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Bowen Qian

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  • Arcos Dorados: A Value Investor's Feast [View article]
    Caiman,

    I'm sure there are people in LATAM countries who wouldn't pay $4 for a burger. However, the numbers simply tell a different story. At 9.2% same store sales growth, there is clearly substantial demand for McDonald's in those countries. I do agree that continued monitoring is necessary to ensure that the growth isn't just a fad.
    Nov 21 04:27 PM | 1 Like Like |Link to Comment
  • Facebook Q3 10-Q: Not As Rosy As It Appears [View article]
    PE is trailing, if Facebook can grow fast enough, then this valuation is justified.
    Oct 30 11:29 AM | Likes Like |Link to Comment
  • Corning Could Be A Value Trap [View article]
    Going back to my RIM analogy...remember how much cash they had? Now look at how fast they're burning through that cash. Not saying that Corning will be making crazy losses, but a solid balance sheet does not a good company make.
    Jul 18 10:35 PM | Likes Like |Link to Comment
  • Corning Could Be A Value Trap [View article]
    Not to forget that one of RIMM's major segments were enterprise users, so it is indeed a business to business company. The thing with these companies I find, is that on the way down, the company is always going to appear cheap. RIMM, Nokia, etc...
    Jul 18 04:23 PM | Likes Like |Link to Comment
  • Corning Could Be A Value Trap [View article]
    Good points are raised. Not adding the SCP net cash position is an oversight on my part. I don't disagree with you in that it may take quite a few years for the OLED to overtake LCD as the most popular technology, but I guess the classic example of how this could play out is the RIMM analogy back in 2007. Also, I want to point out that Corning's net income has been cut in half in q1 from an yoy basis.
    Jul 17 06:19 PM | 1 Like Like |Link to Comment
  • Corning Could Be A Value Trap [View article]
    Well, my thought process is that the application for willow glass is rather uncertain since it has nothing of the sort has been introduced before. However, OLED is objectively better than LCD and will definitely be the next step (like upgrading to the new iPhone). Although it is possible that there are caveats with OLEDs that I am not aware of.
    Jul 17 12:03 PM | Likes Like |Link to Comment
  • Corning Could Be A Value Trap [View article]
    In the very long term, you might be right. But as of right now, the risk adjusted returns are not favorable in my book.
    Jul 17 10:27 AM | Likes Like |Link to Comment
  • Corning Could Be A Value Trap [View article]
    Thanks for the comment, I always enjoy rebuttals to my thesis so I can continue to improve my understanding. I agree with most of the stuff you're saying, but here's some other thoughts.

    Fiber-Optics: Again, this accounts for a small portion of net income. Also, infrastructure upgrades tend to be more one-time - after the fiber has been laid, that's that. However, you do bring up a good point since countries like China and India could be laying more fiber going forward.

    Life-sciences: I'm pretty neutral about the acquisition, appears only slightly accretive.

    OLED: At the moment, they do have that JV with Samsung, and OLEDs do use the same amount of glass at the moment. Going forward though, with pressure on creating ever thinner screens, the glass will likely be replaced by some sort of membrane.

    This stock could very will do very well, but I would like a much larger margin of safety for taking these risks.
    Jul 17 10:26 AM | 2 Likes Like |Link to Comment
  • Corning Could Be A Value Trap [View article]
    Great point
    Jul 17 09:31 AM | 1 Like Like |Link to Comment
  • Corning Could Be A Value Trap [View article]
    As my article states, the Gorilla Glass segment is a miniscule part of their net income. Unless of course they can improve their margins on Gorilla Glass by cutting costs (since we know that bargaining with Apple on pricing is next to impossible).
    Jul 17 09:30 AM | 2 Likes Like |Link to Comment
  • Corning Could Be A Value Trap [View article]
    Well OLED still requires glass from Corning, but will require less of it in the future.
    Jul 17 09:28 AM | Likes Like |Link to Comment
  • Corning Could Be A Value Trap [View article]
    It's totally possible, but that's just speculation.
    Jul 17 09:23 AM | 2 Likes Like |Link to Comment
  • Wells Fargo: A Top Pick In The U.S. Banking Sector [View article]
    http://bit.ly/NUUmaQ

    Check out my brief on today's earnings release on my blog!
    Jul 13 10:07 PM | Likes Like |Link to Comment
  • Wells Fargo: A Top Pick In The U.S. Banking Sector [View article]
    Good comment about Canadian banks, but I don't like them right now. Personally I think Canada is going to go through a huge real estate correction, and at least in the short term, I don't think these banks will do very well.
    Jul 13 12:01 AM | Likes Like |Link to Comment
COMMENTS STATS
14 Comments
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