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Zen Horizon フレームワークで、AI・テクノロジー・グローバル株式のビジネスの質、堀、本源的価値を一つひとつ読み解き、安全マージンを明確に示します。
1240 本のレポート15 件のテーマ1186 銘柄
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54/100
58Buffett
Eli Lilly: A 43% ROIC Incretin Leader Priced for ≈ 18% a Year EPS Growth, with No Margin of Safety at USD 1,417.54
Eli Lilly is a US innovative drugmaker whose incretins Mounjaro and Zepbound generated 66% of Q3 2026 revenue. Q3 2026 revenue rose 39% to USD 24,397M on 53% volume growth while realized price fell 15%, and 2026 revenue guidance has been raised to USD 91–92B; at USD 1,417.54 the price needs ≈ 18%/yr EPS compounding against falling prices. Rating Watch: the price sits above the USD 970–1,312 hold zone with no margin of safety, and the ideal buy zone is USD 492–547.
45/100
72Buffett
Sungrow Power Supply: Q3 Profit Fell 67.67% as Margins Relapsed, and at CNY 65.29 the Shares Still Sit 48% Above Conservative Value
Sungrow is a founder-controlled maker of solar inverters and grid-scale battery storage systems, and storage was 50.0% of its H1 2026 revenue. Q3 2026 broke the second-quarter recovery: attributable net income fell 67.67% year on year to CNY 1.34 bn and group gross margin slipped to about 29.4% from 38.6% in Q2, while US and EU market barriers keep widening. Rating Watch: at CNY 65.29 the price is 48% above the CNY 44.2 conservative value, so there is no margin of safety, and the ideal buy zone is CNY 32–35.
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.
インサイト
すべてのインサイト
- The Buffett Quality Screen, First Edition: 1,790 Companies, Six Lenses, and the 16 That Survive Both of Our Boards 2026年8月6日
- Cheap With a Grievance, or Cheap for a Reason? A Value-Trap Test From 1,013 Scorecards 2026年8月6日
- The Mention Map, July 2026: Four Gravity Centers, Four Holes 2026年7月26日
- AI循環融資：天才的な設計か、世紀のポンジか——ループの中の1ドルずつをすべて数えた 2026年7月7日
注目のテーマ
すべての 15 テーマ
世界の防衛サプライチェーン
54 銘柄特殊材料からプライムの完成プラットフォームまで：再軍備サイクルを網羅するサプライチェーン全体図
がん・希少疾患・難治性フロンティア
108 銘柄標的/免疫/細胞/遺伝子/核酸/放射性医薬品——アンメットニーズの高い疾患に挑むフロンティア治療と、それを支えるグローバルおよび中国のプレーヤーの全体マップ
あらゆる業界のニッチチャンピオン
90 銘柄狭い領域を制し、グローバルで首位または上位3社に入り、本物の価格決定力を握る企業——サプライチェーンの要所に位置するニッチチャンピオンです。フレームワークはHermann Simonの「隠れたチャンピオン」に倣いつつ、彼の規模と無名性の基準は緩めています（規模に上限を設けず、低姿勢の維持も求めない）。問われるのは領域の狭さと地位の強固さであり、それを8つの機能領域に沿って整理しました。
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