Investing For Value

Value Investing Case Study 114-1: A fundamental analysis of Tenaga Nasional Bhd, evaluating its growth, profitability, and value creation.  

Tips E-14: A 1-minute summary of my fundamental analysis of PubMatic Inc. (NASDAQ: PUBM) Investment Thesis PubMatic is financially sound with proven scalability, but current weak margins limit its attractiveness as an investment. Management is addressing them and past expansion phases show the company can restore profitability.  Main Business PubMatic operates a sell-side programmatic advertising platform enabling publishers to monetize digital ad inventory. The company focuses on omnichannel growth. Its business is rooted in owned infrastructure, which historically supported strong operating leverage and profitability. Growth Revenue grew at a robust 19.7% CAGR from 2018–2024, though recent revenue growth has slowed to mid-single digits. This growth is driven mostly by organic expansion. The firm is scaling globally while remaining US-centric (60% of 2024 revenue).  Profitability Margins peaked in 2021 but have since compressed due to infrastructure spending and...

Value Investing Case Study 113-1: A fundamental analysis of Telekom Malaysia Bhd, looking at its transformational journey where it traded growth for resilience.  

Tips E-13: A 1-minute summary of my fundamental analysis of Magnite Inc (NASDAQ: MGNI)  Investment Thesis Magnite now benefits from secular growth in digital and CTV advertising and has finally crossed into recurring profitability. While it has transitioned into a more efficient, omnichannel sell-side platform, its valuation offers no margin of safety.  Main Business Magnite operates the largest independent omnichannel SSP, serving publishers across display, mobile, video, and CTV. It had evolved from a desktop-focused platform into a unified, CTV-centric ad infrastructure provider.  Growth Revenue grew 11.6% annually over the past decade. Earlier growth was acquisition-driven, but 2023–2024 expansion came organically. Market tailwinds support sustainable mid-single-digit growth going forward. Profitability Magnite returned to profitability in 2024 as margin expansion and declining amortization sharply reduced fixed costs. Q1 2025 data shows continued margin stre...

Value Investing Case Study 112-1: A fundamental analysis of Wilmar International Ltd to show why lower margins do not mean lower value.