Investing For Value

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.         

Tips E-10: A 1-minute summary of my fundamental analysis of Deckers Outdoor Corporation (NYSE: DECK)   Investment Thesis Deckers is a high-quality footwear company achieving double-digit organic growth in typically slow-growth sectors. Driven by brand strength, operational excellence, and disciplined capital management, Deckers has outperformed peers. Even after factoring tariff risks, the stock remains undervalued. Main Business Deckers markets lifestyle and performance footwear under brands like UGG, HOKA, Teva, and Sanuk. Its business model is marketing-led and asset-light, with manufacturing outsourced to independent Asian suppliers.  Growth Post-2020, Deckers achieved an impressive 18% annual revenue growth, all organically. This acceleration came from HOKA’s expansion, year-round repositioning of UGG and Teva, and stronger e-commerce capabilities.  Profitability Earnings have grown more than twice as fast as sales due to leverage on fixed costs and margin ex...

Value Investing Case Study 109-1: A fundamental analysis of Maxis Bhd to assess whether this is a quality-at-a-reasonable-price investment.