Trident Ltd.

“Trident is a vertically integrated home textile manufacturer with real but narrow cost advantages, genuine China+1 exposure, and a completed capex cycle — yet at 26x forward earnings the stock prices in a flawless recovery while offering no margin of safety for a levered, governance-concentrated, commodity-adjacent exporter facing material US tariff risk; normalized ROIC of 12–15% barely covers cost of capital, the moat is non-widening, and probability-weighted returns from current levels are insufficient to justify owning the business ahead of better-positioned or more attractively priced alternatives.”