Tenth Square Ventures
Tenth Square Ventures / Research

Tenth Square Research

Deep-dive research on Nepal's sectors and listed companies. The filings are public and largely unread. Our work begins there and extends well beyond them.

Company reports

Full fundamental write-ups: growth, profitability, balance-sheet strength and earnings quality. Every verdict tied to a number, and every number to the page it came from.

Sector deep dives

How an industry works in Nepal: structure, regulation, economics, and how its listed companies compare once the numbers are set side by side. Much of what distinguishes companies within a sector is apparent only in that comparison.

Earnings-quality red flags

Patterns that flatter a profit-and-loss account: provisioning erosion, thin capital buffers, accrual build-up, profit reported without the cash flow to support it. We investigate, we do not accuse: a flag is a question to put to management, and many have satisfactory answers.

Memos

Occasional essays on the market, risk and the temperament investing demands, written when there is something worth saying.

All memos →

How the desk works

We study Nepali listed companies from their own quarterly and annual filings, read in full, across the whole exchange. That database is the starting point rather than the conclusion. From there the work follows the question: how the industry is structured and regulated, where the company sits within it, what management has done before, and whether the reported earnings deserve to be believed.

Everyone has the same filings. The edge is depth, and the patience to go all the way down.

Coverage

All sectors, all listed companies, from banks and insurance to hydropower and manufacturing, every filing on the exchange read the same careful way.

The rest of the group

Tenth Square Valuation What we think NEPSE-listed companies are worth, and the whole working behind it. Tenth Square Investment Our own capital in the primary market, committed beside those who invest with us. Tenth Square Advisory An independent valuation first, then the work of raising, buying or selling.