Turning Rough Stones

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High Co SA: cheap French marketing services company with good management
High Co SA provides marketing services to supermarkets, mainly in France but also in Belgium and a little bit in Spain. The company provides SMS…
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Ruerd Heeg

May 2024

Fonar Corp (FONR): cheap with high earnings quality and room for improvement
The information for this article mainly comes from the annual report (30 June 2023), the quarterly report for the quarter ending on 31 December 2023 and…
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Ruerd Heeg
1

April 2024

Seraku Co: a cheap Japanese IT-services company with good earnings quality
A while a ago I had a look at Seraku Co (stock code 6199 in Tokyo), a Japanese IT-services company with low EV/EBIT and good earnings quality. After…
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Ruerd Heeg
1
System Integrator Corp (3826): a Japanese microcap with high earnings quality
System Integrator Corp is a software company with three business segments. The three business segments are Browser (sql database development tool and…
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Ruerd Heeg
1

March 2024

Moatable Inc (MTBL): a cheap software net-net
Moatable Inc mainly provides software-as-a-service services, mainly in the US. It operates two platforms: 1. Lofty for “all-in-one real estate sales…
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Ruerd Heeg
1
Molecular Partners AG (MOLN): a biotech net-net with institutional buying
Molecular Partners AG mainly develops drugs against cancer. To get the information for this post I had a look into the business update for the first…
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Ruerd Heeg
Makolab SA: cheap Polish IT-services nanocap with good earnings quality
Makolab SA is an IT consultancy company. The company provides IT-development services for web-software, system integration and solution design. The…
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Ruerd Heeg
EO2 SA: cheap French nanocap with good earnings quality
It has been a while since last post. I was busy with other things such as writing a book. I am close to finalizing the Dutch version. But in the mean…
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Ruerd Heeg

September 2023

Hyfusin: profitable Vietnamese net-net and nanocap with good earnings quality (HK:8512)
Hyfusin Group Holdings manufactures candles in Vietnam and sells them mainly in the US (more than 80% of the revenue) and also some in the UK. Almost…
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Ruerd Heeg

August 2023

Tokatsu Holdings Co (2754.T): an unnoticed Honda trader
Tokatsu Holdings Co trades new four-wheel Honda cars from its 9 dealer shops and used cars from another 3 shops, all in Japan. The company also provides…
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Ruerd Heeg
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April 2023

Free CVR with Jounce Therapeutics (JNCE)
On March 27 Jounce Therapeutics (JNCE on Nasdaq, filings) has entered a transaction to be acquired by Concentra Biosciences. The company will be…
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Ruerd Heeg

March 2023

Protara Therapeutics: biotech net-net with low failure risk
Ticker: TARA (Nasdaq). Date research and write-up: 2023-02-12 Price around 2023-02-12: 3.3 USD. Current price: about 3.3 USD. Estimated multiple…
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Ruerd Heeg
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