@db,
a) "manufacturing ... grow its revenue/profit massively."
I think other than TELSA, there won't be another one because manufacturing company are limited by their physical constraints (# of factories, floor space, # of production lines, etc).
A better place to look would be Fintech industry at this moment.
b) "MM is ... cyclical... boom and bust"
Yes. Similar to Property, Semiconductor is constantly subjected to the massive demand (which driving up the price) and then massive supply (which drive the price to rock bottom).
Unfortunately, MM is serving customers right in the center of these boom and bust. The question is actually how and what MM did (and doing) in order to survive in this market condition.
c) "buy low cycle and sell boom"
I had been a keen observer of MM bloggers (and valubuddies invested in MM). This is actually the strategy that they wrote and also what they did.
Routinely, at different price point (78cts, $1.75, etc), different valuebuddies will gives a price estimation of MM. When the target is met, these valuebuddies will update that they had sold (all or chunks) of MM.
They always (always) mentioned that they would look forward to buy back at a lower price.
Did they buy back later at a lower price? and why couldn't they?
d) "hold... well-managed company with respectable dividend"
100% agree.
The main reason why valuebuddies who sold MM at their target price could not buy back cheaper, is because the price does not really drop.
In theory, MM price should drop since the target price is typically a stretch and it is not possible to hold above the target price. The price must drop.
It didn't happen.
One of the reason why it didn't happen is because of the increasing dividend.
I had observed that Singapore investors LOVE stocks with increasing dividend. These few LOVE stocks are very resilient.
I guess, those valuebuddies who sold MM will have to make a decision sooner or later - to buy back at a higher price than their set target.
Gratitude.