리포트 아카이브
전체 리서치
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48/100
67Buffett
SG Micro: 42.7% H1 Growth at a 51.84% Gross Margin Proves Share and Content Gains, but the A Share at CNY 120.55 Is 105x Trailing Earnings and Above the CNY 89 Base Value
SG Micro is a Beijing fabless-plus analog chip designer whose more than 7,200 saleable products span signal chain, power management and sensors, with about 94% of revenue sold through distributors. H1 2026 revenue rose 42.7% to CNY 2.60 billion and recurring profit 164.6% at a 51.84% gross margin as optical modules lifted network and computing to about 25% of sales, yet CNY 1.68 billion of net inventory, share-based pay of about 24% of attributable profit and an undisclosed distributor channel mean the quality problem has changed rather than disappeared. Rating Watch: the A share at CNY 120.55 trades at about 105 times trailing attributable earnings and above the CNY 89 base-case value with no margin of safety; the ideal buy price is CNY 42–48 and the acceptable hold range CNY 78–100.
39/100
Kubota Corporation: A ¥70bn Tariff Refund Lifts the FY2026 Margin to 12.2% from 10.1%, and ¥2,751.5 Sits 28–38% Above the ¥2,000–2,150 Conservative Value
Kubota is an Osaka-based machinery group built around compact farm equipment, engines and construction machinery: Farm & Industrial Machinery produced 88.6% of H1 2026 revenue, North America supplied 42.1%, and a captive-finance book carried ¥2.23 trillion of finance receivables at June 2026. FY2026 guidance of ¥400 billion operating profit and a 12.2% margin includes about ¥70 billion of non-recurring US tariff refunds, so the company's own ex-refund margin is 10.1%, while operating cash flow over FY2021 to FY2025 was only 0.69 times cumulative parent net income and cumulative reported free cash flow was around negative ¥314 billion. Rating Hold: at ¥2,751.5 the shares trade at 10.8 times guided EPS but closer to 13 times refund-normalized earnings and 28–38% above the ¥2,000–2,150 conservative value, so the margin of safety is none and the ideal buy price is ¥1,550 to ¥1,650.
51/100
Unitree Robotics: 5,215 Humanoids at a 63.2% Gross Margin Prove the Hardware, but CNY 488 Is 116x FY2025 Revenue and Sits Above the CNY 350 Base Value
Unitree Robotics is a Hangzhou maker of humanoid and quadruped robots, components and embodied-AI software that debuted on Shanghai's STAR Market on August 19, 2026; humanoids supplied 51.8% of 2025 main-business revenue, and it sold 5,215 humanoids and 23,037 quadrupeds at 63.2% and 56.7% product gross margins. At CNY 488 it is worth CNY 197.38 billion, about 116x FY2025 revenue and 334x profit excluding non-recurring items, while H1 2026 revenue growth slowed to 48.54% and adjusted profit fell 19.34% as R&D and selling spending rose; filings still do not disclose how much humanoid revenue comes from productive industrial labor rather than research, education and display. Rating Watch: the operating evidence is materially more attractive than the stock price, which sits above the CNY 350 base fair value with no conservative margin of safety; the ideal buy price is CNY 105–120 and the acceptable hold range CNY 300–400.
38/100
74Buffett
Cavco Industries: Q1 Revenue Was Flat Against the American Homestar Pro Forma While Comparable EPS Fell 22.5%, and $543.21 Sits 26–39% Above the $390–430 Conservative Value
Cavco Industries is a top-three U.S. factory-built-home producer that also owns 92 retail stores and a small financial-services segment providing mortgages, chattel lending and manufactured-home insurance; factory-built housing supplied $2.16 billion of FY2026's $2.24 billion revenue. Q1 FY2027 revenue grew 9.5% as reported to $610.0 million but was flat against the $610.3 million pro forma including American Homestar, comparable diluted EPS fell 22.5% from $7.01 to $5.43, and housing gross margin slid to 20.8% from 22.6% even as backlog rose more than 50% from March to $298 million. Rating Hold: $543.21 sits almost exactly in the $520–575 base-value range, but it stands roughly 26–39% above the $390–430 conservative value, so the margin of safety is zero and the ideal buy range is $310–345.
42/100
69Buffett
Weiming Environment: Waste-to-Energy Still Earns a 62.4% Gross Margin, but a 5.8% Nickel Margin and a Convertible Put Line CNY 0.046 Away Leave CNY 13.36 Without a Conservative Safety Margin
Zhejiang Weiming Environment Protection is a Chinese waste-to-energy concession operator and equipment maker whose mature domestic cash flows are now funding higher-risk nickel and Indonesian WtE expansion; in H1 2026 project operations still earned a 62.4% gross margin and supplied roughly four-fifths of segment gross profit. H1 attributable profit fell 34.8% to CNY 929.5m even as reported waste and on-grid electricity volumes rose, mostly because construction and equipment work fell away, while new materials earned only a 5.8% gross margin as inventory rose 64.3% to CNY 765m, and the CNY 13.36 share price sits just CNY 0.046 above the CNY 13.314 conditional-put threshold on the CNY 1.48bn Wei 22 convertible. Rating Hold: at about 15.9 times trailing earnings the stock sits inside the CNY 12.2–16.6 acceptable hold range around a CNY 14.40 base value but above the CNY 10.95 conservative value, leaving no conservative margin of safety; the ideal buy price is CNY 8.0–8.8.
53/100
91Buffett
Adyen: H1 2026 Volume Rose 24% but Net Revenue Only 19% as the Take Rate Slipped to 16.2bps, and €860.60 Leaves No Conservative Margin of Safety
Adyen runs an Amsterdam-based enterprise payments platform that combines gateway, risk, processing, acquiring, settlement and embedded financial products on one in-house technology stack, earning a very thin slice of very large payment flows (a net take rate of about 16.2 basis points in H1 2026) at a 53% EBITDA margin in 2025. In H1 2026 processed volume rose 24% to €803.8 billion but net revenue only 19% as enterprise tiering cut the take rate from 16.8 basis points, and Digital, still more than half of revenue, grew 15% at constant currency against 27% for Unified Commerce and 40% for Platforms. Rating Hold: €860.60 sits near the bottom of the €835–1,125 acceptable-hold range around a base DCF of about €980, but the conservative DCF of about €690 leaves no margin of safety, and the ideal buy range is €500–550.
40/100
Takeda: Q1 Revenue Rose 10.2% in Yen but Core Revenue Fell 0.5% at CER, U.S. Entyvio Grew Just 0.7% in FY2025, and ¥5,968 Sits 29% Above the ¥4,625 Conservative DCF
Takeda is a Tokyo-listed global biopharma spanning GI, plasma-derived therapies, rare disease, oncology, neuroscience and vaccines, whose FY2025 revenue of ¥4.51tn still leans on Entyvio (about 21% of revenue), immunoglobulin and the post-Shire portfolio while ORZEYFUL, MIMRYLO and zasocitinib are meant to restore growth. FY2025 Core operating profit reached ¥1,172.5bn at a 26.0% margin, but a ¥402.5bn AMITIZA antitrust provision cut reported operating profit to ¥6.2bn; in Q1 FY2026 revenue rose 10.2% in yen while Core revenue fell 0.5% at CER and adjusted free cash flow dropped 63.9%, with leverage at 2.6x against a 2x target. Rating Hold: at ¥5,968 the stock trades at 12.6 times FY2026 Core EPS guidance and sits inside the ¥5,500–7,400 acceptable-hold band, but about 29% above the ¥4,625 conservative DCF, leaving no margin of safety; the ideal buy price is ¥3,500–3,700.
45/100
88Buffett
Hikvision: A 39.6% H1 Profit Jump on a 49.97% Gross Margin Is Real, but Inventory Absorbed CNY 9.23bn of Cash and CNY 33.11 Sits Only Around Conservative Value
Hangzhou Hikvision is China's largest video-surveillance and AIoT vendor, turning cameras, processors, software and an installer network built over two decades into mass-deployed hardware; its eight innovation businesses, incubated since 2015 through an employee co-investment scheme, reached 32.4% of first-half 2026 revenue. First-half attributable profit rose 39.6% on 12.0% revenue growth as gross margin reached 49.97% and improved inside both the core and innovation businesses, but operating cash flow fell 39.5% to CNY 3.23bn as inventory absorbed CNY 9.23bn, CNY 1.23bn of profit went to minorities, and the U.S., Canadian and Indian restriction perimeter keeps tightening. Rating Hold: at CNY 33.11, about 18.5 times trailing earnings and only around the CNY 32–35 conservative value, the price offers a thin discount for unusually asymmetric geopolitical risk; the ideal buy price is CNY 26–28.
48/100
84Buffett
HKEX: H1 2026 Profit Rose 24% to HK$10.568bn on Record HK$283.0bn Daily Turnover, but HK$395.80 Is Nearly 30 Times Normalised EPS
Hong Kong Exchanges and Clearing runs Hong Kong's securities, derivatives and clearing infrastructure, the Hong Kong side of Stock Connect and the London Metal Exchange, earning trading, clearing, listing, data and investment income that rises and falls with market activity. In H1 2026 core business revenue rose 19% to HK$15.474 billion and profit attributable 24% to HK$10.568 billion as headline daily turnover reached HK$283.0 billion, but the report normalises turnover to HK$220 billion and EPS to about HK$13.3, and previous turnover peaks were followed by 19–37% declines. Rating Hold: at HK$395.80 the stock trades near 30 times normalised EPS with no margin of safety against the conservative case, and the ideal buy range is HK$220–240.
44/100
Itaú Unibanco: A 24.3% ROE on 1.9% NPLs, Fee-and-Insurance Guidance Cut to 2–5%, and 2.28 Times Book That Already Prices Durable Excess Returns
Itaú Unibanco is Brazil's largest private-sector banking group, earning primarily from client financial margin, fees, insurance and credit across retail, wholesale and wealth franchises, with Brazil accounting for 83% of a R$1.522tn credit portfolio. Q2 2026 recurring managerial profit reached R$12.407bn on a 24.3% ROE while the 90-day NPL ratio stayed at 1.9% for a sixth consecutive quarter, but the 15–90-day delinquency ratio rose to 1.8%, fees-plus-insurance growth guidance was cut to 2–5% from 5–9%, and the 30-basis-point gap between the 13.8% Tier 1 ratio and the Board's 13.5% distribution reference is worth only about R$4.7bn. Rating Hold: at US$8.43 the ADS trades at about 2.28 times June book, inside the US$6.70–9.10 acceptable-hold band against values of roughly US$6.0 conservative, US$7.9 base and US$10.5 optimistic, so the margin of safety is not obvious and the ideal buy price is US$4.40–4.80.
48/100
69Buffett
EQT AB: FAUM Rose to €155.4bn While the Fee-Related EBITDA Margin Fell to 50% From 54%, and SEK301.10 Already Sits Above the SEK243 Conservative SOTP
EQT AB is a Stockholm-listed global private-markets manager that earns management fees on €155.4 billion of fee-generating assets under management, about €186 billion pro forma after the Coller Capital combination, plus carried interest and returns on its own fund investments. In H1 2026 FAUM grew from €141.2 billion and fund investment rose to €19 billion, yet fee-related EBITDA fell to €571 million from €615 million and its margin to 50% from 54%, below CVC's 57% and Partners Group's 63%, while Coller was bought at about 22 times its 2025 fee-related earnings. Rating Hold: SEK301.10 sits above the SEK243 conservative SOTP and slightly below the SEK330 base value, so the margin of safety is none and the ideal buy price is SEK190 to SEK210.
38/100
Honda Motor: Motorcycles Earned ¥731.9bn at an 18.2% Margin as Automobiles Lost ¥1.411tn, and ¥1,689 Already Sits Above the ¥1,644 Conservative SOTP
Honda is a global mobility manufacturer whose motorcycle franchise supplies its strongest industrial economics, earning ¥731.9 billion of FY3/2026 operating profit at an 18.2% margin and 20.5% in Q1 FY3/2027, while automobiles, captive finance and power products broaden the group. Automobile lost ¥1.411 trillion and earned only about a 0.3% margin even after adding back ¥1.454 trillion of EV operating charges, so at the ¥6.575 trillion market capitalization the base sum-of-the-parts, with ¥4.2 trillion for Motorcycle, ¥1.3 trillion for Financial Services and ¥2.09 trillion of haircut industrial net cash, implies roughly negative ¥1.0 trillion for Automobile. Rating Hold: the ¥1,950 base value sits about 15% above the ¥1,689 close, but the price already exceeds the ¥1,644 conservative value, so the margin of safety is none and the ideal buy price is ¥1,150 to ¥1,300.
54/100
Nu Holdings: A 33% ROE Flattered by a 14.2% Tax Rate, 90+ Day NPLs Up to 6.9%, and 5.7 Times Tangible Book Leaves No Margin of Safety
Nu Holdings is a Latin American branchless financial-services platform monetizing 139 million customers through consumer credit, deposit float and fees, led by a highly profitable Brazilian core; Q2 2026 net income reached $1.061 billion on a 33% ROE, with a $39.4 billion credit portfolio funded by $45.3 billion of deposits. That ROE is flattered by a 14.2% IFRS effective tax rate against 25.8% for 2025, and normalizing to 27.5% takes about five points off, while the 90+ NPL ratio rose to 6.9% and first-half card and loan write-offs climbed about 54%; at $14.16 the stock trades near 19 times trailing IFRS earnings but 5.7 times tangible book, which requires high excess ROE to persist for many years. Rating Hold: the price sits about 26–42% above the $10.0–11.2 conservative intrinsic range, leaving no margin of safety, and the ideal buy price is $7.50 to $8.00, with Mexico's 35% loan-to-deposit ratio the key test of whether the Brazilian model travels.
40/100
74Buffett
LPL Financial: 87% of Revenue Paid Back to Advisors, Only 16% of a $643.5bn Asset Increase Organic, and a Client-Cash Pool Worth a Quarter of Gross Profit
LPL Financial is a US advisor-platform company supplying custody, clearing, supervision and technology to more than 32,000 advisors and about 1,100 financial institutions holding $2.563tn of client assets, and roughly 87% of advisory and commission revenue is paid straight back to those advisors, so Q2 2026's $5.19bn of revenue became $1.62bn of gross profit. Only about 16% of the $643.5bn year-on-year asset increase came from reported organic net new assets, with acquisitions supplying about 43% and markets about 42%, putting underlying compounding near 4% to 5% rather than the 34% headline, while client cash still contributes roughly a quarter of gross profit and 50 basis points of effective-yield compression is worth about $270m of annual pre-tax revenue. Rating Hold: at $332.26 the shares sit above the $265 to $300 conservative fair value with no margin of safety, and Commonwealth's Q4 2026 conversion is still underwritten at 90% retention against Atria's realized 82%.
39/100
66Buffett
Kuehne + Nagel: Sea Gross Profit per TEU Held at CHF 483 While Group EBIT Conversion Fell from 33.9% to 14.1%, and 26 Times Owner Earnings Leaves No Margin of Safety
Kuehne + Nagel is a Swiss global freight forwarder that buys carrier capacity and resells sea, air, road and contract-logistics services to around 400,000 customers, with ultimate control now passed from founder Klaus-Michael Kuehne to the Kuehne Foundation. Sea gross profit per TEU held at about CHF 483 in 2025, essentially flat on 2024, yet group EBIT conversion fell from 33.9% in 2022 to 14.1%, showing the pandemic profit peak was scarcity rent rather than a permanently larger franchise. Rating Hold: at roughly 26 times 2026 consensus earnings and free cash flow, the cost-led conversion recovery is already priced, and a conservative value of CHF 190-200 sits below the quote.
39/100
CNH Industrial: A Trough Priced at 31 Times Earnings That Normalizes to 11.5 Times, While Construction Earns a 2.3% Margin and Exor Holds 45.6% of the Vote
CNH Industrial is a full-line agricultural and construction equipment maker whose Agriculture segment (Case IH, New Holland, STEYR and the Raven-derived precision stack) supplies most of the industrial profit, alongside a captive lender running a $28.6bn managed portfolio. 2025 Agriculture sales fell 12% to $12.39bn and the segment's adjusted EBIT margin collapsed from 10.5% to 6.2%, so the latest $0.41 to $0.46 adjusted EPS guidance puts the $13.48 share price at about 31 times trough earnings, while normalizing Agriculture to $15.0bn of sales at an 11.5% margin gives $1.15 to $1.20 of mid-cycle EPS, or roughly 11.5 times. Rating Hold: the cycle can repair faster than the headline multiple implies, but Construction's 2.3% margin, undisclosed precision-agriculture economics and Exor's 45.6% voting power keep the discount to Deere structural, and $13.48 still sits above the $9.5 to $10.5 conservative fair value.
48/100
67Buffett
ASSA ABLOY: Goodwill and Intangibles Reach 133% of Equity, Fully Loaded ROIC Is 10-11% Against 14.4% Reported, and 24 Times Earnings Leaves No Margin of Safety
ASSA ABLOY is a global access-solutions group whose five divisions span door hardware, entrance automation, hotel systems and HID digital identity, with more than 400 completed acquisitions supplying much of its three-decade compounding. Q2 2026 delivered a record 17.0% EBIT margin on SEK 39.26bn of sales, but SEK 148bn of goodwill and intangibles now equals 133% of equity while a fully loaded ROIC of 10-11% sits well below the 14.4% the company reports. Rating Hold: at 24 times trailing earnings and a 20% premium to Allegion, the business is easier to like than the expected return.
43/100
78Buffett
Imeik: New Powder Replaced 71% of the Revenue the Legacy Injectables Lost, But Selling Expense Rose 63% While Sales Fell 6%
Imeik makes regulated Class III injectable devices for China's medical-aesthetics market, where hyaluronic-acid solution and gel fillers long produced gross margins above 90% and net margins near 60%. Those two lines fell 20.51% and 23.08% in the first half of 2026 while the new lyophilised PDLLA powder grew to CNY 209.0m and replaced about 71% of the revenue they lost, and selling expense rose 62.89% to CNY 234.8m even as sales fell 6.42%. Rating Hold: at CNY 92.68 the shares sit inside the CNY 90 to 120 acceptable-hold band rather than the CNY 56 to 64 ideal-buy zone, so the conservative CNY 70 to 80 fair value leaves no margin of safety.
43/100
50Buffett
Qingdao TGOOD: Equipment Earns 65% of Gross Profit While Charging-Network Revenue Grows 1.8% on 47% More kWh, and CNY 11.6bn of Receivables Equals 46.7% of Assets
Qingdao TGOOD is a Chinese prefabricated-power-equipment maker whose consolidated TELD subsidiary operates a very large public EV-charging network, with a 2026 AI data-centre power line, AIPowerHouse, reported inside the equipment segment rather than as a disclosed business. First-half 2026 equipment revenue rose 9.0% to CNY 4.810bn at a 24.17% gross margin and supplied about 65% of group gross profit, while charging-network service revenue grew only 1.8% against roughly 47% more electricity delivered, and receivables plus contract assets of CNY 11.60bn equalled 46.7% of total assets. Rating Hold: at CNY 32.50 the stock sits inside the CNY 27-35 acceptable-hold band and about 35% above the CNY 24 conservative SOTP value, so the report waits for CNY 18 to 19.
39/100
68Buffett
EnerSys: A Phasing-Down Tax Credit Supplies 39% of Adjusted EPS, So 17 Times Headline Earnings Is Really 28 Times the Industrial Business
EnerSys supplies reserve-power systems for data centers and communications networks, motive-power batteries for forklifts and specialty power for aerospace and defense, on fiscal 2026 sales of $3.751 billion. The reported earnings are two businesses moving apart and one subsidy papering over the gap: Network & Infrastructure revenue rose 7.9% with segment margin improving from 6.5% to 9.1% while Industrial Mobility shrank 3.0%, and Section 45X credits supplied $4.15 of the $10.56 adjusted EPS, roughly 39%, so 17 times the headline is really 28 times the $6.41 the industrial business earns on its own. Rating Hold: at $178.12 the shares sit inside the $160 to $210 acceptable-hold band rather than the $118 to $123 ideal-buy zone, so the report waits for either a price near $120 or clean EPS above $9.
45/100
76Buffett
Hangcha Group: Gross Margin Up to 24.6% on Less Than 9% Revenue Growth, Robotics at 7% of Sales with Undisclosed Economics, and Three-Year Cash Conversion of 79%
Hangcha Group is a Chinese forklift and industrial-vehicle maker, selling internal-combustion, new-energy and warehouse trucks through more than 300 overseas dealers and 60 direct subsidiaries, with a still-small intelligent-logistics robotics unit. Gross margin rose from 20.7% in 2023 to 24.6% in 2025 while revenue grew less than 9%, and first-half 2026 revenue rose 8.65% to CNY 10.10bn with attributable profit up 8.89% to CNY 1.215bn; but 2023–25 operating cash flow equalled only about 79% of attributable profit and the board has proposed a CNY 2.259bn convertible. Rating Hold: at CNY 23.52 the stock sits just inside the acceptable-hold band and above the CNY 18–20 conservative value, so the report waits for CNY 14.5 to 16.
38/100
38Buffett
AGCO: 21 Times Trough Earnings for a Maker Whose Europe Supplies Two Thirds of Sales While PTx Must Compound 23.5% to Reach $2bn by 2029
AGCO is a pure-play global agricultural-machinery manufacturer selling Fendt, Massey Ferguson, Valtra and the PTx precision platform through roughly 2,800 independent dealers in about 140 countries, with Europe and the Middle East supplying 66.8% of 2025 sales and effectively all of its geographic segment profit. 2025 sales fell 13.5% to $10.08bn and adjusted EPS to $5.28 as the adjusted operating margin dropped from 12.0% at the 2023 peak to 7.7%, while PTx reached only about $860m against a $2bn 2029 target that now requires 23.5% compound growth and replacement parts grew to $1.87bn, 19% of sales. Rating Hold: at $119.79 the shares trade at 21.3 times trough adjusted EPS and 9 to 11 times normalized earnings but sit roughly 20% above the $100 conservative anchor, so the report waits for $75 to $80 before committing new capital.
40/100
62Buffett
Qingdao Port International: Container Revenue Up 57.7% on 7% More Boxes, CNY 9.3bn of Dry-Bulk Capital Earning CNY 161m, and 94% of Group Cash Parked at the Parent's Finance Company
Qingdao Port International runs northern China's deep-water gateway, earning terminal, storage, pipeline and logistics income from containers, dry bulk and crude oil, with a large part of its container profit arriving as equity-accounted joint-venture income rather than consolidated revenue. First-half 2026 revenue rose 10.84% to CNY 10.46bn and gross profit by CNY 607m, yet reported attributable profit fell 2.8% to CNY 2.76bn on a CNY 332m drop in JV earnings and a CNY 143m fair-value reversal, while recurring profit rose 2.07%; container revenue per reported TEU jumped from about CNY 83 to CNY 122, and dry/general tonnage fell 7.5% with CNY 9.3bn of segment capital producing only CNY 161m of half-year pre-tax profit. Rating Hold: at CNY 9.65 the A line trades near 12.1 times trailing earnings and 18% above the CNY 8.2 conservative value, with 94% of group cash held at the parent's finance company, so the report waits for CNY 6.2 to 6.6.
50/100
58Buffett
Royalty Pharma: $3.254bn of Portfolio Receipts and 48% Deal Share Meet a 24% Expiry Wall by 2030 and a $58.41 Price That Already Pays for the Platform
Royalty Pharma is a specialty-finance platform whose loan book is denominated in molecules: it buys contractual percentages of other companies' drug sales, funds late-stage development in exchange for synthetic royalties, and collects near the top of the income statement while somebody else carries the commercial cost. 2025 Portfolio Receipts were $3.254bn against only $288m of cash operating and professional costs, and the company sourced 48% of announced biopharma-royalty transaction value over 2020-2025, but roughly 24% of 2025 Royalty Receipts sits on products whose royalty duration substantially ends by 2030, and hitting the $4.7bn 2030 target needs $2.0-2.5bn of deployment every year. Rating Hold: at $58.41 the shares are near 11.6 times estimated 2026 Portfolio Cash Flow but 19-23 times owner earnings once $1.1-1.4bn of replacement deployment is charged as economic maintenance, above the $46-50 conservative value, so the report waits for $36-40 before committing new capital.