Stock.Logging

This is the portfolio I am taking into 2026. Mega thread with a short pitch for every stock in my current portfolio 🧵 1. $247A.T AI Robotics ➢ Japanese company that uses a proprietary AI engine called "Sell" to develop and scale its own D2C consumer brands, mainly in the areas beauty and beauty devices. Thanks to "Sell" product development, advertising campaigns, and CRM processes are largely automated, while production is fully outsourced. This makes the company extremely asset-light and efficient. Annualized revenue per employee stands at 8.4m USD. The company’s goal is a 100% revenue and earnings CAGR through 2029, driven by organic growth of existing brands (including international expansion) and the launch of one new brand per year (e.g. in the areas functional food, apparel or jewelry). Personally, I consider a 50% earnings CAGR through 2029 to be realistic. 💵 FY 2026 (01.04.25 – 31.03.26): 28x PE 💵 FY 2027 (01.04.26 – 31.03.27): 14–18x PE 2. $SLYG.DE Shelly Group ➢ Bulgarian smart-home device company. Competitive advantages include compatibility with nearly all major connectivity standards, high programmability, a broad product portfolio and a European cloud. Future growth drivers could be Shelly X (a proprietary chip for other OEMs to smart-enable their devices) and growing cloud revenues. A stock I’ve held for a long time. Management execution has been first-class for many years. 💵 2026: 25x PE 💵 2027: 19x PE Not cheap, but still enough for about 20% return CAGR from here, in my view. 3. $HROW Harrow ➢ Ophthalmology company that leverages a unique distribution network to ophthalmologists and surgical centers to acquire high-margin eye drugs neglected by Big Pharma at low prices and scale them rapidly. Future growth drivers include further market share gains for blockbuster drug Vevye (dry eye treatment), scaling acquired biosimilars, and the innovative sedative MELT-300, which could open up a large market beyond ophthalmology starting in 2028. Company target: 250m USD Q4/27 revenue at 30–40% operating margin. 💵 2026: 32x PE, 14x EV/EBITDA 💵 2027: 20x PE, 10x EV/EBITDA Attractive IMO for a company with clear operating leverage and at least 30% topline growth through 2029. 4. $NURS.V Hydreight Technologies ➢ The “Uber for nurses” and “Shopify for telehealth companies” from Canada, riding trends like GLP-1, TRT, and peptides. With scaling of the VSDHOne segment (the Shopify equivalent), hockey-stick growth is expected in 2026. Current analyst consensus sees ~196% growth next year to 105m CAD revenue. Given the recently reported placed order numbers for VSDHOne, this looks far too low to me. There are risks, especially potential pricing pressure for GLP-1 drugs and uncertainty around achievable AOV levels, but even considering those, the upside is enormous in my view. My personal top pick for 2026. 💵 2026: 14x PE (as mentioned, estimates appear far too conservative) 5. $YB Yuanbao ➢ Chinese online insurance broker for medical and critical illness insurance, led by an ex-NetEase C-suite team and powered by a strong AI engine enabling high automation in customer targeting, conversion, and after-sales services. Excellent financials with very high margins (96% GM, 30% OM), high capital returns (~40% ROCE), and a pristine balance sheet (debt-free, 88% of total assets in cash & equivalents). Market cap is ~56% covered by balance-sheet cash. I believe ~20% topline growth is achievable over the next two years. If the company finally initiates dividends or buybacks, I expect a re-rating to around 10x PE (level of closest peer Waterdrop $WDH). 💵 2025: 5x PE and 1.8x EV/FCF – absurdly cheap, in my opinion. 6. $SOFW.TA Sofwave ➢ Israeli MedTech company developing ultrasound-based devices primarily for skin tightening and wrinkle reduction. Competitive advantage versus peers like InMode lies in its non-invasive approach targeting the mid-layer of the skin rather than the deepest layer. Result: no downtime, no treatment damage. Attractive business model with recurring revenues from ultrasound pulses sold as fully digital consumables with 100% gross margin. Unlike competitors focused on fat reduction, GLP-1 acts as a tailwind for Sofwave. Free marketing from global influencers such as the Kardashians drives strong demand. Recently delivered very strong numbers with >40% revenue growth and inflection to profitability. 💵 2026: ≈25x PE, 2.7x EV/Sales 💵 2027: ≈13x PE, 2.2x EV/Sales Attractive to me for a company with a long runway for margin expansion and several more years of >20% revenue growth (at least that's what I think). 7. $ETON Eton Pharmaceuticals ➢ U.S. pharma company applying the Harrow playbook (cheap acquisition of Big Pharma–neglected products) to ultra-rare diseases. Portfolio includes treatments for IGF1 deficiency, pediatric adrenal insufficiency, and Wilson’s disease (a copper metabolism disorder). Based on its existing pipeline alone, Eton sees peak sales potential of 500m USD (vs. current 451m USD mcap). The company aims to operate profitably from Q4/25 onwards and to rapidly increase its operating margins over the next few years. Analysts expect around 30% revenue growth in both 2026 and 2027. 💵 2026: 19x PE 💵 2027: 11x PE In my view, the stock could double by the end of 2027. 8. $MLUAV.PA Embention ➢ Spanish company specializing in autopilots for drones and eVTOLs – essentially the “brains” of these aircraft, converting sensor data into flight control commands for semi- and fully autonomous flight. Key customer is $AMZN, where Embention supports the Prime Air drone program. The company’s moat lies in its extensive certifications, including aerospace-grade manufacturing standards. Embention reports only once per year and communicates very little with capital markets, though a recent Q3 shareholder letter hints at improved communication ahead. 💵 56x PE on FY 2024 earnings I expect exponential growth once drones and eVTOLs reach mass-market adoption for civilian use. 9. $ALLIX.PA Wallix ➢ French cybersecurity pure-play focused on PAM (Privileged Access Management). PAM manages access rights, password security, and session logging for highly privileged accounts like administrators. Many customers operate in critical infrastructure (airports, hospitals, research institutions). Tailwinds from EU regulations such as NIS2 and NATO’s 5% GDP target (with 1.5% of that allocated to cybersecurity). Transitioning from on-premise to cloud with strong operating leverage (fixed costs flat despite around 20% revenue CAGR since H1/23). Analysts expect more or less 20% revenue growth p.a. over the next two years. 💵 2026: 28x PE, 20x EV/FCF, 2.8x EV/Sales 💵 2027: 13x PE, 9x EV/FCF, 2x EV/Sales Far too cheap in my opinion. I see at least a 2x over the next 24 months. 10. $5314.TW Myson Century ➢ Taiwanese global leader and first mover in exosome-based nutritional supplements (with a patented plant-based production process), with nearly 400% revenue growth in 2025. Exosomes are nanoparticles released by plants and animals to enable cell communication, offering benefits such as improved regeneration, increased collagen production and reduced inflammation. Furthermore, they increase the bioavailability of added active ingredients many times over. Company vision: build an AI smart healthcare ecosystem combining health devices, functional food, and health insurance. They also invest heavily in military and civilian drones, aiming to become Taiwan’s equivalent of DJI. Excellent financials: 63% GM, 45% OM, 129% ROCE TTM. 💵 2025: ≈23x PE on annualized Q3 I expect them to trade at a fwd. PE below 20 for FY 2026. 11. $MOB Mobilicom ➢ Nasdaq-listed Israeli pick-and-shovel drone play producing datalinks for small drones and loitering munitions. Still speculative with low single-digit million USD revenues, but 2026 should be an inflection year as the company transitions from prototypes to serial production and long-term Programs of Record (POR) with Tier-1 defense customers like Teledyne. According to the CEO, a single POR could generate 20m USD+ in revenue (vs. current 80m USD mcap). Break-even targeted for 2026. From 2027 onward, Mobilicom also aims to generate high-margin recurring software revenues from cybersecurity for AI-based autonomous drone systems – a billion-dollar market, per management. 💵 2026: ≈8x EV/Sales 💵 2027: ≈18x PE, 3x EV/Sales Base case: ≥40m USD revenue in 2029 with high-30% EBIT margins. Bull case: triple-digit revenues. In that scenario, Mobilicom could become a tenbagger within 4–5 years. 12. $276A.T CCReB ➢ Japanese company focused on advisory- and technology-driven services for compact corporate real estate. Solutions segment includes consulting, fund structuring for real estate sales, project management, brokerage, and short-term holding or leasing of properties on balance sheet, while maintaining ≥50% equity ratio. Tech segment offers a subscription-based data platform that automatically analyzes corporate reports, derives real estate needs, and generates leads. Major beneficiary of Tokyo Stock Exchange capital efficiency reforms. Mid-term plan: 67% revenue and earnings CAGR over the next three fiscal years. 💵 FY 2026 (01.09.25 – 31.08.26): 24x PE 💵 FY 2027 (01.09.26 – 31.08.27): 14x PE 13. $0236.KL Ramssol Group Berhad ➢A Malaysian consulting firm that is increasingly evolving into a software and technology platform operator for the ASEAN region. Initially focused on the implementation and consulting of HCM and ERP software, the business now encompasses areas such as EduTech (largely self-developed learning and educational applications for companies and schools), MarketingTech (digital marketing services), AutoTech (operating a marketplace for vehicles including services like driver's license renewal), and AITech (development of project-related AI applications). Revenue growth exceeded 50% in the last quarter. The CEO aims for a 70% recurring revenue ratio in the future (currently around 30% of total revenue). 💵 2025: 18x PE, 4x EV/Sales 💵 2026: 12x PE, 3x EV/Sales These analyst estimates look conservative vs. recent results and CEO guidance of 50–60m MYR profit in 2026 (this guide would imply a fwd. PE of 6–8). 14. $462A.T Fundinno ➢ Recent IPO. Market-leading platform for private, equity-based company investments (crowdfunding) in Japan with more than 90% market share. The company covers the full lifecycle of startup investments: fundraising (revenues from transaction-based commissions), software & services (recurring revenues for capital structure management, shareholder affairs, etc.), and a secondary market (trading fees for trading unlisted shares). Fundinno also plans to expand its product portfolio soon and offer its own funds. There is significant growth potential in Japan due to the country’s PE market being highly underdeveloped by international standards. Particularly exciting is the company’s incredible operating leverage: for FY 2026 (01.11.2025 – 31.10.2026), management is planning for 56% revenue growth and an increase in EBIT margin from 8% in the prior year to 29%. The incremental EBIT margin on the revenue delta between FY 2025 and FY 2026 is 66% (!). 💵 FY 2026 (01.11.25 – 31.10.26): 27x PE I think a revenue CAGR in the mid-30% range over the next 4–5 years, combined with an increase in EBIT margin to >50%, is realistic. 15. $LODE Comstock Inc. ➢ A cleantech company that has developed a technology allowing old solar panels to be recycled with a zero-landfill solution, leaving silver, aluminum, and glass as recovered materials, without harmful emissions. The company is currently pre-revenue / still in the technological testing phase. 2026 is expected to be the inflection year, as the first large-scale facility with capacity of 100,000 tons, i.e. 3 million panels per year, is scheduled to start operations. Additional facilities are expected to follow in subsequent years. Comstock intends to generate revenue through (1) a tipping fee for accepting panels and (2) selling the raw materials recovered in the recycling process. Thus Comstock would strongly benefit from the currently surging silver price. Beyond this metals business, the company also has a biofuels segment called Bioleum (still far from commercial readiness), as well as currently idle gold and silver mines and various strategically well-located real estate. 💵 FY 2027: 6x PE If Comstock actually meets these analyst expectations (86m USD revenue, 29m EBIT, 0.67 USD EPS at a current 180m mcap and 3.94 share price), the stock could multiply by then. Longer term, additional facilities, sales of idle assets, and reaching commercial readiness for Bioleum could enable materially higher revenues and profits. 16. $DCTH Delcath ➢ A US biotech that developed a drug-device combination called HEPZATO for the treatment of metastatic uveal melanoma (mUM), an ocular cancer that metastasizes to the liver. The process works as follows: the liver is first isolated from the bloodstream, then high-dose chemotherapy is administered, and the blood flowing out of the liver is filtered outside the body, cleansed of chemotherapy residues, and then returned to circulation. A few months ago, Delcath released promising study results for treating mUM with HEPZATO + immunotherapy, which could open the door to additional cancer indications and expand the TAM from 500m USD to several billion USD. Mcap currently: 364m USD. Recently, a buyback program was initiated and there were multiple insider purchases by the CEO. 💵 2026: 30x PE, 3x EV/Sales 💵 2027: 12x PE, 2.4x EV/Sales Very attractive IMO given the long-term growth opportunities. 17. $BXN.AX Bioxyne ➢ A GMP-certified B2B contract manufacturer for medical cannabis, medical cannabis products and psychedelics, essentially a kind of Foxconn of the cannabis industry. Bioxyne buys cannabis raw materials from licensed producers worldwide, processes them in its own facilities into flower, oils, gummies, etc., and delivers them on behalf of customers to wholesalers and pharmacies. The company is active primarily in Australia, Germany, and the UK. Advantage versus other cannabis stocks: no brand or marketing risks. Guidance for the current FY (01.07.25 – 30.06.26): 65–75m AUD revenue and 11.5–13.5m AUD EBITDA (implying 115–150% YoY growth). 💵 FY 2026: ≈9x PE, 6–7x EV/EBITDA 18. $4493.T Cyber Security Cloud ➢ Japanese cybersecurity pure-play offering various cloud-based software modules centered around Web Application Firewalls (WAF). Put simply, a WAF inspects traffic flowing to and from a web application and filters out potentially harmful requests. In addition to its own WAF module, the company also offers modules that allow customers to continuously tailor the pre-built WAFs from AWS, Azure, etc. to their specific needs and keep their configurations up to date. Cyber Security Cloud is one of the fastest-growing SaaS companies listed in Tokyo, with growth rates recently above 30%. As one of very few listed Japanese software companies, CSC also generates meaningful overseas revenue (around 10% of total revenue). 💵 2026: ≈16x PE, 2.3x EV/Sales 💵 2027: ≈12x PE, 1.8x EV/Sales 19. $PRPO Precipio US diagnostics company for blood cancer detection. They have two proprietary technologies: HemeScreen, a low-cost, easy-to-use PCR-based platform that reduces test times from 14 days to 2 days versus competing products, and IV-Cell, a culture medium that allows four cell lines to be cultured simultaneously, significantly reducing the risk of misdiagnosis. The company has been growing at >30% for years despite very disciplined cost management (OPEX has grown only 4% p.a. over the last 5 years) and is close to break-even. OPEX is expected to remain flat going forward per management, while the company should grow topline 15–20% and gross margin should expand from 45% currently to >60% over the coming years due to a changing product mix (more test-kit sales and less lab diagnostics). 💵 2026: ≈42x PE, 1.47x EV/Sales 💵 2027: ≈11x PE, 1.2x EV/Sales A stock that, in my view, could deliver >40% returns p.a. over the next 4–5 years if my estimates are accurate. 20. $DVYSR.ST Devyser Swedish diagnostics company focused on hereditary diseases, oncology, and transplant medicine. The company’s Next-Generation Sequencing (NGS) technology enables reading the sequences of millions of DNA fragments simultaneously. The one-tube workflow (= almost all steps in a single tube) reduces error risk, saves time, and conserves resources. Devyser has the potential to revolutionize the US transplant monitoring market by offering an FDA-approved IVD test kit, allowing clinics to run tests on-site and bill directly, bypassing the centralized CLIA labs. This would turn hospitals from a cost center into a profit center - a fundamental incentive shift - under which Devyser could, in an optimistic scenario, increase its own revenue by more than 20x compared to the current base. 💵 2026: ≈45x PE, 5.4x EV/Sales 💵 2027: ≈24x PE, 4.2x EV/Sales 21. $HIT Health In Tech InsurTech enabling companies in the US to transition to self-funded health plans by digitizing planning, underwriting, and administration. Via the eDIYBS platform, brokers and TPAs can generate bindable quotes for health and stop-loss plans within minutes, instead of months as is standard in the industry (fee-model). Through Stone Mountain Risk, brokers or TPAs can structure self-funded health plans (recurring revenue per enrolled employee). Massive revenue potential in a huge, roughly 40b USD TAM with meaningful digital disruption potential. 💵 2026: ≈23x PE, 1.6x EV/Sales 💵 2027: ≈12x PE, 1.1x EV/Sales Two additional stocks I can not publicly disclose for confidentiality reasons: a pick-and-shovel drone play, and a Japanese job-recruiting platform with software-like gross margins, 30% revenue growth p.a. targeted through 2029, and a valuation of >0.3x EV/Sales. On my watchlist are, among others, SK Hynix and an Australian mining stock that could generate almost its entire current mcap in FCF next year (I can’t disclose this name either).

If you’re open to Japanese stocks: $196A.T, currently my 3rd largest holding. I'm in the middle of writing a longer pitch. Here’s the high-level overview x.com/i/status/20317… Stock is trading at 16x artificially depressed PE for the FY through June 2026, dropping to roughly 6x PE the year after, according to my own projections. Company has the vision to 10x revenue by 2030. Clean balance sheet with net cash. No credit risk (pure-play intermediary).

Any profitable, cheap & growing microcaps which have pulled back that people like here? Couple I picked up recently: $VST.CN, $DBO.TO

@ArmsGarrett Got it. Thx!

@stock_logging Exploring it. cfo.

$YB @ $16.70 an interesting setup. Digital broker that trades at <1x growing earnings ex-cash. Strip away AI narrative & it’s a performance marketing co—buys ads on Chinese social media, funnels users to comparison platform, & earns commission on (mostly health) insurance policy sales. High churn, industry w/ well-known complaint issues, but a legitimate biz growing at 30% w/75% of market cap in net cash. Should make $200M+ this year vs $180M EV today. Credible team w/real backers. CEO founded NetEase ecommerce division & built Kaola platform that was acquired for $2B. IPO’d on Nasdaq last year—process started before latest wave of concerns around US-listed Chinese cos. Now exploring dual HK listing—CFO thinks this will unlock value, as comparable HK insurtechs trade 100% higher. Buybacks are the answer, but mgmt cites tight float w/legacy VC backers still holding shares. Acknowledge that cash position materially exceeds needs—claim to be offering cap. allocation framework later this year w/shareholder return plan—we will see.

@D27357 @friso_alenus Quote from the call: "... we expect to maintain our revenue and net profit growth momentum in 2026." I think something around 20% topline growth seems realistic.

@friso_alenus Did they give a guide?

$YB Not sure why Yuanbao got punished so hard today. Earnings were more than fine. However, post earnings these small caps are always volatile, in today's market not so unreasonable I guess.

@friso_alenus I'm guessing that one of the earlier VC investors continued to sell down part of his position. Price action is beyond frustrating. I'm really starting to lose patience.

$5314.TW I sold my position this morning. Some of you probably noticed that I never finished my promised write-up. The reason is that the deeper I dived into the company, the more warning signs I discovered, which eventually led to a bad gut feeling. Here is the breakdown: ➢ A core part of my thesis was the patent for the EOB686 exosome technology, as I understood that the supplements based on it were the primary growth driver for the company over the last two years. ➢ As a reminder: Exosomes are nanoparticles released by plants and animals to enable cell communication, offering benefits such as improved regeneration, increased collagen production, and reduced inflammation. Furthermore, they increase the bioavailability of active ingredients many times over. Aside from a few startups, I haven't found any other company producing edible exosome supplements. Therefore this seemed to me like a great setup for continued huge growth in the future. ➢ Based on the company presentations I read, I understood that the patent belonged to Myson Century. However, I tracked down the patent in the German registry (#verf-detail-table_3" target="_blank" rel="nofollow noopener">register.dpma.de/DPMAregister/p…) and realized that the actual owner is Syngen Biotech. Syngen is a listed Taiwanese company that operates as a contract manufacturer for food and supplements. Syngen is a standalone company, not a Myson subsidiary. ➢ Thus it’s completely vague how the collaboration between the two works. Does Myson have exclusive distribution rights? If so, are these rights time-limited? Is there a risk of losing them eventually? To what extent does Syngen participate in the revenues from Myson’s supplement sales? Is Syngen the sole contract manufacturer? If so, it’s very odd that Syngen hasn't shown a massive revenue spike during the 2024 - 2025 period when Myson’s sales exploded. ➢ I reached out to management via email regarding all these points but haven't received a response. ➢ Furthermore: The "patent" isn’t actually a full patent, but merely a utility model (known as a "Gebrauchsmuster" in German). Unlike the standard patent process, utility models are not examined for novelty or inventive step prior to registration. These criteria are only verified in the event of litigation. ➢ The 2025 annual results were released a few days ago. In Q4, revenue looked good, but gross margin dropped from over 60% to the mid-40s, and EBIT margin tanked from 40% to 20%. I find such heavy fluctuations strange. Moreover, this invalidates my personal estimates of at least 35% EBIT margins for the coming years, resulting in a significantly lower IRR. ➢ The main website for the supplement brand Chaohe Biomedical (jhaoho.com.tw) doesn't seem to have any significant web traffic according to Ahrefs. Furthermore, traffic for the e-commerce company acquired at the beginning of the year 2024 (pcone.com.tw) has been dropping sharply lately. The Chaohe Instagram page has almost no followers. While they might sell a lot via livestreams to an older, less tech-savvy demographic, it still gives me a weird feeling. ➢ Generally, it’s very unclear which business unit generates what revenue. There still seems to be zero revenue from drones, despite the company announcing in various news articles that they would begin selling to retail customers on Amazon as of December 2025. ➢ The entire setup - with Sun Yad $1316.TW as the listed parent and various subsidiaries with cross-shareholdings - is very opaque and feels like a breeding ground for fraud. On Taiwanese stock forums, I keep seeing people accusing them of accounting fraud. Here’s an example of a forum post I found; you can use AI to break it down: ptt.cc/bbs/Stock/M.17… ➢ The chart also looks pretty damaged. 80 TWD unfortunately failed as a support level. Given the current overall market weakness, the correction could go significantly deeper IMO. ➢ After my personal debacle with a certain Swedish stock last year, I’ve become much more sensitive to warning signs and red flags. Therefore, I decided to play it safe and realize a roughly 20% loss. ➢ I already have several high-growth, yet very cheaply valued small- and microcaps on my watchlist as alternatives - companies where I don't have to worry about potential fraud or similar issues. ➢ Nevertheless, I will continue to monitor $5314.TW and pay particular attention to news about the drone business.

@AchillesDes @friso_alenus Post below FYI. Seems like they prepare to pay dividends soon! x.com/SmallcapInv1/s…

@friso_alenus Nothing. Their earnings calls are even worse than $PDD's. Their leaps are sealed. Lots of analysts there though, as last time. A significant number of analysts for a company transacting "peanuts" on a daily basis.

$YB Yuanbao reported earnings today. Revenue comes in at $625 million (+33% yoy), slightly ahead of my base case for 2025 ($620 million) Revenue keep growing steady. Let's wait for the earnings call to see what management says about buybacks/dividend Almost 60% net cash vs MC!

@SmallcapInv1 That makes perfect sense! Great find, thanks a lot for the heads up 🤝 @friso_alenus FYI

Actually, I came out pretty enthusiastic. They didn't mention dividends in the PR and were vague on the call, but they gave us a big (yet concealed) hint - the accrual withholding of Q4 tax! The accounting implication is that they are transferring money from their Chinese entity into the US one (probably via the HK entity), and the main reasons for doing this would be - dividends, buybacks or acquisitions. In this case I think it's pretty clear that the reason is an upcoming dividend. While they haven't mentioned it specifically, my guess is that they'll announce the dividend by end of June, and that it'll be around 4%-5%. We might learn more after release of the 20-F (ADR equivalent of the 10-K) by end of April. Their IPO was less than a year ago, and there really are some preparations prior to the first dividend payments, so I believe management when they're saying it's in the works. The relevant text: "Income Tax Expenses. Income tax expenses in the fourth quarter of 2025 were RMB75.4 million (US$10.8 million), representing a 734.9% year-over-year increase from RMB9.0 million in the same period of 2024. This increase was primarily driven by the accrual of withholding income tax in the fourth quarter of 2025."

$YB Yuanbao just reported its Q4 results: ➢ Revenue +32.24% YoY, +1.50% QoQ ➢ EBIT +36.54% YoY, +11.38% QoQ ➢ 97% Gross Margin, 33.6% Operating Margin ➢ EPS lower QoQ due to high income taxes Valuation based on 2025 numbers: ➢ 5x PE ➢ 1.53x EV / OCF ➢ 24% OCF yield Initial thoughts: Strong numbers as usual. For a company which should grow topline by ~20% in 2026, this valuation is laughably cheap, also compared to peers like $WDH. But: Still no news on shareholder returns (dividends/buybacks), which is incredibly frustrating. As I’ve noted several times in the past, I fear the market will continue to ignore the stock as long as all that cash just sits there rotting on the balance sheet. Management claimed they were "considering" dividends in the last two earnings calls, but nothing happened so far. If we don't get anything concrete regarding dividends in the upcoming call today (which I strongly suspect), I’m considering selling my position. Very frustrating outcome because my original July 2025 write-up was spot on regarding business quality and execution - but the share price simply doesn't reflect it. Much of the blame for this IMO lies with management, which appears to have zero interest in shareholder returns, playing right into the hands of those skeptical of US-listed Chinese stocks.

@friso_alenus Yep. At least not all of the positive delta went into short-term investments like in Q3. But I really wonder what they plan to do with all that money??

@stock_logging Cash balance keeps growing 🙈

@Oddhootcapital @mvcinvesting Awesome! Anonther smart investor on board 💪🏻

@stock_logging @mvcinvesting Long since summer at 2.4 with 5%, since December 10% :)

My new position is $NRXS. It’s already up >30% from my initial entry less than a month ago, but I still believe this could be a multibagger from here. I intentionally kept a low profile on this one. With a sub-$100M market cap and limited liquidity, I wanted my paid subscribers to have time to research it properly before discussing it publicly. I also met with the CEO while preparing my article and clarified several key questions. If anything, that made me even more confident in the thesis. It’s been a while since I’ve been this excited about a microcap. In my view, the risk-reward is extremely compelling, especially now that several key milestones have been achieved, significantly de-risking the story. SUMMARY OF THE THESIS: - First FDA-cleared, non-invasive treatment for chronic stomach pain in children, with no competition - After almost a decade of groundwork, the key bottleneck (reimbursement) is now largely solved → commercial inflection started in January 2026 - Very strong unit economics (90%+ gross margins) with only $10-11M in revenue needed to reach profitability - $5B pediatric market with clear demand already in place just needs coverage + awareness to unlock at scale - Manufacturing is not a constraint. The company can scale from low single-digit millions to $100M+ in revenue quickly with minimal capex - Multiple near-term catalysts + long-term upside (adult market) - Sub-$100M market cap vs. potential for $50-100M revenue with only 1-2% market penetration (can easily go a lot higher over time) = asymmetric upside The thesis doesn’t rely on this at all, but in 2-3 years, this could become an M&A target at a MUCH higher valuation. Full Deep Dive (paywall removed): ⬇️ mvcinvesting.substack.com/p/my-new-posit… Not financial advice.

@mvcinvesting Small starter position for now, which I’ll definitely add to if they execute well. Had this one on my watchlist for some time - main factor that finally convinced me was the significant insider purchase in late December. Bought the position as soon as I became aware of it.

@stock_logging I didn’t know you owned it too! 🤝🏻

@nimesh3t Thanks!

@stock_logging Good summary!

$SOFW $SOFW.TA Here is an AI-generated summary of the earnings call covering Sofwave's fantastic quarterly results🧵 Disc: Still long with a 19.37 ILS cost basis. 1/ Financial Performance & Revenue Milestones 📈 ➢ 2025 was a milestone year, marked by strong revenue growth and the achievement of IFRS profitability. ➢ Q4 2025 revenue reached $28.9 million, a 58% increase compared to Q4 2024. ➢ Recurring usage fees for the quarter grew even faster, hitting $13.2 million, an 83% increase year-over-year. ➢ Total revenue for FY 2025 reached $87.6 million, up 47% from 2024. ➢ Recurring fees now represent approximately 43% of total annual revenue. 2/ The GLP-1 Market Catalyst 💉 ➢ Management highlighted the rapid adoption of GLP-1 weight loss medications as a primary growth driver. ➢ Approximately 1 in 8 adults in the U.S. is estimated to be using GLP-1 therapies. ➢ Rapid weight loss often results in skin laxity, loss of tissue tone, and muscle degradation. ➢ Industry data indicates that over 60% of GLP-1 patients seeking aesthetic procedures are new to the category. ➢ Unlike destructive technologies, Sofwave’s ultrasound targets the mid-dermis to regenerate skin without damaging fat or deeper structures, which is critical for patients who have already lost facial and body volume. 3/ Product Innovation: Lift HD & PureImpact VIP 🛠️ ➢ Sofwave expanded from facial treatments to body applications, including arms and thighs. ➢ The Lift HD Applicator, launched mid-2025, is designed specifically for body treatments with enhanced speed and efficacy. ➢ Lift HD significantly increases the thermal injury volume, which is vital for treating larger body surface areas efficiently. ➢ The PureImpact VIP, launched late 2025, uses proprietary EMS principles to strengthen and build muscle mass. ➢ Unlike previous versions, the VIP unit operates independently of the ultrasound system, allowing for simultaneous skin and muscle treatments. ➢ Once the units are placed, the PureImpact VIP runs autonomously without further human intervention. 4/ Clinical Evidence & Functional Performance 🧬 ➢ A clinical study led by Dr. Movski (longevity expert and 2024 President of the American Aesthetic Society) validated the EMS technology. ➢ The trial involved 38 subjects divided into treatment and control groups. ➢ Subjects in the treatment group received six sessions, resulting in significant improvement in functional muscle performance by week 9. ➢ The study demonstrates that PureImpact VIP improves not just aesthetic appearance, but also actual muscle performance metrics. 5/ Marketing Dominance & Global Scale 🌍 ➢ Sofwave now has an installed base of approximately 2,700 systems across 52+ countries. ➢ North America remains the leading market, accounting for over 50% of total revenue. ➢ Regulatory approval in Japan (Q2 2025) has further fueled growth in the Asian market. ➢ Digital engagement exploded with 35.8 million impressions in 2025, a 90% increase year-over-year. ➢ Sofwave holds a commanding 54% "Share of Voice" in regenerative lifting conversations online. ➢ The company's global social media community now exceeds 1 million followers. 6/ Profitability & Balance Sheet Strength 💰 ➢ Operating profit for FY 2025 (adjusted for stock-based compensation) hit a record $9.2 million, compared to a loss of $1.2 million in 2024. ➢ Gross margins remained strong at approximately 75%. ➢ Operating expenses as a percentage of revenue decreased to 60% in Q4, down from 74% in the previous year. ➢ The company ended 2025 with a healthy cash balance of $35.3 million. ➢ Management confirmed they are exploring a potential U.S. stock offering (IPO).

@PhilippHaas_ir Tolles Writeup und sehr interessanter Investmentcase! Vielen Dank für deine Arbeit 👍🏻

Germany’s hidden fintech compounder 🇩🇪 Hypoport SE ($HYQ) runs the digital infrastructure behind mortgages & insurance distribution — not a lender, but a platform. Housing slowdown crushed sentiment, not the long-term thesis. Market may be mispricing a structural winner. 👀 Full deep dive ↓ investresearch.substack.com/p/hypoport-ger…

@AktienAkademie 26% of the portfolio is huge 😅 IMO not a bad idea to take at least some profits off the table right now.

@stock_logging Elsight reached 26% of my pf yesterday 😅😅😅 I might sell those shares again that I bought back recently in the dip...

Quick update: Portfolio moves so far this month & some macro thoughts 📣 1️⃣ Added to $196A.T MFS Inc, a Japanese microcap with $16m USD mcap. ➢ To me, MFS is one of the most interesting opportunities right now. I’ll post a more detailed deep dive on this stock in the next few days, but here is a rough outline of my investment case: ➢ The company has two segments: ▪️ A: Mogecheck, the leading mortgage comparison platform in Japan, with historically very strong growth rates (43% in 2024, 38% in 2025) and EBIT margins above 20%. In the current FY (07/01/25 – 06/30/26), they are transitioning the revenue model from a click-based lead model (i.e., compensation for each loan application submitted via Mogecheck, regardless of approval) to success-based completion fees (banks only pay when the loan gets approved). ▪️ While the long-term monetization potential of the new revenue model is significantly higher, this resulted in a short-term revenue drop of -37% in H1 and negative EBIT. This is because loan approvals typically take 3-6 months at partner banks, while customer acquisition costs are incurred upfront. In the next FY, growth rate and EBIT margin should return to historical levels. ▪️ B: The second segment is Invase, a digital real estate investment platform for affluent clients. Revenue comes partly from brokerage fees, but the company recently began acting as a short-term buyer and seller of properties as well. Excluding the resulting revenue inflation (as purchase and sale prices of the properties are recorded in the company's own books), this segment grew by 113% YoY in H1. ▪️ And it appears that growth is accelerating further: website traffic has recently more than 5x’ed compared to the October–December period (see picture below). ➢ Meanwhile, the stock is trading near all-time lows at a fwd P/E of 16 for FY 07/01/25 – 06/30/26 and a fwd P/E of 7 for the next FY (07/01/26 – 06/30/27), based on my own estimates. This is quite an interesting contrast between business performance and current share price. ➢ The company has a clean balance sheet with no net debt and carries no credit risk itself. Operating leverage should be quite significant going forward. Trading liquidity is also quite good for this market cap, with about $142k USD in daily trading volume. 2️⃣ Added to $HROW. ➢ The stock was severely punished after Q4 results, losing more than 30% in just a few days. In my opinion, this is completely overblown. ➢ Q4 saw a miss in profitability metrics due to a one-time effect from the Melt acquisition. The 2026 guidance was below market consensus, but clearly sandbagged to establish a beat-and-raise pattern. I view this reset of expectations as a long-term positive. ➢ Otherwise, I see all long-term growth drivers as intact. At >$50, the stock might have been a bit expensive, but at around $36, I think it’s too cheap (2027e EV/EBITDA: 7, 2027e fwd P/E: 13). You can find a great summary of the current situation at $HROW in this article by @mvcinvesting: mvcinvesting.substack.com/p/harrow-hrow-… 3️⃣ These buys were funded by a small trim of $ELS.AX. ➢ The stock rose about 20% this month following the Iran conflict and is up 85% YTD. Portfolio concentration exceeded 20% a few days ago, and the valuation is becoming increasingly demanding. Nevertheless I’m still convinced of the company and its massive long-term growth potential, which is why I only sold about 8% of my position. 4️⃣ Macro situation ➢ Otherwise, I don’t plan on making any further sales this month. I don’t think it’s useful to try to time or predict macro events like the Iran war. I almost completely stayed away from X over the weekend to avoid being influenced by all the doom-talk. ➢ Although I definitely see the situation as tense and agree that the conflict should not be taken lightly, de-escalation signals from the US are clearly increasing. So I personally don’t expect a months-long conflict, but as I said - I cannot and do not want to make any concrete predictions, as the situation is very dynamic. Markets will likely remain volatile, but I feel well-positioned for the current phase with my portfolio. ➢ As is well known, annual stock returns are often generated on just a few days of significant gains. This could be, for example, a day when a peace agreemen (temporary or permanent) is reached between the conflicting parties. That is why I believe market timing is more or less senseless in the current situation.

@DeepSailCapital $196A.T MFS Inc. x.com/i/status/20317…

What microcap growth stocks do you like that have very large TAMs that are not reflected in the share price?