$SMIC (00981.HK)$
Based on the announcement of Semiconductor Manufacturing International Corporation's fourth-quarter performance report for 2024, we can analyze its Earnings Reports performance against expected expectations using several key Indicators:
### Revenue
- **Annual**: The unaudited revenue for the entire year of 2024 is RMB 57,795.6 million (approximately USD 8.03 billion), a year-on-year increase of 27%. This growth rate is higher than the average level of the global semiconductor industry, demonstrating strong market competitiveness and growth potential.
### gross margin
- **Annual**: The gross margin is 18%, specific figures for the previous year are not provided, but considering industry trends and improvements in the company’s operational efficiency, this level of gross margin is above average in the industry.
- **Fourth Quarter**: The gross margin is 22.6%, an increase of 2.1 percentage points quarter-on-quarter, indicating improvements in cost control and product pricing by the company.
### Net income
- **For the whole year**: The net income attributable to the shareholders of the listed company was 3,698.7 million yuan, a year-on-year decrease of 23.3%, mainly due to a decline in financial income. Nonetheless, the net income after deducting non-recurring gains and losses remained at a high level, amounting to 2,645.5 million yuan, a year-on-year decrease of 19.1%.
### Capital expenditures and capacity
- **Capital Expenditure**: The company's capital expenditure for 2024 is $7.33 billion, which is...

$KSL (5038.MY)$
The significant difference between the intrinsic value and net tangible assets (NTA) of KSL Holdings Berhad (KLSE:KSL) is mainly due to the different calculation logic and application scenarios of the two. Here is a specific analysis:
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### **1. The logic of determining the intrinsic value (RM 6.45)** 
The estimation of intrinsic value is mainly based on Discounted Cash Flow (DCF) and relative valuation methods, combined with the company's future profit potential, industry prospects, and macroeconomic assumptions. According to search results, specific methods include: 
- **DCF model**: 
  1. **Growth Exit model (5Y/10Y)**: Assuming the future 5 or 10 years' cash flow growth rate and calculating the present value based on this. For example, the valuation of the 5-year growth model is 3.29-4.74 MYR, and the 10-year model is 3.79-5.41 MYR. 
2. **EBITDA Model**: Based on enterprise value multiple (EV/EBITDA) and forecasted future Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA)...

$KSL (5038.MY)$
1. Valuation and Financial Health
- Current Valuation:
- Stock Price: MYR 1.57 (close to the 52-week low of MYR 1.36), significantly below the estimated intrinsic value of MYR 6.45, at a discount of approximately 76%.
Valuation ratio:
PE ratio (P/E): 3.56 times (industry average about 10-15 times), showing significant undervaluation.
PB ratio (P/B): 0.40 times, reflecting a stock price only 40% of book value, with a high safety margin.
Cash flow: Net cash position reached MYR 0.161 billion, debt/equity ratio only 7.8%, strong liquidity (current ratio 6.75).
- **Profit Quality**:
- **Profit Margin**: Net income margin in 2023 was 35.69%, with a gross margin of 57.87%, significantly higher than the industry average level.
- **Profit Growth**: Net income increased from MYR 0.114 billion to MYR 0.417 billion from 2021 to 2023, with a compound annual growth rate of 92%, but the recent growth rate has slowed down.
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$KSL (5038.MY)$
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### **1. Valuation Metrics** 
- **Current Price**: RM 1.57, trading near its 52-week low of RM 1.36 and significantly below its intrinsic value estimate of **RM 6.45** (undervalued by ~76%) . 
- **Key Ratios**: 
  - **P/E Ratio**: 3.56x (trailing), below industry averages, indicating potential undervaluation . 
  - **P/B Ratio**: 0.40x, suggesting the stock is priced at less than half of...

Although the social media industry is competitive, Meta Platforms $Meta Platforms (META.US)$ stands out with some of the oldest and most recognizable players in the game. Despite its market cap exceeding USD 1 trillion, the company maintains a dominant position with platforms like Facebook, Instagram, and WhatsApp, supported by 3.24 billion daily active users.
Meta has multiple growth paths. The company makes almost all its money from advertising, and despite a slowdown in the online a...