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The Nespresso Model, Applied to Hospital Labs: Sell the Reader Once, Sell the Strips Forever
PROTIA has its readers in nine of Korea's ten biggest labs and grows 40% a year. The stock costs 11x operating profit, and the reason is in the filings.
Aug 27
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Jakub | Numbers not Narrative
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Hyundai Corporation Holdings (227840): the double discount, and a royalty business for 1x earnings
A ₩37.8bn royalty stream sits on this balance sheet at a net book value of ₩0.1bn. The market pays ₩25bn for it and throws in other businesses worth…
Aug 18
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Jakub | Numbers not Narrative
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KIYO Learning (TYO: 7353): A Japanese Exam Prep Micro Cap That Trades Below Its Own Cash
The 3.8 billion yen company behind Studying.jp is an asset play and a fast grower in the same ticker, which is not supposed to happen. Third in my…
Aug 6
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Jakub | Numbers not Narrative
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July 2026
IB Kimyoung (KOSDAQ: 339950): A 150% Return on Capital, a 15% Yield, and a Catch
The Korean microcap the screeners miss. A dominant little business, a mountain of idle cash, and a controlling parent. I read the filings so you can…
Jul 21
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Jakub | Numbers not Narrative
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i-Scream Media (KOSDAQ: 461300): 93% of Korea's Teachers, Four Times Earnings
A capital-light compounder hiding on the Korean micro-cap market. 31% margins, a return on capital most companies dream of, a near-10% dividend, and a…
Jul 13
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Jakub | Numbers not Narrative
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June 2026
Dongsung FineTec (KOSDAQ: 033500): the market is pricing peak. The order book says otherwise.
A ~₩550bn cryogenic-insulation maker trading at under 9× earnings, with a 25% ROE, net cash, and three years of revenue already signed.
Jun 22
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Jakub | Numbers not Narrative
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Greens Co. (TSE: 6547): the quiet Japanese hotel chain riding the inbound boom
Operating profit is up a third. Reported net income is down. Here's the optical illusion, and the business underneath it.
Jun 5
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Jakub | Numbers not Narrative
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Zinzino (STO: ZZ B): A Scandinavian Compounder Wearing an MLM Costume
The market prices Zinzino as a network-marketing fad about to roll over. The financials describe a debt-free, ~48%-ROIC business compounding operating…
Jun 5
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Jakub | Numbers not Narrative
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Total Soft Bank (KOSDAQ: 045340): The Quiet Korean Software Company That Runs the World's Container Ports
Total Soft Bank just reported one of its strongest quarters ever, and it's still flying under most investors' radar.
Jun 5
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Jakub | Numbers not Narrative
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