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Mark Tobin

Driven and hard-working finance professional with over 10 years international experience. Valuable industry experience gained in back/middle office roles across Europe before relocating to Sydney, Australia in 2010. I then began my first Australian role at Wilson Asset Management. In 2012, I was offered the opportunity to move into an Equity Analyst role at Wilson. I have thoroughly enjoyed this change and am passionate about this area of finance. I have recently joined the team at Independent Investment Research. I focus on ASX listed nano caps and micro cap stocks. As these are stocks you generally won't hear about from other market commentators, fund managers, analysts, advisors or your broker. This is a truly under researched part of the market. I only post when I think I have found something genuinely interesting in the space rather than posting something on a weekly or monthly basis just for the sake of publishing something. Specialties: Fund Accounting, Hedge Funds, Investment Accounting, Listed Investment Companies, Closed End Funds, Small Caps, MicroCaps, NanoCaps and Portfolio Management.

How do microcap managers perform in the long-term?

Mark Tobin
Mark Tobin Independent Investment Research

Active microcap managers demonstrated in FY17 that this part of the stock market can be a great alpha generator for managers (and their investors). In this wire, we ask how they have stacked up against their benchmarks over 3, 5 and even 10 years... Show More

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Microcaps: FY17 in review

Mark Tobin
Mark Tobin Independent Investment Research

While the financial year 2017 may not have been overly pleasing when one looks at the performance of the ASX emerging companies index which returned a dismal -2.3% for the year. A different picture emerges when looking at the performance of active managers in the space. The majority of microcap... Show More

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MedAdvisor (MDR:ASX) Digital Revoultion of Pharmacy Scripts

Mark Tobin
Mark Tobin Independent Investment Research

MedAdvisor (MDR: ASX) operates in the healthcare IT space, specifically in improving the interaction between pharmacies, patients, drug manufacturers and doctors. They provide a fully digital end to end experience for processing medical scripts for prescribed medication. Show More

Locality Planning Energy: Reducing Strata Electricity Costs

Mark Tobin
Mark Tobin Independent Investment Research

Locality Planning Energy Holdings Limited (ASX: LPE) is an SE Queensland based company who provide a consolidated metering and network service to strata buildings. Effectively LPE is an energy retailer and manages an embedded network on behalf of the strata. By installing a head or parent meter, LPE cut down... Show More

HGL: A Microcap with Growth & Value Options

Mark Tobin
Mark Tobin Independent Investment Research

HGL Limited (ASX: HNG) is a mini-conglomerate containing predominantly distribution businesses. HGL distributes some of its own propriety brands and third party brands in the Australia and New Zealand market. The business has been in a turnaround or self-help mode for the past 3 years and these efforts are now... Show More

Investing mistakes, and one that you may be overlooking

Mark Tobin
Mark Tobin Independent Investment Research

Investing is full of mistakes. If we are unable to accept we were wrong in our thesis around a stock and it is now time sell, well we won't last long in investing. Even the best fund managers are only getting 6 out 10 of their picks right the other... Show More

100 Baggers Common Traits

Mark Tobin
Mark Tobin Independent Investment Research

For many investors that focus on small cap and microcap stocks, the dream is of finding a 10-bagger or even a 100-bagger stock. The little stock that turned into an absolute world beater, something akin to finding a McDonalds in the late 1960’s when it had roughly a 1,000 outlets... Show More

Microcaps a long term game

Mark Tobin
Mark Tobin Independent Investment Research

Over recent months the microcap and small cap end of the ASX has been pummeled, by what has been termed the “great rotation” or "silent crash", more phrases to add to your investing lexicon. This is largely where large cap managers who had meandered down into the smaller end of... Show More

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5 Interesting Microcaps & Nanocaps for 2017

Mark Tobin
Mark Tobin Independent Investment Research

As anyone who has read some of my previous articles they will note I don’t attach a buy, hold or sell recommendation to stocks. I let readers of my pieces determine that for themselves. The pieces merely state a stock looks interesting to me at least at the present moment.... Show More

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Searching for Microcap & Nanocap Gems on the ASX

Mark Tobin
Mark Tobin Independent Investment Research

In this article I set out 5 ways to selectively filter down the 1,800 companies outside the top 300 into a cohort that's at least worthy of some further research. Show More

The Australian Microcap & Nanocap Landscape

Mark Tobin
Mark Tobin Independent Investment Research

In this article I provide an overview of the The Australian Microcap & Nanocap landscape and look at some of the opportunities these companies present for investors portfolios. I review the diversification benefits they can bring to a portfolio not just in terms of market capitalisation but also sector diversification.... Show More

Blackwall Limited ASX:BWF A Microcap Property Play Update

Mark Tobin
Mark Tobin Independent Investment Research

5 months ago we highlighted Blackwall Property Funds https://www.livewiremarkets.com/wires/31224. It looked well funded, undervalued and with its "WOTSO Workspaces" shared office model in early phase development, BWF overall looked interesting. The "WOTSO Workspaces" has plenty of room to grow, in terms of both the offering itself versus conventional offerings and... Show More

Update Hitech Group Australia ASX:HIT

Mark Tobin
Mark Tobin Independent Investment Research

A little over two months ago we profiled Hitech Group Australia ASX:HIT https://www.livewiremarkets.com/wires/32171 as a possible way to play the vibrant ICT/Tech sector from a slightly different angle. It was cheap, had a strong ungeared balance sheet and was operating in a sector of the economy that was experiencing rapid... Show More

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Nanocap Play Hitech Group Australia HIT:ASX A Tech play from a different angle

Mark Tobin
Mark Tobin Independent Investment Research

Hitech Group Australia HIT:ASX Mkt Cap $11.5mil, SP 37c, No Debt, Est. Cash of $3.5mil, Est ex cash FY16 P/E 5.7, FY16 EPS Growth circa 20%, doesn't pay a dividend but franking credits available. Show More

Blackwall Property Funds: A microcap property play

Mark Tobin
Mark Tobin Independent Investment Research

Apologies for my long hiatus, it has been hard to find interesting, reasonably valued stocks. Blackwall Property Funds (BWF) manage and service ~$600m of properties for various property vehicles. What’s exciting is they are in the early rollout phase of their shared office product ‘WOTSO Workspaces’. The strategy is to... Show More

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Techniche is an interesting nanocap play

Mark Tobin
Mark Tobin Independent Investment Research

Techniche TCN:ASX is a holding company for profitable technology companies. It currently owns ERST Technology which provides software to transfer company data securely to any location in any format, Urgent Technology provides software for facilities management of large buildings, Statseeker (50% share) provides a product to allow large companies improve... Show More

ICS Profit Upgrade ICS:ASX The Growth Story Continues

Mark Tobin
Mark Tobin Independent Investment Research

ICS Global which I highlighted here https://www.livewiremarkets.com/wires/25161 about 6 months ago released a profit upgrade after market on Thursday. They now expect FY15 profit to be in the range $0.875 - $0.95m a 40% growth on PCP. The company highlights in the release that it's largest customer to date came... Show More

Update on KKT:ASX Konekt Trading Update

Mark Tobin
Mark Tobin Independent Investment Research

Since my first post here: https://www.livewiremarkets.com/wires/26862 Konekt has released a trading update today stating that it expects revenue to be up between 5% - 7% for FY15. They are also expecting EPS to be a minimum of 1.90c per share for FY15 compared to 1.35c per share in FY14 a... Show More

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Hi, Alan many thanks for the kind feedback. That is what I hope to try and provide to the Livewire audience, stocks which are under the radar. As noted in a previous article running screens on microcaps is nowhere near perfect due to the poor quality of the data these screens are run on. HRL just another case in point. Good luck with your holding hopefully this interesting story plays out as the strategy implies.

On HRL Holdings: Another ALS in the making? -

Hi Thom, noted I am planning on doing a mid year review in Jan 18 and I will add it in then. I do know however that the ASX Small Ords Industrials did +7.9% for the year which was only marginally ahead of the ASX Small Ords at 7.0% Most microcap managers handily outperformed either index if you look at the table in my first article for FY17 at least.

On How do microcap managers perform in the long-term? -

Hi, Graeme, I have asked the people at S&P who produce the SPIVA report to consider adding microcap asset class to their Australia 2017 report this will then tackle the issue of survivorship basis as you point out.

On How do microcap managers perform in the long-term? -

Hi Chad, Another trading strategy is to buy the options for say $0.02 then convert them at $1.10 so your all in cost is $1.12 (plus some brokerage). Then you can sell the shares at $1.20. Profit of $0.08. I have found the pricing of LIC options to be very misunderstood generally by investors and this can cause dislocations that can be capitalised upon.

On How to profit from liquidity provision in LICs -

Hi James Yes and no. ATM's of the future will be like mini banks where you can also deposit cash for example (STL planning on rolling this breed of ATM out in AUS) along with more expanded service compared to today. They are also moving into EFTPOS and all the backend processing of transactions which still needs to be done for Visa Paywave/Mastercard Paypass or standard ATM transactions. Cash will also be with us for a fair while yet in my view.

On 5 Interesting Microcaps & Nanocaps for 2017 -

Hi Graeme many thanks for the historical perspective. However I can only speak to the current position BWF finds itself in and its current performance. Hopefully the WOTSO concept will continue to deliver results to shareholders new and old. I will however carefully monitor any proposed restructures or capital management initiatives given the insight you have provided.

On Blackwall Property Funds: A microcap property play -

Hi Boyd One man involved in this story who can without doubt answer yes to both the questions you raised is Geoff Wilson, in the interest of full disclosure I used to work at Wilson Asset Managment and can honestly say Geoff on many occasions has fought for shareholder rights and especially small shareholders rights. Some of his previous activism has also caused many a share to rise and benefited all shareholders. Geoff's efforts in the RHG/John Kinghorn battle spring to mind.

On AMP gets wake-up call over its beleaguered China Fund -

Ireland also recovering very strongly. 4.8% GDP growth in 2014 the fastest in the EU. Feedback from on the ground is that 2015 continuing in the same vein. So should be good for Harvey Normans Ireland operations.

On Three wires that caught my eye this week -

JYC:ASX nice update just before Christmas. Profit in its Bedshed and KWB Kitchen Connection retail businesses expected to finish the December 2014 half well above last year, with double digit growth Board to review strategic plans with this site on the Moorebank industrial property early in the new year. Have received solid interest according to the update. Seeking additional retail growth opps and welcome suitable enquiry to the executive director. This is a little nanocap with a potential nice asset sale and cash to look at more retail opportunities with or without the sale.

On Moorebank Intermodal a nanocap play -

Not an upgrade James Marlay basically a continuation of 2H14 run rate into 1H15 but it is an improvement on the PCP. Even if they do the same in the 2H15 it will still be good growth in FY15 on FY14. This 1800 business is pretty stable, there are a few regulatory changes in the works but mgt have said they don't expect any major impacts. They are working on getting it running as efficiently and effectively as possible. This is a mature stable business and basically a cash cow. It helps to generate to cash to fund growth ops in my view.

On Nanocap ReverseCorp REF:ASX Mkt Cap $12mil, $6mil in cash, no debt, estimated ex-cash P/E of 3.4 with 20% growth FY15 -