As usual a solid result from $XRF.AX today. It gets lumped in with the general mining services sector, but interesting to compare with $MND.AX and $MAH.AX who also reported today. XRF 24.6% PBT margin vs MND and MAH 5.5% and 5.7% respectively.

Ominous from $THL.AX. Inbound tourism exposure to the US looks like a tough place to be in the short term.

Just published the first episode of our new podcast the ASX Small-Cap Wrap.

Listens, likes, shares and questions appreciated!

This episode touches on #ASX.AEF, #ASX.MYG and #ASX.PNI

You can also find it on the various podcast platforms (apple, spotify, etc.) #asxinvest

youtu.be/pwYHrouxCfs?...

The Merewether Capital Inception Fund returned -4.4% in February as the potential for a "tariff war" led to market participants questioning the impact on economic conditions, especially in the context of lofty equity valuations.

Two images that sums up $CSX.AX:

$SKS.AX PBT margins already above guidance so with stronger second half expected (supported by the order book), should clear $17m PBT guidance easily.

Rapid growth gets the headlines, but how well working capital has been managed while the business has tripled in size in two years is amazing.

Honestly not much to like in that $LBL.AX result. Commentary makes it seem like growth investments started this half, but higher investment costs were first flagged in 1H24 and issues for Products division were seemingly overcome in 2H24.

Management credibility is gone it seems!

A few weeks ago I wrote on the other site that $KNO.AX was potentially showing a return to ARR growth that may spark a bit more interest in an undeniably cheap nanocap software stock.

Quarterly today confirms ARR up from $9.4m to $9.7m QoQ, not hyper growth but it's a start!

$ART.AX turning the old "cash doesn't lie" adage on its head, headline says $600k FCF generated through 1H25, but EBITDA -$9m as they run equity media deals through the P&L but not the CF statement.

I think market is focused on international growth though and it looks ok so thesis probably intact.

Reports $COG.AX wanting to offload $EPY.AX stake makes sense looking through recent updates. Core business is stagnating, I think shareholders would be frustrated with diversification into other listed assets.