Investing For Value

Tips E-29: A 1-minute summary of my fundamental analysis of Photronics Inc (NASDAQ: PLAB)     Investment Thesis Photronics operates in a mature, cyclical industry yet delivers strong returns through cost discipline and efficiency gains rather than growth. While fundamentals are sound and peer positioning has improved, intrinsic value estimates suggest limited upside. Main Business Photronics is a leading global photomask manufacturer, supplying critical inputs for semiconductor and display fabrication processes. Photomasks function as precision templates used in chip and display manufacturing, with IC products contributing about three-quarters of revenue. The company has expanded heavily into Asia, which now accounts for most sales. Growth Photronics achieved moderate revenue growth driven by structural industry demand and strong competitive positioning despite cyclical end markets. Growth is largely organic, underpinned by technological expertise, customer s...

Value Investing Case Study 122-1: A fundamental analysis of QL Resources Berhad to assess whether it is an investment opportunity.     QL Resources Berhad operates in everyday sectors like eggs, poultry, seafood, and convenience stores. But beneath this seemingly ordinary business lies an interesting story of steady growth, improving margins, and recovering capital efficiency.  Over the past decade, QL has delivered about 10% annual growth in both revenue and profits. The business also proved resilient during difficult periods. For example, during the COVID-19 disruption in 2021, QL was among the few comparable regional companies that did not experience a decline in revenue.  But the more interesting development is happening beneath the surface. A few years ago, QL went through a heavy investment phase, expanding across its value chain and moving further downstream into consumer distribution through the FamilyMart convenience store network.  These...

Tips E-28: A 1-minute summary of my fundamental analysis of Radcom Ltd (NASDAQ: RDCM)    Investment Thesis Radcom is transitioning from breakeven to scalable profitability. It benefits from strong 5G, cloud-native, and AI tailwinds, supported by structural moats and operating leverage. While business fundamentals are improving, intrinsic value analysis suggests upside is limited at current prices. Main Business Radcom provides cloud-native, AI-driven service assurance software to global telecom operators. Its solutions help communication service providers monitor network performance and customer experience in complex 5G and hybrid cloud environments. The company focuses exclusively on telecom operators, particularly Tier-1 and greenfield players, embedding its software deeply into network operations and quality assurance workflows. Growth Revenue growth has been strong, largely organic, and consistently outpacing the broader telecom assurance market. Profitabili...

This is Chapter 7 of my book Mastering Value Investing: Practical Strategies for Real-World Results . Go there for links to the other chapters.   The real edge in investing begins long before valuation models or price targets. It starts with a much simpler question: Which companies are even worth analysing in the first place? After decades of analysing businesses, I discovered that successful investing is not about looking at more stocks. It is about looking at the right ones. In this article, I explain the screening and research process I use to shortlist companies that may be mispriced by the market. It begins with a simple but powerful idea: stay within your circle of competence. If you do not understand how a company makes money, you have no real edge in valuing it. As Warren Buffett famously noted, investors only need to evaluate businesses they truly understand.  From there, I combine qualitative judgement with a set of quantitative filters designed to surf...

Tips E-27: A 1-minute summary of my fundamental analysis of indie Semiconductor, Inc. (NASDAQ: INDI)    Investment Thesis Indie Semiconductor has built meaningful positions in the automotive semiconductor sector with its IP, switching costs, and OEM embeddedness. However, these advantages have yet to translate into sustainable profits. Indie offers exposure to automotive megatrends, but weak profitability and valuation leave no margin of safety. Main Business Indie operates a fabless automotive semiconductor platform integrating ICs, software, and system-level solutions. Its products span ADAS sensing, autonomous driving, in-cabin user experience, and electrification. Deep integration into OEM programs creates long qualification cycles and high switching costs, but also requires scale to absorb a heavy fixed-cost structure. Growth Revenue growth has been rapid, driven largely by acquisitions rather than purely organic expansion. Profitability Gross margins have aver...