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44/100
HANMI Semiconductor: Q2 Operating Margin Hit a Record 51.9%, but 95.5 Times Earnings Prices a Single-Generation Moat
HANMI Semiconductor builds the thermal-compression bonders that stack memory dies into HBM, a narrow but yield-critical step it has dominated through the AI packaging boom. The second quarter of 2026 set records at KRW 251.1 billion of revenue and a 51.9% operating margin, yet the largest customer still supplies 43.96% of sales and SK hynix has already qualified ASMPT and Hanwha. Rating Hold: at 95.5 times audited earnings the price pays in advance for TC bonding lasting through HBM5 and for a hybrid-bonding qualification that does not yet exist.
43/100
83Buffett
Unilever: Q2 Volume Grew 5.5%, the Strongest Quarter in More Than a Decade, but 47.43 Pounds Leaves No Margin of Safety
Unilever is the global branded consumer-goods group remaking itself into a beauty, personal care and home care pure play, with 78% of first-half turnover generated by 30 Power Brands. First-half 2026 underlying sales grew 4.8% on 4.2% volume and second-quarter volume of 5.5% was the strongest in more than a decade, but gross margin fell 70 basis points to 46.8%, underlying EPS rose only 2.4%, and the Foods combination with McCormick carries 400 to 500 million euros of stranded cost. Rating Hold: volume-led Power Brand growth is credible, yet 47.43 pounds already assumes a clean Foods separation and stable margins.
41/100
76Buffett
Lockheed Martin: Backlog Rose 36.8 Billion Dollars in Six Months, Mostly on a Single THAAD Action, While 19.2 Times Guided Earnings Leaves No Margin of Safety
Lockheed Martin is the largest U.S. defense prime by revenue, anchored by F-35 production and sustainment, PAC-3 and THAAD missile defense, Sikorsky helicopters and classified space work, with the U.S. government supplying about 70% of first-half 2026 sales. Second-quarter sales rose 11% to 20.063 billion USD and backlog reached 230.4 billion USD, but 35 billion USD of the 36.8 billion USD first-half increase came from one undefinitized THAAD action, and the classified Aeronautics contract still carried about 1.8 billion USD of cumulative losses. Rating Hold: at 582.74 USD the shares trade at 19.2 times guided 2026 earnings on a 5.3% free-cash-flow yield, barely above the 4.75% ten-year Treasury, and the margin-of-safety verdict is recorded as none.
51/100
72Buffett
Sungrow Power Supply: After the FCC Covered-List Ruling, the Price Sits 0.6% Below a CNY 104 Conservative Value While Q1 Storage Margin Has Already Slipped to About 30%
Sungrow is a founder-led power-electronics maker whose energy-storage systems overtook inverters in 2025 at 41.9% of revenue and about half of group gross profit, with overseas markets supplying 60.5% of sales. The A share fell 32% since the prior report as the FCC added foreign-produced connected inverters to its Covered List on July 28, and management has already disclosed a first-quarter storage gross margin of about 30%, recovering from about 24% in the fourth quarter of 2025 but well below the 36.5% booked for 2025 as a whole. Rating Watch: at CNY 103.37 the price sits only 0.6% below the CNY 104 conservative central value, so the margin of safety is effectively zero and the ideal buy zone falls to CNY 78-84.
48/100
Alibaba: March-Quarter Cloud Revenue Rose 38% While Consolidated Adjusted EBITA Fell 84%, Free Cash Flow Turned to a RMB 17.3 Billion Outflow, and USD 122.25 Sits Above Conservative Value
Alibaba is China's broadest merchant and consumer platform, now spending marketplace profits to become a capital-intensive combination of commerce, instant delivery and AI computing. Cloud Intelligence revenue rose 38% in the March 2026 quarter while consolidated adjusted EBITA fell 84% to RMB 5.1 billion and quarterly free cash flow turned to a RMB 17.3 billion outflow, with quick-commerce unit economics and cloud invested capital both undisclosed. Rating Hold: the second engine is real, but at USD 122.25 the price sits above conservative value and the margin of safety is recorded as none.
48/100
47Buffett
TransUnion: Strip Out the Zero-Margin FICO Royalty and the 12% to 13% Reported Growth Outlook Becomes 5% to 6%, While 78.62 Dollars Sits Above the Conservative Range
A global consumer-credit bureau that monetizes proprietary files, decision analytics, fraud tools and identity products, with 4.576 billion USD of 2025 revenue and an India franchise built from the 2001 founding of CIBIL. Second-quarter revenue rose 15% to 1.310 billion USD and adjusted EBITDA 12% to 456 million USD, but roughly three points of organic growth came from FICO mortgage royalties that carry no EBITDA at all, so management guides full-year organic constant-currency growth excluding that pass-through to 5%-6% against a 12%-13% reported outlook. Rating Hold: at 78.62 dollars the shares trade above the 59-66 conservative fair-value range on a 16.4-times forward adjusted multiple, leaving no margin of safety while 4.75 billion USD of net debt and the Mexico acquisition remain unproven.
38/100
Korea Aerospace Industries: Second-Quarter Revenue Rose 41% While Operating Profit Fell 43%, the 27.35 Trillion Won Backlog Converts at 13.5% a Year, and 127,300 Won Leaves No Margin of Safety
Korea Aerospace Industries is South Korea's sovereign aircraft prime, earning from the T-50 and FA-50 family, the KF-21 fighter, helicopters, sustainment and commercial aerostructures behind an order book of KRW 27.35 trillion, equal to 7.4 times 2025 revenue. That backlog converted into revenue at only 13.5% during 2025, operating cash flow has been negative for three consecutive years with a cumulative free-cash outflow of about KRW 2.70 trillion, and the second quarter of 2026 produced 41.0% revenue growth alongside a 43.1% fall in operating profit. Rating Hold: a strategically important aircraft prime entering its most consequential production ramp, priced at about 37 times forward earnings with the margin-of-safety verdict recorded as none.
39/100
Intel: A Real Product Recovery, Priced as If the Foundry Turnaround Had Already Worked
Intel pairs an x86 processor franchise that is still genuinely profitable with a capital-intensive manufacturing network it is trying to rebuild as an external contract foundry. Q2 2026 showed a real product recovery, with Intel Products earning a 32% segment operating margin, but the 59% jump in Data Center and AI revenue came mostly from a 48% rise in selling prices against only 9% more server units, while Intel Foundry lost 2.09 billion USD and drew just 5.1% of its revenue from outside customers. Rating Avoid: the operating recovery is real, but at 90.20 USD the market already capitalizes most of a successful three-to-five-year turnaround, leaving expected three-year annualized returns of -28.5% to +3.2%.
39/100
61Buffett
Haleon: Oral Health Supplied Over 90% of First-Half Organic Growth While the Rest of the Portfolio Grew 0.3%, and 3.633 Pounds Leaves No Margin of Safety
Haleon is the global pure-play consumer-health company demerged from GSK in 2022, selling therapeutic self-care brands such as Sensodyne, parodontax, Panadol, Voltaren and Centrum across roughly 170 markets. First-half 2026 revenue of 5.602 billion pounds grew 2.6% organically, but Oral Health alone supplied more than 90% of that growth while the other two-thirds of the portfolio advanced about 0.3%, and the top of full-year guidance would require 7.4% second-half growth against the second quarter's 3.1%. Rating Hold: an excellent oral-health franchise and a real margin programme, priced at 17.6 times forward earnings with no discount to the conservative fair-value range.
43/100
83Buffett
Apple Inc.: Strip Out the Tariff Refunds and the 50.1% Margin Becomes 48.1%, While 308.91 Dollars Earns Less Than the Ten-Year Treasury
A premium-device maker that monetizes an installed base above 2.5 billion units through integrated hardware, silicon and high-margin services, with a reported Products gross margin of 40.1%, which includes the tariff refunds, and Services at 75.6% in the June quarter. Reported fiscal third-quarter earnings of 2.02 dollars and a 50.1% gross margin included about 0.11 dollars and roughly two percentage points from nonrecurring tariff refunds, leaving underlying figures of 1.91 dollars and 48.1%, and the shares fell 7.35% on July 31 to 308.91 dollars on weaker September guidance. Rating Hold: at 35.9 times underlying trailing earnings the 2.79% earnings yield sits 1.95 points below the 4.74% ten-year Treasury, so new capital gets no conservative margin of safety.
37/100
76Buffett
Booz Allen Hamilton: The 130 Basis Point Margin Jump and the 39.48 Billion Dollar Backlog Are Both Smaller Than They Look, and 69.72 Dollars Sits Above Conservative Value
A federal mission-services contractor that supplies the United States government with people, security clearances and mission technology, earning about 98% of revenue from government customers, with National Security at roughly 72% of fiscal first-quarter 2027 revenue while Civil and Commercial fell 16.4%. Adjusted EBITDA margin rose 130 basis points to 11.9% in that quarter, but full-year guidance implies about 10.75% across the remaining three quarters, and of the 39.48 billion dollar backlog only 4.66 billion, or 11.8%, is funded. Rating Hold: at 69.72 dollars the shares trade above the 54 to 65 conservative range and below the base midpoint, so the margin of safety is not obvious.
51/100
64Buffett
Salesforce: Agentforce ARR Grew 205% to 1.2 Billion Dollars, but Growth Excluding Informatica Was 8.75% and 184.02 Dollars Leaves No Margin of Safety
Salesforce is the largest CRM vendor, monetizing customer workflows through subscriptions while shifting toward AI consumption, data services and outcome-based pricing. Agentforce ARR reached 1.2 billion dollars and grew 205%, but fiscal Q1 growth excluding Informatica was only 8.75% and owner earnings stay flat near 10.9 billion dollars. Rating Hold: a dominant franchise at an adequate price, with seat cannibalization unresolved because Salesforce does not disclose net seats.
56/100
63Buffett
Broadcom: AI Revenue Grew 143% to 10.8 Billion Dollars, but 389.28 Dollars Buys the Base Case at a 1.30% Owner-Earnings Yield Against 4.74% Treasuries
Broadcom sells three businesses behind one ticker: custom AI accelerators designed for a handful of hyperscalers, the Ethernet networking that connects them, and an infrastructure-software franchise built from CA Technologies, Symantec and VMware; FY2025 revenue was 63.89 billion USD. Fiscal Q2 2026 revenue grew 48% to 22.187 billion USD and AI semiconductor revenue grew 143% to 10.8 billion USD, yet trailing owner earnings of 23.977 billion USD yield only 1.30% against a 4.74% ten-year Treasury, and the five largest end customers supply about 45% of revenue. Rating Hold: Q2 answered the operational doubt behind the prior Avoid, but at 389.28 USD the shares sit 33% to 43% above the 272 to 293 USD conservative value and inside the 340 to 420 USD hold zone, so the margin of safety is absent.
38/100
45Buffett
AECOM: A 16.5% Segment Margin and 12.1x Earnings Are Genuinely Cheap, but First-Half Free Cash Flow of 15 Million Dollars Means 72.39 Dollars Only Buys the Base Case
A global infrastructure-consulting firm whose engineers, planners and program managers design and oversee transportation, water, energy and environmental projects, with government clients supplying about half of revenue and fiscal second-quarter 2026 net service revenue of 1.95 billion dollars. Segment adjusted operating margin has risen from 12.3% in fiscal 2020 to 16.5%, but adjusted EPS growth of 27% rested largely on an adjusted tax rate that fell to 13.9% from 25.0%, while first-half free cash flow was only about 15 million dollars against 685 million for the whole of fiscal 2025. Rating Hold: a genuine 12.1 times discount to peers that the cash-conversion evidence does not yet justify closing.
56/100
84Buffett
Meta Platforms: Revenue Grew 28% While Free Cash Flow Fell to 784 Million Dollars, and 556.71 Dollars Buys the Base Case With No Margin of Safety
Meta Platforms turns global consumer attention into performance advertising across Facebook, Instagram, WhatsApp and Messenger, and that cash funds an AI infrastructure build plus the continuing Reality Labs program; FY2025 revenue was 200.97 billion USD. Second-quarter 2026 revenue grew 28% to 60.80 billion USD on 14% more ad impressions and a 12% higher price per ad, yet capital investment of 31.08 billion USD absorbed 97.5% of operating cash flow and cut free cash flow to 784 million USD, with FY2026 capex guidance of 130 to 145 billion USD. Rating Hold: on estimated normalized owner earnings of 45 to 60 billion USD the shares trade at 24 to 32 times rather than the reported 21 times, so 556.71 USD sits inside the 510 to 690 USD hold zone and 18% above the 470 USD conservative value, leaving no margin of safety.
44/100
Kulicke & Soffa: A Proven Wire-Bonding Franchise Testing an Unproven TCB Re-Rating
A semiconductor-assembly equipment supplier whose profitable ball-bonding franchise funds a push into thermo-compression bonding and advanced packaging, with Ball Bonding Equipment at 66.0% of fiscal Q2 2026 revenue and USD 59.2 million of segment operating income while Advanced Solutions contributed 10.1% and an operating loss. Fiscal Q2 revenue rose 49.8% year over year to USD 242.6 million and management guided fiscal Q3 to USD 310 million plus or minus USD 20 million, far above the roughly USD 245 million consensus, which drove a sharp re-rating. Rating Hold: legacy recovery is real, but the current price discounts a TCB ramp that has not yet cleared HBM qualification.
65/100
85Buffett
Alphabet: Search and Cloud Are Both Accelerating, but a 200 Billion Dollar Build Has Turned Free Cash Flow Negative and 333.68 Dollars Already Prices In the Base Case
Alphabet is a global internet platform whose high-intent Search advertising funds YouTube, Google Cloud and a frontier AI infrastructure build; FY2025 revenue was 402.8 billion USD. Second-quarter 2026 revenue grew 24% to 119.8 billion USD and Cloud grew 82% to 24.8 billion USD at a 35.6% operating margin on a 514 billion USD backlog, yet capital expenditure of 44.9 billion USD exceeded operating cash flow and produced negative free cash flow of 5.9 billion USD, with FY2026 guidance raised to 195 to 205 billion USD. Rating Hold: on roughly 130 billion USD of estimated owner earnings the shares trade near 31 times rather than the reported 16.8 times, so 333.68 USD sits at the 335 USD base intrinsic value with no conservative margin of safety.
57/100
82Buffett
TSMC: Earnings Have Outrun the Share Price to a 28.1x Trailing Multiple, but a Limit-Up Close at NT$2,425 Leaves Only a Limited Margin of Safety
The world's largest pure-play semiconductor foundry, monetizing process technology, manufacturing scale and customer trust across advanced logic and packaging, with high-performance computing at 66% of Q2 revenue and 7-nanometer-and-below nodes at 77% of wafer revenue. Since the 2026-05-22 edition the ordinary share rose 8.5% while trailing EPS rose about 16.0%, compressing the trailing P/E from roughly 30.0 to 28.1 times, though almost the entire move arrived in one 9.98% limit-up session on the base date. Rating Hold: earnings have outrun the price, but the current quote lacks a conservative margin of safety against margin and geopolitical tail risk.
40/100
Resonac Holdings: 99.3% of Core Operating Profit Now Comes From Semiconductor Materials, but at ¥12,125 the Pre-Spin Package Offers No Discount to Conservative Value
Resonac Holdings is a diversified Japanese materials group whose semiconductor and electronic materials segment, supplying die-bonding films, epoxy molding compounds and copper-clad laminates for advanced chip packaging alongside front-end CMP slurries, produced 99.3% of FY2025 core operating profit on 37.6% of consolidated sales. FY2025 core operating profit rose 18.4% to ¥109.1 billion while reported operating profit fell 47.6% to ¥46.7 billion, and FY2026 guidance for ¥140 billion core and ¥105 billion reported depends on narrowing that ¥62.5 billion gap to ¥35 billion. Rating Hold: at ¥12,125 the pre-spin package, one Resonac share plus the entitlement to one Crasus Chemical share, sits inside the ¥10,200 to ¥13,800 fair zone with no discount to conservative value.
31/100
84Buffett
Diageo: Cyclical Trough and Structural Erosion Are Both Real, and at 16.435 Pounds the Discount Is Not Yet Wide Enough
Diageo is a global spirits and beer owner whose Johnnie Walker, Guinness, Don Julio and Smirnoff franchises rest on brand investment, distribution scale and aged liquid that cannot be recreated quickly. Spirits supplied about 76% of FY2025 net sales of US$20.2 billion and beer 18%, but North America alone produced US$3.05 billion of operating profit before exceptional items, roughly 54% of the group total, so weak US spirits demand outweighs strength in Guinness, Europe and Africa. Rating Hold: the franchises and the cash flow are intact, but net debt of US$21.7 billion at 3.4 times EBITDA and a price sitting inside the 15.70 to 21.00 pound fair zone leave the ideal buy zone down at 11.50 to 12.50 pounds.
45/100
ASMPT: Record Bookings and a Real TCB Inflection, but at 135.10 HKD There Is No Conservative-Case Margin of Safety
ASMPT supplies back-end semiconductor packaging and electronics-assembly equipment through two segments, with its earnings mix shifting toward thermo-compression bonding and other advanced-packaging tools. First-half 2026 bookings rose 85.1% to HK$12.75 billion for a book-to-bill of 1.43 and adjusted gross margin reached 41.2%, but 2025 operating cash flow was only HK$243 million and the HBM4 opportunity remains at qualification rather than volume production. Rating Hold: the bookings inflection and SEMI margin recovery are real, yet at HK$135.10 the shares sit above the HK$108 conservative value and offer no margin of safety.
48/100
Hanwha Aerospace: The K9 Export Franchise Is Genuine, but at 865,000 KRW the Price Still Rides on Backlog Conversion and Capital Discipline
Hanwha Aerospace is a Korean land-defense exporter whose K9 howitzer and Chunmoo rocket-artillery franchises now fund a wider aerospace-and-shipbuilding group. Land defense turned KRW 8.13 trillion of 2025 revenue into KRW 2.01 trillion of operating profit, a 24.7% margin, while aerospace earned only KRW 2.3 billion on KRW 2.51 trillion of revenue and Hanwha Ocean supplied nearly half of consolidated sales, making the 138% headline revenue growth largely a consolidation effect. Rating Hold: the installed base behind the KRW 39.7 trillion backlog is real, but at KRW 865,000 the stock still sits above the KRW 700,000 conservative value, leaving the ideal buy zone at KRW 500,000 to 560,000.
50/100
Procore Technologies: Operating Leverage Finally Shows, but a 16%-of-Revenue Stock-Compensation Bill Leaves 48.82 USD Fairly Priced Rather Than Cheap
Procore is the leading construction-management SaaS platform, pricing subscriptions by product mix and annual construction volume rather than by seat. Q2 2026 revenue rose 15.8% to 375.2 million USD with a 21.5% non-GAAP operating margin, yet stock compensation at 16.1% of revenue holds GAAP operating margin at just 1.2%. Rating Hold: real operating leverage arriving at a fair price, with the ideal buy band at 34–36 USD.
39/100
NexGen Energy: The Licence Is In Hand, and at 8.93 USD the Price Already Assumes the Mine Gets Built
NexGen Energy is a pre-revenue Canadian uranium developer whose entire case rests on Rook I, an Athabasca Basin project designed for 30 million pounds of U₃O₈ a year at peak. The March 2026 CNSC licence cleared the binary permitting risk, but pre-production capital has already moved from C$1.30 billion to about C$2.2 billion and the definitive project-debt package is still not public. Rating Watch: a world-class orebody priced at US$8.93 for a mine that does not exist yet, with the ideal buy range at 3.7 to 4.6 USD.