Golfzon Holdings (KOSDAQ: 121440) – last price ₩7,000 – ~₩300bn (~US$215mm) market cap Thesis summary: on Friday, the controlling family's second attempt to take Golfzon Holdings private closed having purchased precisely zero shares — not 'a few', not 'less than hoped': zero — and the stock promptly fell 10.3% to 7,000 KRW. I think that … Continue reading Golfzon Holdings – Hunter Douglas redux??

Raper letter to Golfzon Korean 26Aug26Download

Raper letter to Golfzon 26Aug26Download

Alara Resources (ASX: AUQ) – last price 3.7c – ~A$34mm market cap Regular readers will have noticed that I keep returning to the small- and nano-cap end of the Australian market, and this memo is another entry in that catalogue. Whilst liquidity is tricky at this company size (and to be clear my position here … Continue reading Alara (AUQ) – why does it trade at 1x FCF?

Raper Capital letter to Ausgold Board 18Aug26Download

詳しくはwww.unlockingdainichi.comをご覧ください。 Rangeley_Dainichi_Statement_JADownload Dainichi_Proposal_July26_JapaneseDownload

For further information, please visit http://www.unlockingdainichi.com Rangeley-Statement-on-Unlocking-Value-at-DainichiDownload Dainichi_Proposal_English_July26Download

Mayne Pharma (ASX: MYX) – last price A$2.50 – ~A$211mm market cap – $500k-$1mm ADV Thesis summary: eighteen months ago a sponsor-backed buyer contracted to pay A$7.40/share for Mayne Pharma. Today, after one of the ugliest broken deals in recent Australian M&A history, the stock sits at $2.60 – roughly a third of contracted value … Continue reading Mayne Pharma (MYX.AX) – a break-up (and a double) hiding in plain sight?

Wisr Limited (Australia: WZR.AX) – last price 2.1c – ~A$37mm market cap Thesis summary: WZR is a left-for-dead Australian fintech lender that has quietly executed a textbook operational turnaround, and the market, at $37mm market cap, simply hasn’t got around to it yet. This is not a traditional Raper Capital asset play: at ~1x book … Continue reading Wisr (WZR.AX) – more value in Aus micro-caps

GWR Group (Australia: GWR.AX) – last price 10.5c – ~A$34mm market cap Thesis summary: GWR Group is a forgotten Perth cash box trading at ~40c on the dollar of a conservative sum-of-the-parts – the company holds ~11.3c per share of cash and term deposits, plus a stake in Tungsten Mining NL (ASX: TGN) worth ~12c … Continue reading GWR and some more thoughts on regulatory levers in small-cap deep value