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1205 本のレポート15 件のテーマ1153 銘柄
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78Buffett
CFMOTO: Four-Wheeler Revenue Up 51% but H1 Profit Up Only 6%, and CNY 296.88 at 24-25x Normalized Earnings Leaves No Margin of Safety
Zhejiang CFMOTO Power is a globalizing Chinese powersports manufacturer whose profit engine is high-margin ATV and side-by-side exports: FY2025 ATV/SSV revenue of CNY 9.608bn earned a 32.14% gross margin, petrol motorcycles added CNY 6.471bn at 24.51%, and the ZEEHO electric two-wheeler line sold 551,237 units at a negative 0.03% gross margin. H1 2026 revenue grew 35.82% to CNY 13.386bn with four-wheeler revenue up 51.05%, yet attributable profit rose only 6.26% to CNY 1.065bn as gross margin slipped to 27.26%, a CNY 256m FX loss and CNY 643m of U.S. tariffs weighed, and Polaris's Section 337 case now reaches the Z10 and Z10-4; the USD 92.64m IEEPA refund adds roughly CNY 440m to 2026 profit but does not recur. Rating Hold: at CNY 296.88 the fully converted market cap of CNY 48.24bn is 28.8x FY2025 earnings and about 24-25x normalized 2026 earnings, near base-case rather than the CNY 200-225 conservative value, so the margin of safety is none and the ideal buy price is CNY 168-180.
73Buffett
Federal Signal Corporation: 70% of Q2's Incremental Sales Came From Acquisitions, Organic Growth Was 6%, and 115.33 USD Sits 9% Above the 106 USD Conservative Ceiling
Federal Signal builds municipal and industrial specialty vehicles (sewer cleaners, street sweepers, hydro-excavators, refuse bodies) plus public-safety lighting and warning systems, and wraps them in an owned dealer, rental and aftermarket network that now supplies about 25% of ESG sales. Q2 2026 sales rose 19% to 670.2 million, but only about 31 million (6%) was organic while acquisitions added roughly 75 million, and the 81 million backlog decline is almost entirely the deliberate runoff of third-party Labrie refuse units rather than lost demand; adjusted EBITDA margin has climbed from 12.0% in 2016 to 20.7% LTM. Rating Hold: at 115.33 USD the shares trade at 22.1 times the 2026 adjusted EPS midpoint, above the 96-106 USD conservative value, so the margin of safety is none, the acceptable hold zone is 109-147 USD and the ideal buy price is 78-84 USD.
40/100
78Buffett
Sprouts Farmers Market: A 38.7% Gross Margin and USD 3.8m Boxes Against -1.0% Comps, With USD 73.46 at 13.7x Normalized 2026 Earnings
Sprouts Farmers Market is a U.S. small-box specialty grocer built on fresh produce and attribute-driven natural and organic assortment, running 490 stores at a 38.7% Q2 2026 gross margin roughly nine points above Natural Grocers and sixteen above Kroger. Q2 sales rose about 5% to USD 2.33bn while comparable sales fell 1.0%, a headline that management's disclosed 100-150 basis points of new-store cannibalization may account for almost entirely, and the shares have fallen roughly 60% from their June 2025 peak of USD 182. Rating Cautious Buy: at USD 73.46, about 13.7 times the midpoint of normalized 52-week 2026 EPS guidance, the market prices Sprouts as an ordinary supermarket while USD 3.8m new boxes still target low-to-mid-30% year-five cash returns, with the ideal buy zone at USD 50-57.
38/100
69Buffett
InterDigital, Inc.: ARR Hit a Record 625.7 Million but 103.7 Million of Q2 Revenue Was Catch-Up, and 326.08 USD Sits 42% Above the 230 USD Conservative Ceiling
InterDigital is a research-funded patent licensor that turns wireless and video standards contributions into legally enforceable royalty claims on smartphones, consumer electronics and, since Q2 2026, streaming services. Q2 revenue of 260.2 million beat a 139-143 million guide and lifted annualized recurring revenue to a record 625.7 million, but 103.7 million of that quarter was catch-up revenue tied to an Amazon licence whose final price is still in binding arbitration, and six million in-the-money warrants add roughly 4.06 million net shares to a 25.81 million basic count. Rating Hold: at 326.08 USD the stock trades near 38 times trailing earnings and roughly 15 times diluted EV/ARR, about 42% above the 230 USD top of the conservative value case, so the margin of safety is none and the ideal buy price is 165-195 USD.
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- 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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