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Research

Bank-like returns without the bank leverage, at a fraction of the price
Before I introduce today’s company, consider the economics of the average bank.
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Mission-critical software, 3.5x EBIT, 55% of market cap in cash, ramped up dividends and buybacks
Today’s company is Total Soft Bank.
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All Korean net nets #5: finding nuggets in the dirt
Another 6 stocks.
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Trading at net cash, 28% of book, 4x earnings, and profitable every year
A Korean household name with an open shareholder register and a new reason to care about its share price.
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An irreplaceable asset that has paid a dividend for >100 years
I’ll buy this any time it trades at book value.
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All Korean net nets #4: going through change
Another 5 down.
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18% of NAV, negative EV, hidden real estate value, and a recent property sale at 2/3 of the market cap
The cheapest Korean stock I've seen thus far.
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[Update] Japan’s most mispriced compounder
A banger of a quarter.
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All Korean net nets #3: another 8 stocks
A few passes, a few maybes, and 2 stocks behind the paywall.
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All Korean net nets #2: who’s holding the keys?
Another 5 stocks in the lowest end of Korea’s barrel.
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This Korean net net deserves its own writeup
Negative EV, EBIT and cash compounded at double-digit rates for years, consistently profitable, pays dividends and buys back stock, alignment with insiders (no chaebol).
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All Korean net nets #1: how much hair is too much?
Let’s get this going.
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The footnote that came down
A (premium) update.
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Net net with 75% upside to NCAV, <2x FCFF, and a 3.2% dividend yield
Today’s stock is a consistently profitable net net.
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Update on the share cannibal
Still cheap and misread by the market?
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OTC Markets Group
~15x FCF for a monopolistic market operator with infinite returns on capital that could probably grow mid-single digits "forever" is not a bad deal.
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SUTL Enterprise is cheap but not as cheap as you think
1.1x book and ~2x EV/EBIT for a locational monopoly in Singapore.
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Kelly Partners
On a roll rolling up accounting firms while the share price has rolled off a cliff.
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The CEO quit and the stock tanked 24% on the best day in the company’s 20-year history
One of the most boring business models in Europe is one of the ones I love the most.
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Japan’s most mispriced compounder
Recurring revenue collected years upfront, millions of users who have never heard of it, and a growth story few are underwriting.
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