Tag

#Sum-of-the-Parts

02Reports

2026-07-02 ·生命科学工具 ·内部研究

Bio-Rad Laboratories: A Company in Transition, Priced Without a Margin of Safety

Bio-Rad is a diversified life-science tools and clinical-diagnostics supplier whose core operations generated 2.58 billion USD of 2025 sales, complicated by an unusually large Sartorius AG stake that dominates its GAAP earnings. Q1 2026 brought a 527.1 million USD net loss driven by a 727.7 million USD fair-value drop on the Sartorius stake, even as the operating business still produced 108.1 million USD of operating cash flow, and management cut full-year currency-neutral revenue guidance to a range of -3.0% to +0.5%. Rating Hold: durable niche assets and real asset backing, but at 297.09 USD the price already assumes the 2026 slowdown is manageable and leaves no margin of safety.

BIO.US Bio-Rad Laboratories, Inc. #Life Science Tools #Clinical Diagnostics #ddPCR #Sartorius Stake #Sum-of-the-Parts #Turnaround

Hold

2026-06-28 ·互联网平台 ·内部研究

JD.com: A Stronger Retail Core Discounted for the Cost of Transition

JD.com is China's largest self-operated online retailer, built on a supply-chain-first model spanning first-party retail, marketplace services, logistics, health and industrial procurement. Its retail core is strengthening, with JD Retail operating margin up to 5.6% in Q1 2026 and net service revenue growing 20.6% against just 1.0% product growth, yet group profit and cash conversion are obscured by heavy food-delivery and overseas investment, while listed-subsidiary stakes worth about US$17.7 billion anchor a sum-of-the-parts case. Rating Cautious Buy: the market discounts the cost of transition more than it credits a stronger retail core, large buybacks and visible listed stakes.

JD.US JD.com, Inc. #Self-operated retail #Supply-chain logistics #Food delivery #Sum-of-the-parts #Shareholder returns #China ADR

Cautious Buy