Finance Work & Research
A collection of my work across quantitative research, public markets, private markets and advisory.
Systematic Strategy
Kairos — Systematic Equity Strategy
Multi-factor US large-cap equity engine pairing a LightGBM volatility forecaster (R² ≈ 0.77, Spearman ρ ≈ 0.81) with a Soft Actor-Critic RL allocator and integrated risk management. 10-year walk-forward backtest: +27.8% CAGR, 1.16 Sharpe, +12.7% alpha vs S&P 500, 18.5% max drawdown — alpha significant after Fama–French controls, with positive returns in all 10 of the decade's worst market months.
Simulation Engine
Mantike Engine — 20-Year Walk-Forward Simulation
The validation engine behind Kairos: LightGBM volatility forecasts feeding rolling retraining, Markowitz allocation and ridge-based regime detection. 20-year simulation (2006–2026): 25.6% CAGR vs 10.3% for SPY, 1.17 Sharpe, −23.3% max drawdown vs −55.2% for SPY.
Platform
Helleone — Institutional Portfolio Management Platform
Founder-built full-stack platform where portfolio managers encode mandates and constraints, monitor VaR/CVaR, factor and volatility-surface exposures in real time, and let an LLM layer read natural-language mandates and flag risk — productionizing the Kairos/Mantike quant backend.
Competition
IMC Prosperity — Global Algorithmic Trading Competition
Ranked #14 in Singapore and #731 globally, building algorithmic market-making and arbitrage strategies under live, multi-round market constraints.
Equity Research
The Home Depot (NYSE: HD) — Equity Research, SELL
Fully circular FCFE model — real Capital IQ debt-maturity ladder with refinancing, driver-based revenue (ticket × transactions + SRS), three live circular loops. SELL, intrinsic ~$322 vs $370.81 (~13% downside), driven by refinancing cost drift, forced deleveraging and weak organic growth — not the discount rate. FY2026E revenue landed within 0.3% of the reported 10-K actual.
Micron Technology (NASDAQ: MU) — Pro-Forma Valuation, BUY
Multi-method valuation (FCFF/FCFE DCF, exit multiples, DDM, comps) under a scenario-weighted conviction framework: ~$1,069 fair value (+14%), ~$1,094 12-month target vs $937, on a 12.59% WACC. Backed by macro regressions (revenue ← hyperscaler capex, t=6.0; ← Korea exports, t=7.1) and an AI-announcement event study; verified with a Python shadow model.
Mastercard Inc. (NYSE: MA) — Initiation, NEUTRAL/REDUCE
Contrarian initiation ~a third below the Street: rebuilt the valuation on live cost of capital (10Y 4.54%, WACC 8.66%) and charged for ~$13bn of inorganic VAS growth the base model booked for free. $453 fair value (−9% vs $499.66) on an 80/20 DCF-relative blend — even the bull case ($460) doesn't reach the market price.
The Walt Disney Co. (NYSE: DIS) — Initiation of Coverage, HOLD
24-page initiation: 5-year FCFF DCF cross-checked against a Sum-of-the-Parts bear/base/bull envelope ($84/$107/$176). HOLD, $106.96 target on 10.68% cost of equity and 9.27% WACC, with segment theses across Experiences, DTC and Linear Networks.
PE / VC
Okapi Solar — PE/VC Investment Memo & Valuation Audit
Reframed a Malaysian rooftop-solar startup as what it is — a ~5% NIM specialty-finance lender underwriting off electricity-bill history. Audited the group memo against its own model, triangulated three methods diverging ~2× to a defensible ~US$15–16M EV, and carried full Series B/C/D dilution to a realistic ~1.9× MOIC / ~16% XIRR (vs a 6.1× undiluted headline). Verdict: risk-gated proceed on three diligence items.
Fujitec Co. (TSE: 6406) — PE Investment Memorandum
APECS PECC 2026: US$1.0bn minority co-investment (~22%) alongside EQT in a take-private. CONDITIONAL PASS — decline the US$4.1bn ask, counter at ~US$3.5bn EV: 17.2% IRR / 2.19× at the ask vs 20.7% IRR / 2.53× at the counter against a 20% hurdle, on a 3-statement model with an operating-margin re-rating thesis.
Real Estate
Arrived — Fractional Real-Estate Platform Investment Case
Financial Analytics & Innovation (SMU MAF): investment case on Arrived, a fractional real-estate investing platform — evaluating the platform model and the investor proposition.
Infrastructure
Vietnam Gas-Fired Power Plant — Investment Memorandum
Project & Infrastructure Financing (SMU MAF): investment memo presented to a mock investment committee, structuring the capital stack and running sensitivities on debt-service coverage and equity returns. Conditional approval verdict.
Wealth Management
Bank of Singapore — EAM / Wealth-Management Strategy Case
Analyzed BOS's External Asset Manager desk: centralized vs decentralized service models, the retrocession conflict and onboarding friction; recommended repositioning as an 'Asian Gateway' custodian leveraging the OCBC ecosystem and Aa1 credit strength.
Sustainable Finance
Impaakt — Sustainable-Finance Impact Measurement Case
Sustainable Finance & Impact Investing (SMU MAF): impact-measurement case study assessing company-level societal and environmental impact on the Impaakt platform — awarded an A.