sophisticated audience.
Today, Recital is read by institutional investors, portfolio managers, and analysts at some of the world’s leading financial institutions, including BlackRock, Orbis Investments, GQG Partners, Morningstar, Mondrian Investment Partners, UBS, S&P Global, and Allan Gray.
Furthermore, the publication has attracted a dedicated readership of corporate executives and industry insiders from the very sectors I cover—including professionals from British American Tobacco (BAT). When the people running the businesses are reading your research, the analysis has to be rigorous, accurate, and deeply insightful.
About the Author
I am Anthony Yiu, a CFA charterholder with a lifelong passion for investing. While my writing on Recital is an independent endeavor, my analytical framework was forged through 15 years of professional experience across private equity, corporate strategic investment, and investment banking.
Join the Community
If you are an institutional investor, an industry executive, or an individual who shares a passion for rigorous, bottom-up equity research, I invite you to subscribe and join the discussion.
