Carnival bought 8 months more life time

Few notes on latest equity offering: New shares from equity offering 62,5 m. and from convertibles offering 175m. if converted (virtually certainty if Carnival survives) Existing shares 657 m. So total diluted shares 895 m New money coming in total, with credit facilities etc., is 9 BUSD Current cash burn 1 BUSD month So current … Continue reading Carnival bought 8 months more life time

I’m all over the place

Busy day today, bought some Jedat before the Japan close, then tiny positions to FNAC in France and Unicret in Italy during the day, and now Capri Holdings before the US close. And yesterday I was in Singapore and Vietnam (bought some more PYN Elite). I think I will increase my emerging Asia allocation more … Continue reading I’m all over the place

Japanese software netnet: Jedat

This is pretty simple nanocap netnet idea. Jedat is Japanese electronic design automation software company. You can plan electronics, flat panels etc. with the software. Customers are semi-conductor type manufacturers. It's nanocap and competing against Autodesks but seems to have carved nice niche. Design software has some learning curve so customers can be sticky. If … Continue reading Japanese software netnet: Jedat

Update: Emerging Asia growth play Boustead Projects

Bought more Boustead Projects today @ 0.905 to 8,0% positionHigh quality industrial building design and build service provider from SingaporeHas done design and build projects since 1996 to "high value" industrial buildings and thus has competitive design and contracting operation that can win projects over timeUnderstood that the expansion to overseas will happen through JVs, … Continue reading Update: Emerging Asia growth play Boustead Projects

9.2.2020 Investment Journal: Vente-Unique update

Vente-Unique is a rusty growth company that has been one of my genius stock picks, currently clocking -50 %, give or take, from my purchase price. I was down even more during last year so I have been fighting with some negative reinforcement here for a while. At the time of the original writeup, I … Continue reading 9.2.2020 Investment Journal: Vente-Unique update

Boustead Projects: NAV discount with catalyst

I recently bought 2,5 % position in Boustead Projects. The business operates from Singapore, so I'm quite far away from my self imposed North Europe mandate. I didn't do much research on it though, because the idea is so simple. Firstly, Boustead Projects' net financial assets, including real estate and real estate development JVs measured … Continue reading Boustead Projects: NAV discount with catalyst

CAFOM: Corporate restructuring special situation

CAFOM is the largest electronics and furniture retailer in France’s overseas islands in Caribbean (“Outre-Mer"). It's operator of BUT furniture and DARTY electronics brands under franchise agreements. It also has 59% ownership in growing and profitable online only furniture retailer operating across Europe (“Vente-Unique”). Main owners are long time entrepreneurs. They have excellent track in … Continue reading CAFOM: Corporate restructuring special situation

Investment journal 17.10.2019: Telia LT Q3 update & exit

Quite disappointed. Revenue is up quite a bit, 3,5 % ex. voice. But this has come with cost of margin. Gross margin was 57,6% vs. 61% %ish average before that. I was expecting profit growth but due to discounting it's really not materializing. EBT has been declining for 4 quarters in a row. My thesis … Continue reading Investment journal 17.10.2019: Telia LT Q3 update & exit

Ferronordic Machines: All loud on the Western front

Bought more Ferronordic Machines shares today for 143.5-147 SEK. Position is now <8% of my portfolio. The purchase was reaction to Ferro's acquisition of "certain parts" of Volvo's and Renault's truck dealerships in Germany. With the deal, Ferro moves to West-European markets from its home-base on the Eastern front, Russia and Kazakshatan. Transaction is part … Continue reading Ferronordic Machines: All loud on the Western front

Investment journal 16.8.2019: Glaston exit

6.8.2019 Sold all Glaston @ 1.19-1.275 I sold half of my position, which was originally quite big 9 %, already few weeks ago @ 1,275 eur because I lost conviction on the trade. I had just realized 50% loss on CAFOM, and decided to haircut positions across the board as I lost some confidence. Now … Continue reading Investment journal 16.8.2019: Glaston exit