GigaMedia, Trilogiq, Charle: Three Net Current Asset Value Bargains

Juan Matienzo of Mercor Investment Group presented his theses on GigaMedia (US: GIGM), Trilogiq (France: ALTRI) and Charle Co (Japan: 9885) at Best Ideas 2020.

Thesis summary:

GigaMedia has a small and unprofitable entertainment software business, but it trades at a large discount to cash net of all liabilities.

Trilogiq is a French maker of tubular structures that has been unprofitable in the recent past, but it trades below liquidation value and might turn around.

Charle Co is a Japanese seller of women’s underwear that trades at a discount to cash net of all liabilities. It has a long history of profitability and returns cash to shareholders via buybacks and dividends.

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About the instructor:

Juan F. Matienzo is the Managing Partner of Mercor Investment Group, where he is responsible for the portfolio. Juan follows a deep value investing philosophy, and prefers companies that trade for less than liquidating value and at low multiples of normalized earnings. He has a BBA from UDLAP, and an MBA from the Harvard Business School.