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

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

Against the credit in Russia: Case Tinkoff

INTRODUCTION Tinkoff Credit, Russian fintech Low 6.4x P/E 2019E, based on guided profit for 2019, which management kind of indicated will be beaten Modern digital only consumer "financial supermarket", focus on credit cards Probably the biggest and most profitable digital-only bank in Europe (~8,4 m. customers) Excellent long-term growth track record, 38 % net profit … Continue reading Against the credit in Russia: Case Tinkoff

PYN Elite fund: You don’t have to do everything yourself

Considering to outsource about 10 % of my portfolio to outside manager due to long time period of big cash position due to my inability to find ideas in what I consider my home markets (say Nordics and Europe). So I stumbled on Petri Deryng / PYN Elite fund and here are my random notes of him. … Continue reading PYN Elite fund: You don’t have to do everything yourself