Avi-Tech Electronics: cigar butt provides puff

Last week Avi-Tech Electronics (ticker: SGX:CT1) released results for their third fiscal quarter. The company posted a profit from continuing operations of $1.3m SGD. Revenue for the quarter was $6.1m and up 5.8% compared to Q3 2014. The liquidation of their US subsidiaries is also progressing. All in all is was a decent result and […]

Bank of McKenney

Bank of McKenney (BOMK) is a small bank located in Virginia and serving customers within the counties of Dinwiddie, Chesterfield and Prince George and the cities of Colonial Heights, Hopewell and Petersburg. The bank has been in operation for more than 100 years: it was established on June 5, 1906. At year-end 2014 the bank […]

Stelios Kanakis: results for 2014

A couple of days ago Stelios Kanakis posted their 2014 annual report. I first wrote a post about the company in February 2014. As a quick reminder: Stelios Kanakis is a Greek distributor of raw materials for pastry, bakery and ice-cream products. As usual, the annual report is in English and does a great job […]

Perpetual Federal Savings Bank

After reading a number of articles and blog posts last year, I became convinced that as a group the small community banks were cheap compared to historical trading levels and that there is a long trend of consolidation among these small banks that is likely to continue. That’s why I bought a basket of community […]

Bought Daiken Co, sold Sugimoto

Shares of Sugimoto (TYO:9932) have been creeping up a bit lately. As the stock is now trading much closer to net current asset value (around 0.89x, including the long-term investments), I decided to sell my shares. I figured there had to be something cheaper out there. With my Japanese holdings I’m more inclined to sell […]