Reading the basis: what “structural” really means
Iris Kwon
Former markets structure analyst
Position disclosure
The author holds no positions in the names discussed.
Key takeaways
- -Structural basis is estimated as the pair’s median premium over 12 months
- -Ownership limits can make the basis itself move — we track it monthly
- -A “wide discount” net of basis is rarer than headlines suggest
Ownership limits, depositary fees, short restrictions — the part of an ADR premium that never closes, and why we net it out before calling anything a signal. The rest of this page is a structural preview: the full article body, embedded interactive charts, and the comment thread arrive with the research-core phase. What follows is the grade card a reader would see alongside the piece.
Irradiance Grades
Methodology →Relative Value
Trades below what its quality and growth typically command.
Quality
Solid returns on capital, clean accruals, moderate leverage.
Growth
Mid-single-digit revenue growth, steadier than peers.
Risk
Lower volatility and beta than the sector median.
Cross-listing
ADR premium near its structural basis; no strong signal.
Sample data · grades shown for illustration with fictional tickers.