Investing For Value

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...

Value Investing Case Study 74-2: An updated fundamental analysis of Hap Seng Consolidated Berhad to assess whether it is becoming a value trap.   

Tips E-03: A 1-minute summary of my fundamental analysis of Illinois Tool Works Inc. (NYSE: ITW) Investment Thesis ITW is a high-quality compounder with strong profitability, but current valuations leave little margin of safety. Its lean cost structure, consistent cash generation, and shareholder-friendly capital returns support long-term value creation.  Main Business ITW is a diversified global manufacturer operating 86 divisions across seven segments with a balanced cyclical/growth mix. Its decentralized, entrepreneurial model and “80/20” focus prioritize the most profitable customers and products. The US remains its largest market at nearly 50% of revenues. Growth Revenue growth has been modest, but EPS doubled from 2015 to 2024 mainly via share buybacks. Much of PAT growth stems from post-2021 performance and operating leverage. Profitability Profit growth was driven more by margin discipline and operating leverage than strong top-line gains. Returns on capital and RO...