It’s been a while since I last did an update of the blog again as I recently joined another firm which keeps me busy, and I was restricted to make too much exposure on the blogging front due to the nature of my role. In any case, I just wanted to take this opportunity to refresh my spreadsheet model on the intrinsic value calculation on some of the core China related companies that I own, which also has recently been the topic of the chat throughout the media because of the stimulus announcement that was announced. I updated my spreadsheet to reflect the latest FY23 and FY24 numbers, and made two major changes to the model. First, I took out the capex front of the Alibaba Cloud Infrastructure which the company is investing for AI for growth as the huge drop in Q1 FCF was due to that. It will be hard to quantify...