An independent research publication.

North by South Research is an independent financial research publication focused on technically complex companies, markets and industries.

The objective is straightforward: to translate operating mechanics and market structure into clear financial analysis. Many of the industries we study — aerospace, semiconductors, shipping, commodities and derivatives — are difficult to analyse not because the numbers are complicated, but because the systems producing those numbers are poorly understood.

Each publication begins with the physical or contractual mechanics of the business, moves to a model built from those mechanics, and ends with a valuation that can be argued with on its assumptions rather than its conclusions.

Coverage

Flagship research covers individual companies and industry structures in depth. Shorter insights explain a single mechanism, metric or market convention. Both are published independently, without sponsorship, and without any commercial relationship with the companies discussed.

Disclaimer

All content is published for informational and educational purposes only and does not constitute investment advice or a recommendation to transact in any security. Readers should conduct their own research and seek independent professional advice. North by South Research is not a regulated investment firm and does not provide personalised investment advice.