New deep-value research reports, newest first, one per covered ticker.https://waitingisthework.com/en-ushttps://waitingisthework.com/reports/1651/https://waitingisthework.com/reports/1651/Precision Tsugami China (… Tsugami Japonia) a livrat in FY2026 cel mai bun an din istorie - venit RMB … (…), profit net … (…), marja bruta record…, ROE…, ROIC…, numerar net … si zero credite - dar la HK… se platesc … profitul de varf al unui ciclic si … valoarea contabila (mediana proprie pe cinci ani fiscali: ~… P/E), iar mediana Monte Carlo da MOS … cu P(subevaluat)…; riscul cel mai bine documentat e taxa de licenta catre societatea-mama,… din venit si in crestere mai rapida decat venitul.Fri, 18 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/3998/https://waitingisthework.com/reports/3998/China's leading down-jacket maker looks cheap on profit but expensive on operating earnings once a large net-cash pile is excluded, so the thesis turns on how much of that cash reaches minority shareholders, with a warm winter that reverses that cycle as the risk.Fri, 18 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/213420/https://waitingisthework.com/reports/213420/A Korean OLED-materials maker with a healthy margin and clean receivables trades at a three-year-low multiple, but the discount looks justified: a sizable loan sits with the controlling shareholder, who posted a loss last year, and a recent acquisition came with declining profit.Fri, 18 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/064850/https://waitingisthework.com/reports/064850/A re-check confirms the operating-margin trigger for this reanalysis was poorly built and never should have fired: margin has actually expanded for five straight quarters on real operating leverage, and the real question is the revenue level behind it, not the margin itself.Fri, 18 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/apam/https://waitingisthework.com/reports/apam/Administrator activ de … USD AUM care distribuie… din castiguri (randament…) dar pierde organic 7… din active pe an, cu… din AUM in doua echipe de valoare internationala; la … DCF-ul median da … MOS si Monte Carlo… probabilitate de subevaluare, deci pretul este valoarea.Fri, 18 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/mgy/https://waitingisthework.com/reports/mgy/After closing an acquisition, this oil producer trades at a multiple and free-cash-flow yield that already match what the forward curve and its own price collar imply, leaving little valuation disagreement, with synergies not due until well after close.Fri, 18 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/one/https://waitingisthework.com/reports/one/Romania's largest premium developer has a genuine landbank moat, but reported profit has not converted into cash, and this review found the receivables metric that triggered scrutiny missed a large pool of contract assets, so real collection is far slower than the raw metric suggested.Fri, 18 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/pnor/https://waitingisthework.com/reports/pnor/A reanalysis triggered by a falling return-on-equity signal found the trigger was poorly built from the start and nothing has changed at the company in the past two weeks, only the price moved, pushing the price-to-book multiple to a five-year high.Fri, 18 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/rezi/https://waitingisthework.com/reports/rezi/A reanalysis after this company's spin-off found that all three triggered red flags were measuring the pre-spin entity, not the remaining business, whose pricing-power moat is actually intact, but it also uncovered a real new problem: cash flow from operations badly lagged reported net profit.Fri, 18 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/slp/https://waitingisthework.com/reports/slp/Retratator de reziduuri de crom din Bushveld fara datorie (D/E …) si cu numerar net de … USD (… din capitalizare), evaluat la … profitul de varf ciclic dar la … profitul mediu al ultimilor patru ani si la … valoarea contabila (mijlocul intervalului istoric …-…); ciclul de capex de … USD pentru Thaba s-a incheiat, ceea ce ar trebui sa elibereze flux liber, dar defalcarea capex sustinere/expansiune NU e publicata, deci exact ipoteza pe care se sprijina cei … marja de siguranta e neconfirmabila din sursa primara.Fri, 18 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/264450/https://waitingisthework.com/reports/264450/After a semiannual filing, the thesis shifts from balance-sheet cash to the operating business itself, which now looks worth more than the price even with zero credit for cash, helped by a first-ever capital-return policy and a cyclical turn in the numbers.Thu, 17 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/082920/https://waitingisthework.com/reports/082920/A primary-lithium battery maker with a real qualification moat is being sued by a competitor over specification compliance, and while net margin looks strong, the gain comes almost entirely from marking a financial portfolio to market rather than the operating business, whose margin is shrinking.Thu, 17 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/vh2/https://waitingisthework.com/reports/vh2/Europe's best-margin engineering-construction contractor looks cheap on headline free-cash-flow yield, but normalizing for a one-off working-capital release and a gap between recognized and collected joint-venture profit leaves only a modest margin of safety, and the real risk is a shrinking backlog concentrated in one segment.Thu, 17 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/003350/https://waitingisthework.com/reports/003350/A Korean cosmetics contract manufacturer with no brand and no analyst coverage has re-rated sharply in a few weeks, single-factory utilization is running hot on a soft average selling price, and shares from an exchangeable bond are starting to reach the free float.Wed, 16 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/036620/https://waitingisthework.com/reports/036620/A third look in three weeks at Korea's Snow Peak licensee traces the mid-year revenue gap to exports, not weak domestic demand, and uncovers a growing licensor royalty plus deposits held by the licensor, reinforcing the operating thesis while adding a cost nobody had priced.Wed, 16 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/092730/https://waitingisthework.com/reports/092730/A Korean dermocosmetics maker with a two-decade brand moat and strong operating returns holds so much net cash that the controlling family's reluctance to distribute it is the whole story, and the main risk is that the cash pile never gets unlocked.Wed, 16 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/acic/https://waitingisthework.com/reports/acic/A reanalysis triggered by a receivables red flag finds the automated check measured the wrong line item, but the underlying collection metric is genuinely deteriorating across four straight quarters, even as a renegotiated servicing agreement removed a looming contract expiration.Wed, 16 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/461300/https://waitingisthework.com/reports/461300/A Korean digital-textbook publisher with deep penetration in primary schools trades at a reasonable multiple with a solid margin of safety on the operating business alone, even with no credit for its investment portfolio; the main risk is the end of the current curriculum wave.Tue, 15 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/itrn/https://waitingisthework.com/reports/itrn/A near-ideal business with a legal vehicle-inspection monopoly in Israel and no debt has no margin of safety at the current price, and a currency breakdown in this review shows headline growth is mostly currency translation, with real organic growth much smaller and volume decelerating.Tue, 15 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/2400/https://waitingisthework.com/reports/2400/This Chinese gaming and platform company is genuinely high quality, debt-free with real net cash and buybacks instead of dividends, but trades close to fair value, and the main risk is a rising tax rate hitting as its flagship platform enters its first revenue contraction.Mon, 14 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/179290/https://waitingisthework.com/reports/179290/A Korean maker of non-vascular stents has a real certification moat and cheap operating multiples, but free cash flow disappeared into a working-capital shock this year, and the cash on the balance sheet is worth only a fraction of face value to a minority shareholder.Mon, 14 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/001060/https://waitingisthework.com/reports/001060/A Korean pharmaceutical company that has finished deleveraging to a net cash position and whose owner-earnings base was revised upward after a half-year filing removed a one-off tax charge from the trailing window, trading well below what several valuation methods say it is worth.Mon, 14 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/009450/https://waitingisthework.com/reports/009450/Korea's leading condensing-boiler maker, with most revenue from North America, had its semiannual filing resolve the prior open question by booking a provision through purchase accounting rather than earnings, confirming real free cash flow even as organic revenue keeps shrinking outside the recent acquisition.Mon, 14 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/bwlp/https://waitingisthework.com/reports/bwlp/The largest owner of very-large-gas-carriers is at the best point in its history on charter rates and leverage, but real cash flow to shareholders is well below the headline figure once normalized, and a large newbuild orderbook due through the decade threatens future rates.Sun, 13 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/iag/https://waitingisthework.com/reports/iag/Europe's most profitable network airline group reports free cash flow that overstates what reaches shareholders, because lease-principal repayments sit in financing, not operations, at a group with heavy lease liabilities, and on the corrected cash flow the stock looks fairly priced, not cheap.Sun, 13 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/lbw/https://waitingisthework.com/reports/lbw/A good, debt-free business with strong returns on capital is priced richly against its own history, with recent revenue and profit down year over year and a meaningful slice of its cash locked up as guarantees against customer-advance refunds.Sun, 13 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/ogc/https://waitingisthework.com/reports/ogc/A follow-up review finds the operating story intact, a key mine-life permit application was finally filed, but a falling gold price and a rising discount rate pushed every one of five valuation models below the current price, a step down from the prior review.Sun, 13 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/bvn/https://waitingisthework.com/reports/bvn/A quiet investor-day filing left the thesis unchanged, but recent disclosures cut guidance for a key growth project sharply, showed the dividend was funded entirely from one quarter's cash flow, and coincided with a silver price correction in a business heavily exposed to silver.Sat, 12 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/dac/https://waitingisthework.com/reports/dac/A containership and bulker lessor with a long charter backlog and low leverage trades below what independent appraisers say its fleet is worth, and a newly documented change-of-control clause ties loan repayment to the founder-CEO's continued role, turning succession into a credit event.Sat, 12 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/lpg/https://waitingisthework.com/reports/lpg/A well-run LPG shipowner is being priced as if today's peak freight rates were the mid-cycle norm, and even after this review raised its own estimate of that mid-cycle level, the share price rose by more, widening the gap between value and price.Sat, 12 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/tcom/https://waitingisthework.com/reports/tcom/Net cash after a regulatory fine covers a large share of this travel platform's market value and leaves the operating business cheap, but a permanent regulatory order bans the commission-expansion lever that drove last year's growth, so the risk is minority access to non-operating cash.Sat, 12 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/883/https://waitingisthework.com/reports/883/China's offshore-oil monopoly has a low all-in cost and a large net-cash position, and even after discounting minority access to that cash, median fair value sits modestly above the price, but the oil price alone explains the entire spread between the pessimistic and optimistic outcomes.Fri, 11 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/005930/https://waitingisthework.com/reports/005930/Samsung is posting its most profitable quarter on record on surging memory and HBM share, but at the current multiple most valuation methods show no margin of safety against a normalized mid-cycle base, and the preferred shares look more attractive than the ordinary ones.Fri, 11 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/cnc/https://waitingisthework.com/reports/cnc/Centene's 2026 turnaround is real but is driven by repricing and deliberate membership contraction, not growth, and normalized owner earnings put the business close to fully priced across several valuation methods, with little room for error.Fri, 11 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/etor/https://waitingisthework.com/reports/etor/A debt-free, multi-asset retail broker has already absorbed a crypto-trading collapse through its stocks, commodities and currency businesses, and a no-growth valuation roughly matches the price, so growth is essentially free, though profit leans heavily on interest rates while pre-IPO holders keep selling.Fri, 11 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/flex/https://waitingisthework.com/reports/flex/Flex has genuinely reinvented itself, with rising margins and a spin-off announced, but at the current price the stock already reflects the bull case: several valuation methods land close to the price itself, leaving little margin of safety and a shrinking free-cash-flow yield.Fri, 11 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/mair/https://waitingisthework.com/reports/mair/Financing risk from a recent acquisition has been resolved cleanly, with insiders buying into the placement, but the stock still looks expensive: free-cash-flow yield on the real share count sits below fair value, and merging a lower-margin business into a higher-margin one raises leverage.Fri, 11 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/mmtmf/https://waitingisthework.com/reports/mmtmf/A debt-free, single-mine gold producer with a large net-cash cushion and world-class costs trades cheaply on profit and book-value multiples, but its last formal reserve estimate dates back years and the mine is already producing beyond it, just as gold prices appear to have peaked.Fri, 11 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/rfx/https://waitingisthework.com/reports/rfx/This UK pawnbroker and gold dealer is a decent operator at the peak of the gold cycle with no real moat, but the price no longer reflects the market: it reflects a firm takeover offer weighted by regulatory-approval odds.Fri, 11 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/spsy/https://waitingisthework.com/reports/spsy/This stock looks cheap against last year's peak profit, but nearly half of that revenue comes from a finite sensor contract ending later this year, and on normalized earnings the multiple is much richer, leaving only a thin margin of safety.Fri, 11 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/tnk/https://waitingisthework.com/reports/tnk/A cyclical tanker owner with no real moat but a fortress, debt-free balance sheet had its owner-earnings base revised down in this review to account for aging-fleet replacement costs and a double-counted interest line, and most valuation methods now show the stock overvalued.Fri, 11 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/uber/https://waitingisthework.com/reports/uber/Uber's normalized owner earnings run well below the free cash flow it reports, and while several valuation methods still show modest upside, much of the price is a bet on future growth, with a shrinking insurance float the main risk to reported cash flow.Fri, 11 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/afmjf/https://waitingisthework.com/reports/afmjf/The world's highest-grade tin mine priced as if today's spot metal were permanent across a nine-year reserve life, with a withholding tax on intra-group dividends that leaks part of the cash on its way to shareholders.Tue, 08 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/crmd/https://waitingisthework.com/reports/crmd/A dialysis catheter drug whose trailing profitability is the artefact of a temporary Medicare add-on that has already expired, leaving the whole case resting on where the reset payment lands.Tue, 08 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/g/https://waitingisthework.com/reports/g/A business process outsourcer whose group margin held only because a credit-loss charge shrank, while unbilled work grew far faster than revenue and the price rose enough to consume the margin of safety.Tue, 08 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/inva/https://waitingisthework.com/reports/inva/A royalty stream with a known expiry, used to fund a hospital anti-infective platform and an illiquid stake carried above the investee's entire market value, eroding several times faster than last month's assumption.Tue, 08 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/npsny/https://waitingisthework.com/reports/npsny/Naspers is a holding company whose value is dominated by a look-through stake in a single Chinese internet platform, bought at a discount to net asset value and supported by meaningful buybacks, and at zero growth the stock is worth far less than today's price.Tue, 08 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/stng/https://waitingisthework.com/reports/stng/A product tanker owner that has turned itself into a net-cash balance sheet with no near-term maturities, where the fleet shrank faster than the earnings base and the price now buys a smaller mid-cycle business than it did a month ago.Tue, 08 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/2317/https://waitingisthework.com/reports/2317/A Japanese systems integrator outside any keiretsu, with a solid operating margin, high returns on equity and net cash, trading at roughly its own zero-growth earning power, so management's growth plan comes free — the dominant risk is a single retired founder's large stake.Mon, 07 Sep 2026 00:00:00 GMThttps://waitingisthework.com/reports/cpa/https://waitingisthework.com/reports/cpa/The most cost-efficient airline in Latin America, caught in a cyclical trough: a fuel-price jump halved its operating margin in the latest quarter while nothing operational broke, and both valuation medians still sit above the price.Mon, 07 Sep 2026 00:00:00 GMT