The last time I covered Cheetah Mobile Inc. (CMCM), I deemed it a mixed bag. On the one hand, the company is severely undervalued by conventional metrics. It’s undeniable that CMCM trades well below its cash reserves. Also, CMCM is virtually debt-free and could seemingly liquidate everything and pay shareholders hefty dividends (like it recently did). Yet, upon closer inspection, its problems stand out. The company has had a long series of fraud allegations, weakening fundamentals, declining revenues, uncertainties related to being a Chinese company, and the lack of a concrete long-term