4.3x EBITDA, 7.5x P/E — 50% of Market Cap is Cash

Sometimes, a great business gets so ignored that over half its market cap is just sitting in cash—and the rest of the company, the part actually growing and generating billions in free cash flow, comes nearly free.

It doesn’t happen often, and when it does, it usually requires some combination of fear, fatigue, and flawed narrative to keep the opportunity alive.

This is one of those times.

You’ve got a company with over $100 billion in trailing twelve-month revenue. It dominates a key segment of Asia’s digital economy. It generates real free cash flow—about $5 billion over the past year—and holds one of the strongest balance sheets in the region.

And yet? The market is pricing it like a declining legacy retailer, assigning barely 7x earnings to a business that’s still growing. Over half the market cap is in net cash and investments. The rest—its core business—is being valued as if it’s a melting ice cube. Spoiler: it’s not.

This isn’t some value trap management is content to ride out. It’s aggressively returning capital to shareholders—through one of the largest buyback programs in Asia.

If you’re looking for a durable, cash-rich business hiding in plain sight, with real alignment and real upside… keep reading.