MMTC Ltd.

“MMTC is an ex-moat, policy-dependent PSU trader with structurally weak economics, poor capital allocation, minimal reinvestment runway, and a valuation that already prices in optimistic asset-recovery and policy optionality, leaving little margin of safety and a high risk of long-term capital impairment; long-term investors are better served avoiding the stock and reallocating to higher-quality compounders.”