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49/100
97Buffett
AJ Bell: Reconstructed FY2025 Client-Cash Interest of £136.5m Nearly Equals £137.8m Group PBT, H1 Revenue Margin Expanded to 33.4 Basis Points Instead of Compressing, and £6.18 Leaves No Margin of Safety
AJ Bell is a UK dual-channel investment platform serving advisers and self-directed investors, with £121.5bn of platform assets, 762,000 customers and record £3.0bn quarterly net inflows. Reconstructed FY2025 retained client-cash interest of about £136.5m nearly matches group pre-tax profit of £137.8m, so every additional 25 basis points passed through to customers costs roughly £15.1m, while the revenue margin expanded to 33.4 basis points rather than compressing as rates fell. Rating Hold: a genuine asset gatherer whose £6.18 price sits mid-range against a £5.30 to £7.30 fair band and 25% to 33% above the conservative case, leaving no margin of safety.
41/100
71Buffett
Hundsun Technologies: 2026 H1 Revenue Fell 11.6% While Profit Rose 0.69%, Associates Supplied CNY106.3m of Q1 Investment Income, and CNY22.12 Leaves No Conservative Margin of Safety
Hundsun Technologies supplies the core trading, investment-management, operations and wealth systems that Chinese securities firms and fund managers depend on, a franchise built on switching costs rather than on any disclosed recurring-subscription economics. Revenue has now fallen for a third consecutive period, down 9.6% in 2024, 12.1% in 2025 and about 11.6% in 2026 H1 to CNY2.144bn, while headline profit held up mainly because equity-accounted associates supplied CNY254m of income in 2025 and CNY106.3m in Q1 2026 alone, with the 24.10%-owned Ant Fund the likely dominant contributor. Rating Hold: at CNY22.12 the shares sit inside the CNY20.4-27.6 acceptable-hold band but trade near 47 times estimated owner earnings and above the CNY18 conservative value, leaving no margin of safety.
43/100
82Buffett
Ferguson Enterprises: Waterworks Is 24% of U.S. Sales Against HVAC's 13%, First-Half Volume Fell While Price Carried the 4.2% Growth, and $244.94 Yields Less Than Treasuries
Ferguson is North America's largest value-added distributor of plumbing, HVAC, waterworks and PVF products, with $31.3 billion of calendar-2025 sales across more than 1,700 locations and roughly 9% of a stated $340 billion market. Waterworks is now 24% of U.S. sales against HVAC's 13%, a mix that leaves the refrigerant-transition normalization behind Watsco's 180-basis-point gross-margin decline nearly invisible inside Ferguson's 20-basis-point one, yet first-half volume still fell while low-to-mid-single-digit pricing carried the 4.2% sales increase. Rating Hold: a genuine share gainer whose roughly 4.5% adjusted earnings yield sits below the 4.68% 10-year Treasury, leaving no conservative-case discount at $244.94.
49/100
87Buffett
Watsco: Q2 Gross Margin Fell 180 Basis Points but 130 of Them Were Last Year's A2L-Transition Pricing Benefit, and a $13.20 Dividend Now Exceeds Trailing EPS
Watsco is North America's largest HVAC distributor, supplying equipment, parts and refrigerants to more than 130,000 contractors from 695 branch locations, with Carrier and its affiliates supplying 62% of its inventory purchases and e-commerce now 37% of sales. Q2 2026 revenue grew 2% while gross margin fell to 27.5% from 29.3%, though management attributes about 130 basis points of that gap to unusual 2025 pricing, putting normalized margin near 27.5%–28.0%. Rating Hold: the franchise and the debt-free balance sheet are intact, but 26.8 times trailing earnings and a dividend above trailing EPS already price the recovery.
38/100
86Buffett
Shanxi Fenjiu: 22% More Volume but Only 7.5% More Revenue in 2025, Q1 2026 Out-of-Province Sales Fell 15% While Dealers Grew, and CNY123.52 Sits Above Conservative Value
Shanxi Fenjiu is China's dominant listed light-aroma baijiu producer, pairing premium Qinghua with the mass-market Bofen bottle across a national distributor network. FY2025 revenue grew 7.52% while alcohol volume grew 21.99% and attributable profit was flat at CNY12.246bn; Q1 2026 out-of-province revenue then fell 15.41% even as the outside distributor count rose by a net 52. At CNY123.52 the stock trades at 13.7 times trailing earnings but about 17.3 times estimated owner earnings, above the conservative CNY91–105 value range. Rating Hold: the brand and balance sheet survive, but normalized earnings are still being rediscovered downward.
33/100
88Buffett
Robert Half: Staffing Turned, Protiviti Collapsed to a 2.1% Margin, and 43.22 USD Leaves No Margin of Safety
Robert Half runs two businesses on one balance sheet: a specialist white-collar staffing franchise that supplied 64% of 2025 revenue, and Protiviti, a risk and technology consulting arm that supplied the other 36%. Talent Solutions has now posted three consecutive quarters of sequential adjusted growth with permanent placement up 2.5%, while Protiviti moved the opposite way, billable hours down almost 20% and adjusted operating margin down to 2.1%. Rating Hold: at 43.22 USD the shares sit inside the 40 to 53 USD acceptable-hold zone but above a conservative fair value near 34 USD, leaving no margin of safety and an ideal buy price of 26 to 27 USD.
43/100
86Buffett
Aier Eye Hospital: Net Goodwill Equals 43% of Book Equity, Adjusted Profit Grew 1.36% in 2025, and CNY8.71 Leaves No Conservative Margin of Safety
Aier Eye Hospital is China's largest listed ophthalmology network, combining consumer-paid refractive and optometry services with insured treatment and an acquisition-fund system that incubates hospitals before consolidating them. FY2025 revenue rose 6.53% to CNY22.353bn, but adjusted attributable profit grew only 1.36%, net goodwill of CNY9.486bn equals roughly 43% of attributable equity, and estimated domestic organic growth runs in the low- to mid-single digits. Rating Hold: at CNY8.71 the shares sit inside the CNY8.0-11.0 acceptable-hold range but 24%-34% above the CNY6.5-7.0 conservative intrinsic value, leaving no margin of safety.
48/100
87Buffett
Hithink RoyalFlush: Advertising Supplied 78% of 2025 Incremental Revenue, and CNY230.26 Already Sits at the CNY228 Base-Case Value
Hithink RoyalFlush is a very large independent Chinese financial information platform for retail investors, monetizing a free quotes-and-analysis destination through advertising, paid subscriptions, fund distribution and institutional data software. 2025 revenue rose 44.0% to CNY6.03bn and attributable net profit 75.8% to CNY3.21bn, but advertising alone was 57.4% of revenue and supplied roughly 78% of the incremental revenue, while the institution-facing software line was 6.6% of revenue and grew just 12.1%. Rating Hold: an asset-light franchise with 115% five-year cash conversion whose CNY230.26 quote already sits at the CNY228 base-case value and 46% above the CNY158 conservative case, leaving no margin of safety.
50/100
87Buffett
Eastroc Beverage: Energy Supplies 81% of Product Gross Profit While Growing 6.9%, and RMB122.93 Leaves No Conservative Margin of Safety
Eastroc Beverage is China's mass-market energy-drink leader, selling through 3,742 distributors into more than 4.5 million terminal points while adding electrolyte and ready-to-drink tea lines. H1 2026 revenue rose 15.89% to RMB12.443bn, but the core energy franchise grew only 6.89% and the Guangdong home region 2.9%, while tea revenue tripled to RMB1.058bn at a 23.7% gross margin and supplied roughly 4% of product gross profit against energy's 81%. Rating Hold: at RMB122.93 the shares sit inside the RMB116-157 acceptable-hold range but 13% above the RMB109 conservative intrinsic value, leaving no margin of safety.
38/100
88Buffett
Pientzehuang: High-Priced Core Volume Fell 21% in 2025, and CNY132.59 Still Prices In 42x Trailing Earnings
Zhangzhou Pientzehuang is a state-controlled Chinese pharmaceutical group whose economics are dominated by the legally protected Pien Tze Huang liver-medicine franchise, alongside low-margin drug distribution and a smaller cosmetics business. 2025 revenue fell 16.56% to CNY9.001bn and attributable net profit fell 27.49% to CNY2.159bn, reported as the first simultaneous decline since the 2003 listing, and the SSE inquiry response disclosed that sales volume of higher-priced liver products fell 21% while cheaper products rose 41%. Rating Hold: the legal moat and a 62.18% Q1 franchise gross margin are intact, but at CNY132.59 the stock trades near 42x trailing earnings against a conservative value of CNY100–115, leaving no margin of safety.
43/100
85Buffett
Techtronic Industries: MILWAUKEE Compounds Near 10% While RYOBI Barely Grows, and HK$142.40 Offers No Conservative Margin of Safety
Techtronic Industries owns the MILWAUKEE professional and RYOBI consumer cordless platforms, drawing three-quarters of revenue from North America, with a single customer supplying 45.4% of group revenue. H1 2026 revenue rose 5.9% to US$8.292 billion and gross margin reached a record 42.9%, but roughly 95 of the reported 258 basis points of margin gain came from lapping peak 2025 tariff cost and the HART drag, and MILWAUKEE's 10.5% underlying growth stands against RYOBI's 1.7%. Rating Hold: at HK$142.40 the shares sit above the HK$116-125 conservative intrinsic-value range, leaving no margin of safety until roughly HK$100.
51/100
62Buffett
WuXi AppTec Co., Ltd.: Chemistry Resets the Earnings Base, the U.S. Question Stays Open, and HK$199.10 Leaves No Conservative Discount
WuXi AppTec is China's largest integrated drug-discovery, development and manufacturing contractor, monetising a 3,731-molecule small-molecule funnel as customer programs move into commercial production. H1 2026 revenue rose 38.9% and adjusted net profit 83.2% to a 40.0% margin, prompting management to lift full-year revenue guidance from CNY51.3-53.0bn to CNY58.5-60.5bn. Rating Hold: at HK$199.10 the shares sit just below the HK$200-230 base intrinsic-value band and inside the HK$185-245 acceptable-hold zone, with no discount to the HK$150-170 conservative case, while U.S. customers supplied about 72% of 2025 continuing revenue.
43/100
88Buffett
Midea Group Initiation: Proven Appliance Compounder, Unearned Industrial Re-Rating
Midea is the broadest of China's appliance majors, with Smart Home at CNY299.9bn of 2025 revenue and a 29.9% gross margin against Commercial & Industrial's CNY122.8bn at 20.8%. Revenue compounded about 12.7% and attributable profit about 13.2% over 2015 to 2025 with five-year aggregate operating cash flow at 1.39 times earnings, but Q1 2026 adjusted profit fell 14.0% on a roughly CNY4.19bn finance-line reversal rather than a margin break. Rating Hold: the quality case is far better proven than the industrial re-rating, and at CNY84.29 the price sits above the CNY72 to CNY79 conservative value range with no margin of safety.
39/100
Canon Inc.: Imaging Carries the Mix Shift, Nanoimprint Stays an Option, and ¥4,628 Leaves No Conservative Discount
Canon Inc. is a diversified Japanese precision manufacturer whose printing cash flows fund faster-growing imaging, medical and semiconductor-equipment businesses. Printing supplied about 54% of 2025 sales, but Imaging and Industrial together generated roughly 45% of the four named segments' operating profit, at 16.4% and 17.3% margins against Printing's 10.3%, while nanoimprint lithography is carried as capped option value because customer engagement is verified and no named mass-production commitment is. Rating Hold: at ¥4,628 the shares trade at 11.6x guided FY2026 EPS yet sit about 2.8% above the ¥4,500 conservative value, leaving no margin of safety.
48/100
23Buffett
Micron Technology Re-coverage: From Memory Cycle to Contracted AI-Memory Oligopoly?
Micron is the only U.S.-listed pure-play memory producer, selling DRAM and NAND that made up 76% and 24% of FQ3 FY2026 revenue. Revenue reached $41.46 billion at an 84.6% GAAP gross margin, but roughly 85% to 90% of the incremental revenue came from pricing and mix rather than bit shipments, while 16 take-or-pay Strategic Customer Agreements carrying about $100 billion of minimum contracted revenue have genuinely raised the margin floor. Rating Hold: contracted AI-memory economics justify a base value band of $780 to $920, but at $868.52 the price already discounts that base case and leaves no conservative margin of safety.
55/100
92Buffett
ASML Holding N.V.: A €43–45bn Guidance Reset, 38x Forward Earnings, and No Conservative Margin of Safety
ASML Holding N.V. is the Dutch supplier of the only commercial EUV lithography platform, generating €32.67 billion of 2025 revenue alongside an installed-base service and field-option business that reached €8.19 billion. FY2026 guidance moved from €36–40 billion in April to €43–45 billion after Q2, lifting estimated FY2026 EPS toward €39–40 and cutting the forward multiple to roughly 38x, while quarterly bookings disclosure has ended. Rating Hold: the earnings reset defends the current quote, but a conservative value band of €996–1,116 leaves no margin of safety.
46/100
87Buffett
KONE Oyj: 1.8 Million Units of Recurring Service, and a EUR 29.4bn Bet on Scale
KONE Oyj is the Finnish elevator maker whose economics now rest on a 1.8-million-unit maintenance base, with Service and Modernization already about 64% of 2025 sales. The pending EUR 29.4bn TK Elevator acquisition would add EUR 1.365bn of existing adjusted EBIT and push the maintenance base toward 3.2 million units, but it also swaps EUR 0.7bn of net cash for roughly EUR 13.5bn of illustrative net debt, dilutes existing owners 33.8% on an issued-share basis, and faces a 12-18 month antitrust review that Schindler intends to challenge. Rating Hold: EUR 51.40 sits above the roughly EUR 47 conservative fair value, so the quality is real but the margin of safety is not.
46/100
77Buffett
ABB Ltd: 58% Electrification Order Growth, and a 19.5x EBITDA Test of Capital Discipline
ABB Ltd is a global electrification and automation supplier whose continuing operations generated CHF 26.8 billion of 2025 revenue at a 19.0% operational EBITA margin. Electrification orders grew 58% comparably in Q2 2026 on triple-digit data-centre demand and a 1.39x book-to-bill, yet the shares trade near 36.3x trailing earnings while ABB sells Robotics to SoftBank and pays 19.5x pre-synergy EBITDA for Rotork. Rating Hold: a materially better company at a price that leaves no conservative margin of safety.
36/100
Chow Tai Seng: FY2025 Revenue Fell 36.54% While Profit Rose 9.22%, But at CNY 12.93 the Shares Sit 33-49% Above the CNY 8.7-9.7 Conservative Value
Chow Tai Seng is a franchise-led Chinese jewellery brand that monetises gold sales, brand-usage fees, self-operated retail and e-commerce across 4,193 terminal stores, of which 3,803 are franchised. FY2025 revenue fell 36.54% to CNY 8.815bn while attributable profit rose 9.22% to CNY 1.103bn, because the collapse of low-margin franchise gold wholesale left a richer mix of brand-usage fees of CNY 788m, direct retail and e-commerce, lifting gross margin to 31.35% and to 39.43% in Q1 2026. Rating Hold: the royalty-like fee stream and a 7.0% indicated yield are real, but five-year operating cash flow of only 64% of net income and CNY 5.364bn of inventory leave CNY 12.93 sitting 33-49% above the CNY 8.7-9.7 conservative value, with no margin of safety.
33/100
83Buffett
Lao Feng Xiang: 499 Franchise Closures and a 10.6% Jewellery Gross Margin, While the Shares at CNY 34.87 Sit 9% Above the CNY 31.9 Conservative Value
Lao Feng Xiang is a 178-year-old Chinese gold-jewellery brand monetised mainly through a nationwide franchise-wholesale network of 5,355 outlets, of which only 213 are directly operated. Revenue fell 7.0% to CNY 52.82bn in 2025 and attributable profit to CNY 1.75bn as China's jewellery tonnage collapsed 31.6% and households shifted to bars and coins, while the network shed 499 franchise outlets and jewellery gross margin stayed near 10.6% against Chow Tai Fook's 32.3% and Laopu's 37.6%. Rating Hold: the balance sheet, a 4.7% dividend and a 10.8 times trailing multiple already discount much of the problem, but at CNY 34.87 the price sits 9% above the CNY 31.9 conservative value, leaving no margin of safety.
39/100
74Buffett
Honeywell Technologies: A Genuine Automation Franchise, Already Priced for Successful Execution
Honeywell Technologies is the automation company left after Aerospace was distributed on June 29, 2026 and the shares were reverse-split one for two: roughly USD 20 billion of building, process and industrial control revenue, with Building Automation now the largest earnings engine. Standalone Q2 orders rose 16% and management lifted 2026 adjusted EPS guidance to USD 8.05-8.35, yet at USD 246.21 the shares trade on 30 times that midpoint and about 39 times guided free cash flow, against roughly USD 24.8 billion of net debt. Rating Hold: the automation franchise is real, and the price already pays for execution the new company has not yet reported.
52/100
35Buffett
Marvell Technology: A Real AI Franchise, but the Price Already Pays for Fiscal 2029
Marvell Technology designs custom AI silicon and high-speed data-center connectivity, with data center already at 75.8% of fiscal Q1 2027 revenue. Management raised the fiscal 2028 outlook to about USD 16.5 billion eight days after the prior in-house report, yet at USD 218.72 the shares sit about 8% above this report's USD 203 base-case present value, against USD 133 in the conservative case. Rating Hold: the business has earned a higher valuation framework, and the price has already taken most of it.
44/100
55Buffett
adidas AG: Record Revenue, Record Doubt, and the Economics of a World Cup
adidas AG is the world's number-two athletic footwear and apparel brand, selling product design and sports marketing through a wholesale-plus-DTC network that produced EUR 24.81bn of 2025 revenue. Second-quarter 2026 delivered record currency-neutral growth of 14% and a 52.5% gross margin, yet operating profit of EUR 574m missed consensus by EUR 49m as marketing and point-of-sale expense rose EUR 212m to EUR 924m, and management raised revenue guidance while leaving full-year EBIT at about EUR 2.3bn. Rating Hold: the demand recovery is proven, but at EUR 164.05 the price sits 13% to 26% above the EUR 130 to EUR 145 conservative value and the ideal buy zone is EUR 105 to EUR 115.
53/100
82Buffett
Tencent Holdings: A 12.8% Re-Rating on an Unconfirmed WeChat Agent, While Q1 Disclosed RMB8.8 Billion of AI Drag
Tencent monetizes Weixin/WeChat, games, advertising, payments and cloud while holding RMB912 billion of disclosed investments before discounts. Q1 2026 domestic games slowed to 6% growth while Marketing Services held 20%, and new AI products cut non-IFRS operating profit by about RMB8.8 billion in the quarter. Rating Hold: at HK$478.80 the shares sit above the HK$451 conservative sum-of-the-parts value, leaving no margin of safety three days before Q2 results.