Alset

Alset’s activities are fragmented across small real estate projects, rentals, and minority investments. None of these businesses shows strong network effects, switching costs, or proprietary intangibles at scale.

Component view: Intangible assets 15/100 (niche brands, no strong IP), Switching costs 10/100 (tenants and builders face minimal frictions), Network effects 0/100 (no two‑sided platform), Cost advantages 15/100 (limited scale; 132 SFRs is too small to drive purchasing or operating leverage), Efficient scale 10/100 (residential land development is competitive and local).

Weighted overall moat 9/100. Past project sales at Lakes at Black Oak and Alset Villas are complete, removing a temporary edge in a single locale rather than establishing a repeatable, defensible system.