Is this by chance a machine that has been sitting unused for a long period??
I've had a couple of barn find machines that I've bought that had valves sticking open from lack of top end lubrication due to their long period of dormancy!!
The other possibility is that you have a bent or chipped valve, a damage valve seat..the list goes on.
What is the back story on this? Is this a routine valve adjustment or after completing a repair or to solve a problem? Have you done a dry/wet compression test?
Current toys..
1986 Honda 350X..trail bomb!
1985 Honda 250SX..my main mudder
1985 Honda 250ES..Back in Black Trike
Current non-trike toys:
1990 Honda TRX300FW
1995 Seadoo GTX
1998 Polaris Indy Lite 340(Nearly new looking)
1998 Polaris Touring 500
1998 Club Car (electric)