Investing For Value

Tips E-06: A 1-minute summary of my fundamental analysis of Nova Ltd (NVMI). Investment Thesis Nova has transformed into a high-growth, capital-efficient compounder driven by a mix of organic expansion and strategic acquisitions. Its returns consistently exceeded its cost of capital but its current valuation leaves limited upside.  Main Business Nova provides metrology solutions vital to semiconductor manufacturing process control and yield optimization. Despite its diversification, metrology remains the core segment, with China emerging as its largest market by 2024. Growth Revenue nearly doubled compared to pre-2020 levels as Nova expanded into new metrology domains through acquisitions. Profit grew even faster due to strong volume gains and operating leverage from its scalable cost base. Profitability Profit growth was driven by volume and cost discipline rather than margin expansion. Returns (ROIC and ROE) rose moderately, constrained by the capital-intensive nature of...

Value Investing Case Study 105-1: A long-term analysis of IHH Healthcare to assess whether it is a compounder or facing headwinds that will mute its return.   What if a hospital group with world-class brands, deep clinical governance, and real scale could finally turn that into durable returns? That is the question I put to IHH Healthcare - a rare, multi-country platform spanning Singapore/Malaysia, Türkiye/Europe, India and Greater China.  Over the last decade, IHH built a formidable footprint and post-2020 it has been running sharper. Operationally, the engine looks healthier. IHH has moats you can point to - reputation & accreditation that attract complex cases; procurement scale and shared services that lower unit costs. It also has a doctor patient flywheel reinforced by data programs and a common digital/HIS layer. It also has a strong platform logic - multi-hub, multi-brand density that feeds referrals, evens out demand, and lifts utilisation. These a...

Tips E-05: A 1-minute summary of my fundamental analysis of Kopin Corporation (KOPN). Investment Thesis Kopin is a turnaround story with potential breakeven prospects but unrealistic market expectations. Despite a decade of operating losses, structural changes and a strong balance sheet provide runway for improvement.  Main Business Kopin designs high-performance optical solutions. Its revenue streams come mainly from display components and funded government development contracts. It is a small player in large, fast-growing markets such as micro-displays and military optics. Growth Revenue growth has historically been slow, but Kopin’s pivot to high-demand niches offers acceleration potential. Past CAGR was just 5.1%, implying decades to reach breakeven. Profitability Breakeven requires higher revenue, better margins, and disciplined cost control, though signs of improvement are visible. Recent margin stabilization, declining fixed cost intensity, and streamlined opera...

Value Investing Case Study 104-1: A fundamental analysis of Genting to assess its value case and see why, while it has defensive moats, returns are weak.   

Tips E-04: A 1-minute summary of my fundamental analysis of Viasat Inc. (VSAT). Investment Thesis Viasat vertically integrated model and global reach position it well for long-term satellite connectivity demand. However, despite operating cash flow strength, high reinvestment needs and optimistic assumptions mean the stock is not attractively priced. Main Business Viasat has evolved from a hardware supplier into a vertically integrated global communications platform with three main segments. Satellite services, commercial networks, and government systems form its core.  Growth Revenue grew at a 12.6% CAGR over the past decade, aided recently by Inmarsat integration. The business targets broadband, mobility, and defense communications - sectors expected to expand steadily over the next decade Profitability Margins have been historically weak due to high fixed costs, subsidized hardware, and slow adoption of capacity. Signs of improvement emerged in 2025 through higher...