Today’s stock is a consistently profitable net net:
- ~1.8x EV/FCFF.
- 0.47x P/B, and half the book is cash.
- 0.57x P/NCAV.
- 7.8x price to 5-year avg earnings.
- 3.2% dividend yield.
- Has turned a profit for 15 years straight.
FY25 numbers came out in February, and they were good. Pre-tax profit grew ~14% last FY, the cash pile hit another record, and the gap between the market cap and NCAV is becoming increasingly bifurcated.
There’s no catalyst for this company, and I won’t invent one. The closest thing to a date on the calendar is that the controlling shareholder filed in August 2025 to list its own shares in Hong Kong, and at April’s AGM the chairman said that once that’s done, this company will revisit ways to improve the liquidity of its own shares. So far, there’s been some shenanigans on the governance which I spell out behind the paywall.
This is a tiny company of <$20mn market cap, completely under the radar. It trades <$3k a day. It’s insider-controlled, so the whole free float is worth <$10mn. If you run real money, you can stop reading here (and reach out to me instead). If you run a small account and have patience, read on.
The company’s name is…