Investing For Value

Value Investing Case Study 112-1: A fundamental analysis of Wilmar International Ltd to show why lower margins do not mean lower value. 

Tips E-12: A 1-minute summary of my fundamental analysis of Jacobs Solutions Inc (NYSE: J) Investment Thesis Jacobs has completed a successful strategic transformation. The company now generates returns above its cost of capital and operates in long-term growth markets, yet its profitability, reinvestment needs, and historical execution do not justify the market’s elevated expectations.  Main Business Jacobs is now a technology-driven, consulting-led infrastructure solutions provider operating across advanced facilities, digital advisory, and ESG-linked markets. Two major acquisitions (CH2M, PA Consulting) and two divestitures reshaped the company into a higher-value solutions firm.  Growth From 2016–2025, revenue increased only 0.7 % CAGR due to major business exits. Adjusted for continuing operations post-2021, Jacobs achieved a healthier 6.1 % CAGR, aligned with management’s 6 % to 8 % organic growth outlook.  Profitability Profit growth has been driven by expandi...

Value Investing Case Study  111-1: A fundamental analysis of Sime Darby Bhd to assess whether its new shape can deliver old-school value.

Tips E-11: A 1-minute summary of my fundamental analysis of Parsons Corporation (NYSE: PSN) Investment Thesis Despite rapid top-line expansion, much of Parson’s growth stems from acquisitions rather than sustainable operating momentum. Recent improvements in returns and margins help, but they do not offset structural constraints like high reinvestment needs and weaker capital efficiency. Main Business Parsons operates in defense and critical infrastructure, serving slow-growing, government-driven markets with a technology-enabled contracting model. Its two primary segments - Federal Solutions and Critical Infrastructure - anchor the business in single-digit growth environments.  Growth Revenue grew at 12% CAGR since 2017, but acquisitions drove the majority of this expansion. However, management itself now guides organic growth back to 5%, aligning with industry norms. Profitability Profit growth improved through scale and better cost control, but margins remain struc...

Value Investing Case Study 110-1: A fundamental analysis of PPB Group Bhd to assess how much of its value depends on its core operations.