Coffee Microcaps Newsletter

Coffee Microcaps June 2026 Newsletter

Mark Tobin — Wed, 29 Jul 2026 22:06:32 GMT

FY26 is in the books, and while the one-year number for the S&P/ASX Emerging Companies Index looks good, the performance was very front-ended, and investors needed to lock in gains as they went along to come out with a decent return for the year. Resources managed to hold up even in the second half, albeit off their best levels. Industrial names across the board saw weakness, giving back most of what was gained up until February. Only those with exceptional results and newsflow got any reward for their efforts in the last four months. FY27 still seems to be carrying the hangover from FY26 and is not displaying its usual bounce and strength post tax loss selling in June. Let's hope it is not a harbinger for the full-year result for microcaps when we get to June 30 2027.

I have also compiled the Microcap Funds Review for FY26, and as you will see, there is a huge disparity across the one-year numbers and even over longer timeframes. All managers in the microcap space operate an index-unaware strategy, so this will naturally lead to these huge variances in outcomes. Sector allocations also mattered in FY26 given the strength of resources and the pullback in software and technology names, with biotechnology still in the doldrums, albeit coming off its lows in pockets. What the long-term impact of the budget on the microcap space is will start to reveal itself over the next few months, so fund managers will have to be on their toes to adjust portfolios to the new environment, but from my view it is net negative for equities and probably more so at the margin for microcaps.

Coffee Microcaps Conference Sydney 22.09.26

The next Coffee Microcaps Sydney Conference will be held on Tuesday, 22nd of September 2026, at our traditional venue, the State Library of NSW in Sydney CBD.

I am delighted to announce that Luke Winchester from Merewether Capital and Peter Johns from the Westferry Fund will be joining us for one of the panel discussions at the conference.

I have secured new Raiz Invest Ltd (ASX: RZI) CEO Craig Keary to present at the conference. Also confirmed is Jan Ferreira, CEO of Rent.com.au (ASX: RNT), who is coming across from Perth to present. I will hopefully be able to confirm a few more companies in the next newsletter. Details about conference tickets will also be in the next newsletter.

8 ASX microcap companies will be presenting on the day, plus two panel discussions with microcap fund managers on where they are seeing opportunities post the August full-year results reporting season. The full agenda will be circulated closer to the time once we have all our presenters locked down.

The conference is happening the day before the ASX-hosted SMIDcaps Conference on Wednesday, 23rd, so if anyone is planning to travel to Sydney, there is the opportunity to hit two conferences in one trip.

Coffee Microcaps YouTube Channel

All the Zoom webinar events are recorded and uploaded to the Coffee Microcaps YouTube Channel. In addition to presenting ASX microcap companies, I interview leading ASX microcap fund managers about their top picks. Occasionally, we also have presentations or interviews with international microcap investors.

If you’re unable to join the Zoom webinars due to work, family, life, or other commitments, consider subscribing to the Coffee Microcaps YouTube channel and clicking the bell to receive notifications when new content is added.

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Upcoming Webinars

Thursday, 30th of July 2026

I will be joined by Martin Dillon, CEO of Truscreen Ltd (ASX: TRU), and Chris Clark, CEO of RoacketDNA Ltd (ASX: RKT) later this morning. If you would like to join us for the webinar, please register via the link below.

Webinar Registration

Friday, 31st of July 2026

I will be joined by Jason Hine, Executive Director of BLS Pharmaceuticals Ltd (ASX: BLS), and Mark Connell, CEO of Yojee Ltd (ASX: YOJ) tomorrow morning. If you would like to join us for the webinar, please register via the link below.

Webinar Registration

Content Recommendation

As part of this newsletter, I would also like to highlight some valuable content I believe my subscribers would find interesting and enjoyable.

I recently listened to the latest Planet Microcap Podcast episode, “Private Equity Unwind with Dan Rasmussen, Founder & Managing Partner of Verdad Advisers” I have heard Dan on this podcast and a few others over the years and always found his analysis of markets and trends very insightful. Topics covered with host Bobby Kraft include where value is, the microcap cycle, and why Dan thinks the private equity unwind is still in its early innings.

If you want to stay up-to-date on all things Coffee Microcaps, and you’re not already a subscriber, be sure to subscribe via the button below.

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Coffee Microcaps May 2026 Newsletter

Mark Tobin — Wed, 10 Jun 2026 01:53:58 GMT

With the dust starting to settle on the budget, one thing is clear: there will be plenty of unintended consequences, and I haven't seen many reports of positive ones, unless you are looking at the tax take from CGT. Given that we are a few weeks on from the budget and the level of push back from investors, both retail and professional alike, together with the entrepreneurs and the business community, demonstrates that these changes are possibly not set in stone just yet. The longer the pushback continues as we head to the planned introduction on 1st July 2027, the more I think the government will have to rethink these measures, but I am not holding my breath. Either way, the uncertainty is not good for the market overall, and the proposed CGT changes are a net negative for microcaps, given that they are predominantly growth companies. However, as we know, the market is not static, nor are businesses or the economy, and we will start to see new strategies and plans evolve over the next 12-18 months as to how capital will be deployed in the prevailing environment of the day, whatever that turns out to be. Investors in microcaps, property, or otherwise need to be alive to this.

The S&P/ASX Emerging Companies Index had a decent month, but it failed to keep up with the big end of town. May & June are historically poor months, on average, for the microcap end of the ASX sharemarket, as tax-loss selling tends to be a feature of the last two months of the tax year, so it was good to see a positive number in May. Let’s see what happens in the last few weeks of FY26. Remember that July is generally one of the best months on average for ASX microcaps.

Coffee Microcaps Conference Sydney 22.09.26

The next Coffee Microcaps Sydney Conference will be held on Tuesday, 22nd of September 2026, at our traditional venue, the State Library of NSW in Sydney CBD.

We will have 8 ASX microcap companies presenting on the day, plus a panel discussion with microcap fund managers on where they are seeing opportunities post the August full-year results reporting season. The agenda will be circulated closer to the time once we have all our presenters locked down.

Coffee Microcaps YouTube Channel

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Coffee Microcaps Morning Meeting Webinar 01.06.2026

We had the following three ASX microcap companies join us for our latest webinar

Sam Watson, MD & CEO & Jason Hine, Executive Director, both joined us from Bioxyne Ltd (ASX: BXN) for the first time to give us an overview of the business. BXN is ramping up its manufacturing capacity, with a focus on final-dose-form medicines, sales, and distribution. It sources raw materials and API from suppliers on 5 continents and is the Australian market leader manufacturer of therapeutic goods, including cannabis, MDMA, and Psilocybin. Outside Australia, the BLS Group operates in the pharmaceutical, medical cannabis, consumer health products, and novel foods (including CBD) sectors. In the UK, Europe and Japan. The business delivered $1.2m in positive cash flow in Q3FY26, and the webinar presentation was released to the ASX.

Dennison Hambling, MD of Intelligent Monitoring Group Ltd (ASX: IMB), joined once again to talk through the completion of its most recent acquisitions of Wormald NZ & Red Wolf in the New Zealand market, which give it a market-leading position there. The acquisitions also complement its expanding Australian security business. The webinar presentation was also released to the ASX.

Finally, we welcomed our second new presenter to the Coffee Microcaps audience when Andrew Coleman, CEO of Teaminvest Private Group Ltd (ASX: TIP). Andrew joined to discuss the recent acquisition of the Intelligent Investor newsletter and associated listed funds from the Investsmart Group Ltd (ASX: INV). Andrew talked through how this will add to the TIP Groups’ education and research business, as well as its growing fund management business, which it aims to expand to over $1b in FUM in the medium term. Andrew also highlighted the fund's private equity portfolio, which continues to deliver strong returns on capital invested.

Upcoming Webinar Thursday, 11th of June

I will be joine by Rael Ross, Founder and CEO, Executive Director of Butn Ltd (ASX: BTN), who will be joining us for the first time on Coffee Microcaps. If you would like to join us for the webinar on Thursday afternoon, please register via the link below.

Webinar Registration

As part of this newsletter, I would also like to highlight some valuable content I believe my subscribers would find interesting and enjoyable.

I recently finished reading the new book by David Gardner, of Motley Fool fame, about his stock-picking process over the past 30 years, when he was involved with the Motley Fool USA stock advisor service. The book was a fun read, and David talked through some of the big winners he managed to jump on early through his process, such as Amazon, Intuitive Surgical and Nvidia. It was an easy, enjoyable read with lessons for microcap investors on backing early-stage companies and identifying multi-bagger stocks in the microcap universe. You can pick the book up on Amazon.

If you want to stay up-to-date on all things Coffee Microcaps, and you’re not already a subscriber, be sure to subscribe via the button below.

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Coffee Microcaps April 2026 Newsletter

Mark Tobin — Wed, 13 May 2026 21:32:14 GMT

Well, the much-anticipated budget was hardly favourable for microcap investors, equity investors, or risk-takers in general. The changes to CGT will really put a dampener on people’s efforts to build significant capital, be it through simple dollar-cost averaging or building a business, large or small. The law of unintended consequences will also start to flow through the market over the next 12/24, assuming this all goes ahead on July 1st 2027. It will be interesting to see how investors across the asset class spectrum react to these CGT changes. It also put Australia out of kilter with its OECD competitors in terms of the level of CGT levied, which will have consequences for international capital flows down the line. As the old saying goes, “you can’t tax your way to growth”. The other problem with these changes is that the opposition has come out and says it will repeal them if it gets in at the next election. That sort of uncertainty in government tax policy doesn't do anyone any favours and will only lead to long-fingered investment decisions as investors wait to see the results of the next election.

After a wild two months in microcap land, the S&P/ASX Emerging Companies Index had a decent month, but it failed to recover all the ground lost in March. Most of the other ASX equity indexes also had a decent showing. May & June are historically poor months, on average, for the microcap end of the ASX sharemarket, as tax-loss selling tends to be a feature of the last two months of the tax year. May 2026 performance is holding up relatively ok thus far, but a lot can happen in the next 6 weeks. July on the other hand is generally one of the best months on average for ASX microcaps.

Coffee Microcaps YouTube Channel

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Coffee Microcaps Morning Meeting Webinar 08.05.2026

We had the following three ASX microcap companies join us for our latest webinar

Brendan Malone, CEO of RAIZ Invest Ltd (ASX: RZI), joined to walk through RZI’s Q3 update, which saw them report $2b+ in FUM for the first time. The business continues to add new active customers and plans to roll out direct US & ASX share trading in FY27 as part of its product roadmap.

Andrew Wilson, CEO of Senetas Corporation Ltd (ASX: SEN), joined us for the first time to give a first-hand update of the SEN business and strategy. The business has a 25-year history in cybersecurity and a longstanding distribution agreement with global leader Thales. Its new range of encryption devices and software is approved at the sovereign level in many jurisdictions, and customers are responding to the new product line. SEN has $20m in cash and an investment in Menlo Security Inc valued at just under $20m against the market capitalisation of $42m.

Ben Fash, CEO of Fluence Corporation Ltd (ASX: FLC), also joined us for the first time, joining us late in the evening from Toronto. Ben walked through how this water treatment business is nearing the end of a three-year turnaround under new management and a new board. The groundwork done over the last 3 years is now starting to bear fruit, with a $3.7m contract win announced earlier this week, post the webinar last Friday indicative of what they are starting to see across the businesses various divisions.

Microcap Fund Manager Interview with Gregg Taylor, Portfolio Manager at Salter Brothers Emerging Companies Ltd (ASX: SB2)

I welcomed Gregg Taylor back to talk through two stocks currently in the portfolio. The two stocks which Gregg picked out for the interview were Credit Clear Ltd (ASX: CCR) and Acrow Ltd (ASX: ACF).

Credit Clear Ltd (ASX: CCR) hasn't been featured on Coffee Microcaps before (though hopefully we can get them in), so it might not be on this audience's radar. CCR is involved in receivables collection and management on behalf of major telcos, banks, and utilities. It’s focused on technology rather than massive call centres and people hitting the phones chasing down debtors for companies. CCR operates in ANZ and in the UK & Europe. Market cap $120m.

Acrow Ltd (ASX: ACF) is a stock that should be familiar to many Coffee Microcaps followers, as long-term CEO Steve Boland has presented on it at our in-person events and online webinars over the years. Acrow provides engineered formwork and scaffolding solutions for major infrastructure projects across Australia. The business had a few setbacks in the last 12 months, but Gregg believes the outlook for FY27 is promising, with the Federal and State governments still rolling out numerous infrastructure projects. Gregg was previously a non-executive director of ACF, so it’s a business he knows well. Market Cap $258m

Watch Now

YouTube Live Failure - Battle of the Beards

As mentioned in the last newsletter, I planned to run our first YouTube live, but it turned into an epic fail because I couldn’t get the technology sorted out. I will endeavour to host another live, and hopefully this time it actually goes as planned. Despite my miserable performance, my two guests for the YouTube Live, Luke Winchester from Merewether Capital and Peter Johns from the Westferry Fund, were gracious enough to jump on a Zoom call after the YouTube debacle, and we still had a good discussion about some of the current themes in the microcap market, which you can watch via the link below.

Watch Now

Content Recommendation

As part of this newsletter, I would also like to highlight some valuable content I believe my subscribers would find interesting and enjoyable.

As a customer of both Wise Plc and Airwallex, I was interested in hearing more of a deep dive into the Wise Plc business and what kind of competitor it is to Airwallex. We might yet see an IPO from Airwallex (on the ASX or elsewhere), so it was good to get some baseline knowledge of one of its competitors in the space. If you like long-form business breakdowns, then The Investors Podcast is one worth subscribing to.

If you want to stay up-to-date on all things Coffee Microcaps, and you’re not already a subscriber, be sure to subscribe via the button below.

Subscribe now

Coffee Microcaps March 2026 Newsletter

Mark Tobin — Mon, 27 Apr 2026 21:55:55 GMT

Well, while reporting season wrapped up at the end of February, which was only 7 weeks ago, with everything that has happened since, it seems like aeons ago to be honest. Given the conflict in the Middle East, which created an oil price supply shock not seen since the late 1970’s, it really didn't matter what part of the market you were invested in. March was just nasty. We have had a decent bounce back in April, so let's see where we finish up by the end of this week.

YouTube Live Session: ASX Microcaps Roundtable

At 2pm today, Tuesday, April 28th, I will be joined by Luke Winchester from Merewether Capital and Peter Johns from the Westferry Fund for a 45-minute chat on the state of the ASX microcap market. Hopefully, we can make some sense of the last two months. This will be our first YouTube live session, so bear with us if we encounter any technical gremlins. If you are free this afternoon, please join us.

Coffee Microcaps YouTube Channel

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Coffee Microcaps Results Season Webinars

There is a stack of content on the YouTube channel from the reporting season that is well worth reviewing, especially given the pullback we have seen in the ASX microcap market over the last few weeks, which has impacted valuations but not necessarily the business and investment case for many microcap names.

Andrew Booth, MD &CEO of Advanced Braking Technology Ltd (ASX: AVB)
James Frayne, Interim CEO of Felix Group Holdings Ltd (ASX: FXL)
Troy Mortleman, CEO of GALE Pacific Ltd (ASX: GAP)
Sam Budiselik, CEO of Cash Converters Ltd (ASX: CCV)

WATCH NOW

Tom Dusseldorp, CEO of Australian Vintage Ltd (ASX: AVG)
Josh Simon, CEO of Vinyl Group Ltd (ASX: VNL)
Brendan Malone, MD & Group CEO of RAIZ Invest Ltd (ASX: RZI)
Rob Veitch, CEO of Aerometrex Ltd (ASX: AMX)

WATCH NOW

Allan Savins, CEO of BNK Banking Corporation Ltd (ASX: BBC)
Steven Lydeamore, CEO of Immuron Ltd (ASX: IMC)
Mark Waller, MD of One Click Group Ltd (ASX: 1CG)
Jeremy Steele, CEO of Control Bionics Ltd (ASX: CBL)
Patrick Bodegraven, CEO & MD of Orcoda Ltd (ASX: ODA)

WATCH NOW

Gavin Evans, Board Chair of Elixinol Wellness Ltd (ASX: EXL)
Adam Boyd, Executive Chairman of Volt Group Ltd (ASX: VPR)
Martin Filz, CEO of Pureprofile Ltd (ASX: PPL)

WATCH NOW

Tony Abraham, Co-Founder & CEO of Ai-Media Technologies Ltd (ASX: AIM)
Simon Crowther, CEO of Spacetalk Ltd (ASX: SPA)
Dennison Hambling, MD & CEO of Intelligent Monitoring Group Ltd (ASX: IMB)
Michael Shirley, CEO & Steve Harding, CFO of Veris Ltd (ASX: VRS)

WATCH NOW

Content Recommendation

As part of this newsletter, I would also like to highlight some valuable content I believe my subscribers would find interesting and enjoyable.

As a longtime follower of this newsletter, I am partial to the Value After Hours podcast, as they have some really great guests on the show. Plus, any show that makes it to 8 seasons, you know, must be doing something right. I am also a big fan of their latest and regular guest, Chris Bloomstran from Semper Augutus Investment, who releases an annual letter with one of the best analyses you will find anywhere on Berkshire Hathaway. I also like Chris's annual five-factor model analysis of the S&P 500, particularly what it could mean for future returns given current valuations. The same formula and logic can also be applied to various ASX indices. Chris's thoughts on AI and the potential future returns from the trillions in capital being invested, based on a simple return-on-capital metric, were an interesting takeaway in both the letter and the podcast.

If you want to stay up-to-date on all things Coffee Microcaps, and you’re not already a subscriber, be sure to subscribe via the button below.

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Coffee Microcaps Febraury 2026 Newsletter

Fri, 13 Feb 2026 00:25:37 GMT

Hi Everyone

Well, we are approaching peak reporting season in the next two weeks, and given the extreme volatility we have seen around the first couple of results that have filtered through, it looks like it is time to strap in. At the time of writing, the reporting season has seen the confirmation of the CEO’s departure from CSL, The ASX, Corporate Travel Management and Eroad, and we still have two weeks to go! We have also seen a vicious sell-off in high-flying technology names and other market darlings, which has brought their share prices crashing back to earth, but their valuations have only moved from outer space to the stratosphere. I'm reminded of the old adage here: “a stock can halve and halve again.” Let's see what comes out in the wash after reporting season in early March, and the market has had time to fully digest the results.

Microcaps had a strong January and outperformed both small and large caps yet again (see Table 1). Given the volatility seen through early February and with many microcaps still to report, anything could still happen in terms of where February performance lands and this table could look radically different by the 1st of March.

Judging by various ASX announcements about when results are scheduled for release, a lot of microcaps are going to report in the last week (no surprises there), with Wednesday 25th looking like the reporting peak.

Table 1.

Upcoming Coffee Microcaps Zoom Webinar

For those who are unfamiliar, I regularly host presentations from ASX Microcap companies via Zoom Webinars.

I want to express my sincere gratitude to DMX Asset Management for generously sponsoring all the Coffee Microcaps online events.

I am busy booking in companies to present throughout February and early March, so watch out, invitations still to go out via the events email distribution list. The remaining webinars will also be announced on our social media pages. So be sure and follow us if you dont already.

Companies already slated to present are listed below, and I am just filling in some addtional presentation slots on various event agendas.

However, some agendas are now complete, and you can register for these webinars via the links below.

Reporting Season 4D/4E Webinars

Friday 20th February (AEDT)

11:00 am Reckon Ltd (ASX: RKN)

11:30 am Asset Vision Ltd (ASX: ASV)

Friday 27th of February (AEDT) (Registration Open)

11:00 am Ai-Media Technologies Ltd (ASX: AIM)

11:30 am Spacetalk Ltd (ASX: SPA)

12:00 pm Intelligent Monitoring Group Ltd (ASX: IMB)

12:30 pm Veris Ltd (ASX: VRS)

Wednesday 4th March (AEDT)

11:00 am Elixinol Wellness Ltd (ASX: EXL)

11:30 am Open Presentation Spot

2:00 pm Pureprofile Ltd (ASX: PPL)

2:30 pm Open Presentation Spot

Thursday 5th March (AEDT) (Registration Open)

10:30 am BNK Banking Corporation Ltd (ASX: BBC)

11:00 am Immuron Ltd (ASX: IMC)

11:30 am One Click Group Ltd (ASX: 1CG)

12:00 pm Pointerra Ltd (ASX: 3DP)

12:30 pm Orcoda Ltd (ASX: ODA)

Friday, 6th of March (AEDT) (Registration Open)

11:00 am Australian Vintage Ltd (ASX: AVG)

11:30 am Vinyl Group Ltd (ASX: VNL)

12:00 pm Raiz Invest Ltd (ASX: RZI)

12:30 pm Aerometrex Ltd (ASX: AMX)

Thursday 19th March (AEDT) (Registration Open)

12:00 pm GALE Pacific Ltd (ASX: GAP)

12:30 pm Cash Converters International Ltd (ASX: CCV)

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD 300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

I have created a separate email list for invitations to these Zoom webinar events, so I am not sending spam to all my subscribers. If you want to be added to the events list, please email me at mark@coffeemicrocaps.com, and I will add you. I would love for you to join us for these free events.

Coffee Microcaps YouTube Channel

If you're unable to join the Zoom webinars due to work, family, life, or other commitments, consider subscribing to the Coffee Microcaps YouTube channel and clicking the bell to receive notifications when new content is added.

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Microcap Fund Manager Interview with Prime Value

I recently had the chance to sit down with Richard Ivers and Mike Younger from the Prime Value Microcap Fund. While the fund has been running since 2015, it only opened up a retail share class on 1st of July 2025. In my interview with Richard and Mike, they discussed two stocks they thought were well-positioned for 2026.

We discussed Australia’s largest motorcycle dealership and parts distributor, Mortocycle Holdings Ltd (ASX: MTO), and also Fleewtwood Ltd (ASX: FWD), which provides accommodation solutions to the mining industry in Plibarra, as well as divisions that operate in modular buildings and recreational vehicles (RVs).

Content Recommendation

As part of this newsletter, I would also like to highlight some valuable content worth sharing with my subscribers. This month, I have not one but two pieces of content I want to share with my followers.

The first is a recent study of European Microcaps by Walter Köhlenberg, where he covers European Microcaps that turned into 100 baggers, the holy grail of microcap investing. This study builds on similar studies from the US by Thomas Phelps in his book 100 - 1 in the Stock Market and on the updated version of Phelps's study by Chris Mayer in his book 100 Baggers. This latest European study adds some nice comparisons and contrasts to the previous USA research by Phelps & Mayer.

Secondly, it is not often that you come across a detailed write-up of an ASX microcap stock by international investors. So when a detailed write-up of Shriro Holdings Limited (ASX: SHM) came up, I thought it was an interesting read and worth sharing. In addtion any investors connected to Dicker Data Limited (ASX: DDR) might also be interested in this Shriro write-up.

If you want to stay up-to-date on all things Coffee Microcap, and you’re not already a subscriber, be sure to subscribe via the button below.

Subscribe now

Coffee Microcaps January 2026 Newsletter

Thu, 29 Jan 2026 21:42:19 GMT

Hi Everyone

I wish all my microcap followers health and happiness for 2026, and hopefully a multi-bagger to be the cherry on top when we round out the year. It appears ASX microcap investors were on the good girls and boys list, with a Santa Rally delivering 10.17% in December on top of an already very strong year for microcaps in 2025. Microcap stocks have now materially outperformed small-, mid-, and large-cap stocks on the ASX on a 1-, 3-, 5-, and 10-year total-return basis. Yet the asset class still feels under-owned, unloved, and underappreciated by investors and asset allocators, whether retail or professional. I hope the table below will spark a few discussions about overall portfolio allocations and construction during annual portfolio reviews in 2026.

Table 1.

New Online Events Sponsor

I would like to give a warm welcome to the team from DMX Asset Management, who will be sponsoring all our online events in 2026. I am grateful to be partnering with one of the foremost institutional managers in the ASX microcap space. The team at DMX has been active in the ASX microcap market for a number of years, and their monthly reports are well worth reviewing for commentary on ASX microcap industrial stocks currently in their various funds.

It would also be remiss not mention and express my sincere gratitude to Finola Burke and the team at RaaS Research, our previous long-standing sponsor. As I have mentioned in my webinar introductions many times in the past, if you are looking for institutional-grade research on microcap stocks, be sure to check out both their free and premium research reports.

Upcoming Coffee Microcaps Zoom Webinar

For those who are unfamiliar, I regularly host presentations from ASX Microcap companies via Zoom Webinars.

I am busy booking in companies to present throughout February and early March, so watch out, invitations are going out via the events email distribution list. The webinars will also be announced on our social media pages. So be sure and follow us if you dont already.

Companies already slated to present are listed below, and I am just filling in some addtional presentation slots on the various event agendas.

The webinar on Friday, March 6th, is finalised, and you can register for this event via the link below.

Reporting Season 4D/4E Webinars

Friday 20th February (AEDT)

11:00 am Reckon Ltd (ASX: RKN)

Friday 27th of February (AEDT)

11:30 am Asset Vision Ltd (ASX: ASV)

12:00 pm Intelligent Monitoring Group Ltd (ASX: IMB)

12:30 pm Veris Ltd (ASX: VRS)

Thursday 5th March (AEDT)

11:00 am Immuron Ltd (ASX: IMC)

Friday 6th of March (AEDT) (Registration Open)

11:00 am Australian Vintage Ltd (ASX: AVG)

11:30 am Vinyl Group Ltd (ASX: VNL)

12:00 pm Raiz Invest Ltd (ASX: RZI)

12:30 pm Aerometrex Ltd (ASX: AMX)

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD 300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

I want to express my sincere gratitude to DMX Asset Management for generously sponsoring all the Coffee Microcaps online events.

Coffee Microcaps YouTube Channel

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Content Recommendation

As part of this newsletter, I would also like to highlight some valuable content worth sharing with my subscribers.

I have pulled together the recent microcap manager performance report, which you can see from the screenshots below. By and large, most microcap fund managers had a good year but struggled to beat the index; over 3- and 5-year periods, outperformance is somewhat better. As always, there is a huge variance in returns, and depending on the allocation to junior gold names and resources stocks in general, it could have really impacted performance. It was a year when macro/sector allocation > than stockpicking. If “N/A” is noted, it means the data was not available at the time of publication on the manager’s website. Performance figures are those reported by the managers themselves.

If you want to stay up-to-date on all things Coffee Microcap, and you’re not already a subscriber, be sure to subscribe via the button below.

Subscribe now

Coffee Microcaps December 2025 Newsletter

Wed, 03 Dec 2025 21:30:44 GMT

Hi Everyone

Well, after a rollercoaster month in ASX microcaps, a strong final week saw us recoup much of the intra-month losses, but we still finished down for the month. Despite the month's overall negative print and its whipsaw nature, microcaps still outperformed small and large caps, which was notable. Generally, microcaps tend to see significant downturns in periods of volatility, but came through this month with some decent relative strength. See Table 1.

We also saw some IPOs coming to market, including Sea Forest (ASX: SEA), Epiminder (ASX: EPI), and 6K Additive (ASX: 6KA), which listed today after upsizing their offer. We also have Tradewindow Ltd (NZX: TWL) doing a secondary listing on the ASX later in December, once shareholder approval is received at the shareholders' meeting on December 10th. It's good to see IPOs in general pick up on the ASX, and great to see some new names outside resources entering the microcap market.

Despite the pickup in IPO’s, takeovers of ASX microcaps continue, and I think we will continue to see more in 2026 as a lot of valuations in the microcap space dont look stretched despite the run in share prices since April/May. Pure Asset Management has been doing a great job in tracking the takeovers and premiums paid, and at this stage, acquirers are still willing to pay up. See Table 2.

December is generally a good month for ASX microcaps, so hopefully, we get a Santa rally into the end of 2025 and close out strong on what has been an excellent year for microcaps, with returns currently tracking in the mid-20 % range despite a lacklustre last few weeks.

Table 1.

Table 2.

Upcoming Coffee Microcaps Zoom Webinar

For those who are unfamiliar, I regularly host presentations from ASX Microcap companies via Zoom Webinars.

Tomorrow, Friday, the 5th of December, 11:00 am AEDT, we will have Verbrec Limited (ASX: VBC) join us for a talk-through of their recent divestment and acquisition, plus an update from their recent AGM. A lot has been happening here, so it will be great to hear the story firsthand again. You can register for the Zoom webinar here.

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD 300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

I want to express my sincere gratitude to Raas Research for generously sponsoring all the Coffee Microcaps events.

Coffee Microcaps YouTube Channel

All the Zoom webinar events are recorded and uploaded to the Coffee Microcaps YouTube Channel. In addition to the ASX microcap company presentations, I interview leading ASX microcap fund managers about some of their top picks. Occasionally, we also have presentations or interviews with international microcap investors.

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

New Content on the Coffee Microcaps YouTube Channel

In our last webinar, we had two ASX microcap stocks present at a Coffee Microcaps event for the very first time.

Volt Group Ltd (ASX: VPR)

Adam Boyd, Executive Chairman of Volt Group Ltd, joined us to talk through the evolution of the business over the last few years. Adam and his team are building a niche industrial products and services business primarily targeting the mining industry in WA, but can supply international customers. A classic conglomerate or investment holding company style model, where cash from one division is recycled into both R&D, organic growth and acquisitions. A recent capital raise and acquisition added a new division to the product lineup for 2026.

Australian Vintage Ltd (ASX: AVG)

Tom Dusseldorp, CEO of Australian Vintage, walked us through the new strategy for AVG, which he has been implementing in the business over the last 6 months since taking on the CEO role. The plan revolves around reducing inventory and general working capital requirements within the company and expanding into new products outside of their heritage brands, which the AVG business is well known for. Cash released from working capital will fund new product launches, market-entry activations, and rollouts. Some interesting new products have already hit shelves, and initial traction has been positive.

Watch Here

Content Recommendation

As part of this newsletter, I would also like to highlight some valuable content worth sharing with my subscribers.

I usually highlight a piece of content from another source in this section. This month, I wanted to highlight the inaugural edition of the Microcap Monitor Magazine, which was included in a supplement in the Australian Financial Review on Wednesday, November 26th.

Coffee Microcaps produced the magazine in order to shine a spotlight on microcaps more broadly across the market, and with in excess of 21,000 copies printed, the feedback and response to the first edition certainly achieved the objective. Many thanks to David Tasker and the team at Metrix Publishing for partnering with me on this project and helping to pull the magazine together.

The magazine featured 12 ASX microcap companies and accompanying editorial pieces from;

Mark Tobin from Coffee Microcaps

Finola Burke from RaaS Research

Luke Winchester from Merewether Capital

Andrew Page from Strawman

Jane Lowe from the IR Department

Sam Berrisge Perennial Partners

If you are a shareholder in any company you think should be featured in the second edition, please tell them to reach out to me, as we have already kicked off planning for the second edition's publication in 2026.

If you want to stay up-to-date on all things Coffee Microcap, and you’re not already a subscriber, be sure to subscribe via the button below.

Subscribe now

Coffee Microcaps November 2025 Newsletter

Thu, 06 Nov 2025 21:30:31 GMT

Hi Everyone

It seems the words from last month's newsletter were prescient: “I wouldn’t be surprised if we see a pullback in microcaps. Given the rip-roaring nature of the last few months, a breather and some profit-taking might be on the cards by microcap investors; we shall wait and see.”

Now, I could have easily been wrong, but I will take the win here since, yet again, I failed to back the winner in The Cup. The microcap end of the market contracted, while the larger end of the market eked out a positive month, driven by a strong month for dividend payments, which doesn’t really have the same impact on microcap stock returns, given that 90%+ don’t pay a dividend. The Small Ordinaries index was this month's outlier with a return that bears no relationship to either large caps or microcaps. See Table 1.

I am, however, hoping that this next little period for microcaps is perhaps a consolidation phase in a nascent new bull market and that we dont slip back into another bear market after a fleeting six-month rally. A strong inflation print and no RBA interest cut on the back of the inflation data is certainly not favourable for equities in general, but let’s see. October and November are not traditionally good months for microcaps, as shown in Table 2. Still a lot of newsflow to unfold as we work through peak AGM season this month.

Table 1.

Table 2.

Upcoming Coffee Microcaps Zoom Webinar

For those who are unfamiliar, I regularly host presentations from ASX Microcap companies via Zoom Webinars.

I am speaking with a few companies, and we hope to host webinars in late October, once the AGM updates start coming out.

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD 300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

I want to express my sincere gratitude to Raas Research for generously sponsoring all the Coffee Microcaps events.

Coffee Microcaps YouTube Channel

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

New Content on the Coffee Microcaps YouTube Channel

I was delighted to welcome back “friend of the show” —Luke Winchester from Merewether Capital, as they say in media circles. The timing couldn't have been better for our interview, as both the stocks Luke picked to discuss, namely RAS Technology Holdings Ltd (ASX: RTH) and Motio Ltd (ASX: MXO), have delivered exciting ASX announcements in recent weeks post our interview. Indeed, as a follow-up to the interview, Motio Ltd CEO Adam Cadwallader joined us for an update on all things MXO following the stock’s recent capital raise and Q1 trading results.

Watch Here

After a long absence, Harley Grosser from HD Capital Partners returned to give us two of his top picks from his fund's portfolio: Laserbond Limited (ASX: LBL) and Praemium Limited (ASX: PPS). Both stocks operate in entirely different industries, and both have been around for quite a while. Still, Harley set out the case why microcap investors might want to run the ruler over these two stocks once again if they have looked at either business that closely in the recent past.

Watch Here

Given that multiple companies were releasing either Q1FY26 trading updates or Appendix 4 results, we had no fewer than six microcap stocks across two webinars this month.

In our first webinar, the following four microcap stocks were featured.

Motio Ltd (ASX: MXO)

As mentioned above, Adam Cadwallader, the CEO, presented in this webinar after my interview with Luke and after the company’s recent capital raise. The capital raise was very successful, as evidenced by the 2.5% premium to the 30-day VWAP at which it was completed. The funding will allow Adam and the Motio team to roll out more screens to more locations and drive addtional growth over the next 12-24 months.

Quickfee Ltd (ASX: QFE)

Bruce Coombes, founder and former CEO, who is now back as CEO of the QFE, joined us to set out where the QFE business is now. Following the sale of a US division, Bruce tells us QFE is now well capitalised from a funding perspective, as the sale proceeds will clear debt and cover any capital requirements that the remaining divisions in both Australia and the US may need to continue their growth. Great to have Bruce back with us.

SenSen Networks Ltd (ASX: SNS)

Regular attendees of both our webinars and in-person events will be very familiar with the SNS business and with CEO and Founder Prof Subhash Challa at this stage. The company has really accelerated over the last 12 months, as its gaming business was exited and the remaining product offering was refined to focus on managing curbside parking on behalf of cities and councils, along with associated services. The company has reached a significant inflexion point, with cash flow-positive operations, and continues to win new cities and councils while renewing and expanding contracts with existing customers.

Way 2 Vat Ltd (ASX: W2V)

Amos Simantov joined us once again to talk about their recent acquisition of a specialist VAT consultancy, which expands their offering to multinational corporations looking to optimise and recoup as much of their foreign VAT payments as possible. The core offering of recouping VAT for companies now sits alongside the recent acquisition, together with new product offerings covering invoice verification and VAT compliance before dispatch to international customers, for example. The acquisition, along with the new product offerings already live or planned, seeks to embed W2V in their multinational enterprise customers' VAT compliance and, crucially, VAT refund workflows.

You can watch all four presentations, or click the timestamp chapter in the YouTube video description to jump to your preferred presenter.

Watch Here

In our second webinar, the following two microcap stocks were featured.

Strker Ltd (ASX: STG)

Grant Straker joined us once again to talk through the significance of the renewal of the NZ$28m contract with IBM, followed by a new NZ$1m contract with the European Union after the webinar. Grant believes there is an excellent opportunity to create small language models rather than the typical large language models for specialised AI translation services and company workflows in areas such as patent law, among others. Far from AI being a threat to the business, Grant sees it as an opportunity to deliver a superior product to its customers. On top of this contract double from Grant, who was wearing his traditional black jersey for the webinar and sending me subliminal messages ahead of the rugby the following day, where he had the pleasure of seeing New Zealand beat Ireland in the rugby. Not a bad trifecta to have in the space of a week. Congrats to Grant on all fronts.

Vinyl Group Ltd (ASX: VNL)

Josh Simons, CEO of VNL, joined us for the first time, and it was great to hear the story firsthand. Josh detailed how a lot has been happening under the hood through acquisitions and restructuring over the last 12/18 months to set the business up for growth in FY26. The Q1 numbers showed the fruits of these efforts, and Josh believes that as the company progresses through the remainder of FY26, more of this strategy will start to bear fruit and show itself in the results. An interesting business comprising two distinct but complementary divisions — a technology platform and a media and advertising business, both focused on the music industry. VNL is definitely not a business we have seen too much of on the ASX, thus it was a really interesting session with Josh to learn more about VNL and the music industry more broadly.

Watch Here

Content Recommendation

As part of this newsletter, I would also like to highlight some valuable content worth sharing with my subscribers.

I usually highlight a piece of content from another source in this section. This month, I wanted to highlight a recent podcast from Bobby Kraft over at Planet Microcaps. Bobby recently interviewed Doug Porter, Portfolio Manager and Senior Research Analyst at Acuitas Investments. Acuitas recently published a new white paper focused on US Microcaps titled “The Case for MicroCap.” However, there is a read-across for Australian investors in microcaps in the context of an overall equity asset allocation. Acuitas has, over the years, published excellent research on microcaps as an asset class, and these older white papers and research insights are freely available on their website. Some of the current market themes Bobby and Doug discussed in the podcast are equally relevant to the current Australian microcap market. Indeed, while I was listening, I was wondering which market they were talking about. Doug also gives some nice pointers on the criteria they use when selecting microcap managers for their US microcap multi-manager fund.

If you want to stay up-to-date on all things Coffee Microcap, and you’re not already a subscriber, be sure to subscribe via the button below.

Subscribe now

Coffee Microcaps October 2025 Newsletter

Sun, 12 Oct 2025 22:15:29 GMT

Hi Everyone

Microcaps have had one of their strongest quarters in recent years. The September quarter is traditionally the best quarter for ASX microcap stocks. The S&P/ASX Emerging Companies Index TR finished up 13.40% for the month and blew past both the large-cap end and their small-cap cousins, which themselves have had a good run over the last year, see table 1 below. The index finished up a shade under 30% for the quarter, which is really incredible.

We hit another new all-time closing monthly high for the S&P/ASX Emerging Companies Index TR, cresting the 4,000 index barrier for the first time. Traditionally, October and November are generally negative months (see table 2 below) for ASX microcaps in terms of returns, so I wouldn't be surprised if we see a pullback in microcaps. Given the rip-roaring nature of the last few months, a breather and some profit-taking might be on the cards by microcap investors, we shall wait and see.

Table 1.

Table 2.

September also saw the rebalancing of the S&P/ASX Emerging Companies Index. The salient details are below. RUL will drop out of the top 10 should the takeover be completed over the next few months. Materials have ticked over 40% in terms of sector exposure, given the strength of precious metals, especially gold, in 2025. Some of these microcap stocks also overlap with the bottom end of the All Ordinaries and the ASX300 indexes.

Upcoming Coffee Microcaps Zoom Webinar

For those who are unfamiliar, I regularly host presentations from ASX Microcap companies via Zoom Webinars.

I am speaking with a few companies, and we hope to host webinars in late October, once the Appendix 4C reports start coming out later this month.

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD 300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

I want to express my sincere gratitude to Raas Research for generously sponsoring all the Coffee Microcaps events.

Coffee Microcaps YouTube Channel

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

New Company Presentations on our YouTube Channel

I was delighted to welcome Gale Pacific Limited (ASX: GAP) for the first time to a Coffee Microcaps event and welcome back Aerometrex Ltd (ASX: AMX).

Both businesses have seen new CEOs take over at the top and are currently undergoing turnarounds, with each at various stages of the process. We hope to have both companies back in to present after the results in February 2026 to see how they are tracking.

Turnarounds are interesting and can be profitable when executed well, as seen with MSL Solutions Ltd, which was eventually taken over a few years ago after a sterling turnaround job by then CEO Pat Howard.

You can watch the session with GAP & AMX here.

Content Recommendation

As part of this newsletter, I would also like to highlight some valuable content worth sharing with my subscribers.

I usually highlight a piece of content from other sources as part of this section. This month, I wanted to highlight a recent podcast from Irish economist David McWilliams on the financial and political woes affecting France. A second European debt crisis is probably not on everyone's bingo card as a black swan event that could destabilise global equity markets. Still, it's one I have been keeping an eye on, given Ireland was caught up in the first one post the GFC and experienced a torrid multi-year depression from 2009 - 2015. Investors must remain vigilant about potential threats to the current rally, and this one seems to be brewing in the background.

David is currently in Australia and NZ for a book tour, if anyone has managed to catch him at his various speaking events. I read his latest book, Money: A Story of Humanity, when it came out last Christmas and really enjoyed it. It’s a mix of economic history and anthropology, making for a very enjoyable read if you haven’t picked up a copy yet. I can recommend it.

If you want to stay up-to-date on all things Coffee Microcap, and you’re not already a subscriber, be sure to subscribe via the button below.

Subscribe now

Coffee Microcaps September 2025 Newsletter

Mon, 08 Sep 2025 22:15:44 GMT

Hi Everyone

Microcaps are back! There, I said it, after a stellar run through reporting season, which saw the S&P/ASX Emerging Companies Index finish up 9.90% for the month and absolutely blitzed the large-cap end of the market. Microcaps even managed to come out on top versus small caps, which had a strong month themselves, as can be seen in the table below. We also hit a new all-time closing monthly high for the S&P/ASX Emerging Companies Index, the first new all-time high since March 2022. The index has had nearly three and a half years to form the base and consolidate to reach this new all-time closing monthly high.

During reporting season, I picked out one microcap result a day over the last two weeks of August, which I thought was interesting and worth a review by ASX microcap investors in case they missed it in the madness that is reporting season. The list of stocks is provided below for investors to review the recent results.

1. xReality Group (ASX: XRG)
2. RMA Global Limited (ASX:RMY)
3. Mayfield Group Holdings (ASX: MYG)
4. Austco Healthcare Limited (ASX:AHC)
5. Adore Beauty Group (ASX: ABY)
6. Credit Clear Limited (ASX:CCR)
7. MaxiPARTS Limited (ASX: MXI)
8. The Environmental Group Limited (ASX: EGL)
9. TIP Group (ASX: TIP)
10. Energy Action (ASX: EAX)

Upcoming Coffee Microcaps Zoom Webinar

For those who are unfamiliar, I regularly host presentations from ASX Microcap companies via Zoom Webinars.

I am speaking with a few more companies, and hopefully, we will host another webinar, possibly in the last week of September, once the Sydney conference is out of the way.

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD 300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

I want to thank Raas Research for sponsoring all the Coffee Microcaps events.

Coffee Microcaps YouTube Channel

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Microcap Company Presentation Webinars

Seven companies also joined us in the last two weeks for webinars to present their recent results. Click on the company name below to watch the various presentations.

BNK Banking Corporation Ltd (ASX: BBC)

Smart Parking Ltd (ASX: SPZ)

Veris Ltd (ASX: VRS)

Cash Converters International Ltd (ASX: CCV)

Trajan Group Holdings Ltd (ASX: TRJ)

Global Health Ltd (ASX: GLH)

Fiducain Group Ltd (ASX: FID)

The complete recording of these webinars is also available on the Coffee Microcaps YouTube Channel.

Coffee Microcaps Conference Sydney

Tuesday 16th September 2025

There are approximately 10 seats still available for the Coffee Microcaps Sydney Conference, which is taking place next Tuesday, the 16th of September, if anyone is still interested in joining us.

We have two companies coming in from Melbourne, Immuron Ltd (ASX: IMC) and Alcidion Group Ltd (ASX: ALC) and one company coming all the way over from WA, One Click Group Ltd (ASX: 1CG), so if you are around Sydney, this will be a great chance to see these companies coming from interstate in person.

Sydney Conference Registration Form

Content Recommendation

As part of this newsletter, I would also like to highlight some valuable content worth sharing with my subscribers.

I usually highlight a piece of content from other sources as part of this section. This month, I'm making a shameless plug for a recent article in the Australian Finance Review, in which I was interviewed for a piece on microcaps in the wealth section of the paper. Here is a link to the article, which is unfortunately behind a paywall, but for those who can’t access the three stocks I mentioned, out of the six highlighted in the article were RAIZ Invest Ltd (ASX: RZI), Pureprofile Ltd (ASX: PPL), and Cleanspace Holdings (ASX: CSX)

If you want to stay up-to-date on all things Coffee Microcaps and are not already a subscriber, be sure to subscribe via the button below.

Subscribe now

Coffee Microcaps August 2025 Newsletter

Thu, 07 Aug 2025 06:48:06 GMT

Hi Everyone

Well, FY26 has gotten off to a good start with the S&P/ASX Emerging Companies Index TR finishing up 4.04% for July, which was slightly behind the historical average for July, which is 4.35%. We were up 7.20% at one stage in the month, but perhaps some profit taking towards the end of the month saw the index drop back in the last week of the month. The S&P/ASX 200 TR saw a return of 2.36%, indicating some nice outperformance from microcaps. August has also started very nicely with the S&P/ASX Emerging Companies Index TR up 3.12% as of close trading on August 6th.

We are still on track to hit a new closing monthly all-time high for ASX microcaps in 2025 if we can continue this momentum through the reporting season. If we do, it will be the first time since 2022.

I also conducted an exercise to determine how many months recorded an all-time high in a particular calendar year. As you can see, we have had some pretty frothy years in the past, and we had an absolute drought 🪾🏜️💀 post the GFC, where it took 13 years to post a new closing monthly all-time high for the index.

Upcoming Coffee Microcaps Zoom Webinar Upcoming Events

For those who are unfamiliar, I regularly host presentations from ASX Microcap companies via Zoom Webinars.

On August 29th, we have the five companies below coming to present their post results, and you can register for the webinar here.

I am talking to a few more companies, and hopefully, we will have a second webinar, perhaps in the first week of September.

Coffee Microcaps Results Webinar Friday, August 29th 2025 (AEDT)

Allan Savins, CEO of BNK Banking Corp Ltd (ASX: BBC) 10:30 am - 11:00 am
Paul Gilespie, CEO of Smart Parking Ltd (ASX: SPZ) 11:00 am - 11:30 am
Michael Shirley, CEO of Veris Ltd (ASX: VRS) 11.30 am -12.00 pm
Sam Budiselik, CEO of Cash Converters International Ltd (ASX: CCV), 12:00 pm - 12:30 pm
Stephen Tomisich, CEO & Managing Director, Founder of Trajan Scientific and Medical (ASX: TRJ) 12:30 pm - 1:00 pm

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD 300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

I want to thank Raas Research for sponsoring all the Coffee Microcaps events.

Coffee Microcaps YouTube Channel

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Westferry & Prime Value Microcap Fund Manager Interviews

I was joined by Peter Johns, Portfolio Manager at the Westferry Investment Group and Richard Ivers and Mike Younger from Prime Value Asset Management, to discuss two microcap stocks each from their respective portfolios as part of my ongoing microcap fund manager interview series.

First up was Richard and Mike from Prime Value, where we discussed firstly the opening up of their long-running microcap fund to retail investors from the 1st of July 2025. The two stocks the Prime Value team picked out of the portfolio to keep an eye on in reporting season were mortgage broking aggregator Australian Finance Group (ASX: AFG) and financial payments infrastructure business Cuscal Ltd (ASX: CCL). Watch my interview with Richard and Mike on the Coffee Microcaps YouTube Channel.

Watch Prime Value Interview

Next up, I had a chat with Peter Johns about two of the ASX microcap equity names that make up part of the Westferry fund asset allocation, which includes some unlisted businesses and investments in other funds and fund managers, giving the Westferry fund a unique and diversified asset mix. Peter called out dental equipment supplier SDI Limited (ASX: SDI) and financial services business Fiducian Group Limited (ASX: FID) as two stocks to watch as we enter reporting season.

Watch my interview with Peter on the Coffee Microcaps YouTube Channel.

Watch Westferry Interview

Microcap Company Presentation Webinars

We were also joined in the last few weeks for webinars by Intelligent Monitoring Group Limited (ASX: IMB), Immuron (ASX: IMC) and AML3D Limited (ASX: AL3)

The recording of these webinars is available on the Coffee Microcaps YouTube Channel.

Watch IMB Presentation

Watch IMC Presentation

Watch AL3 Presentation

Coffee Microcaps Conference Sydney Tuesday 16th September 2025

The room is booked at the State Library of NSW for the next in-person conference, and it would be great to see old and new faces once again on the day. So, if you can join us for this event, please register now, as spaces are limited, to avoid disappointment.

Sydney Conference Registration Form

The agenda for the day is shaping up nicely with two companies, Immuron (ASX: IMC) and Alicidion (ASX: ALC), joining us in Sydney from Melbourne. By the time the August newsletter drops in early September, the full day should be sorted as I confirm the last few companies.

Content Recommendation

As part of this newsletter, I would also like to highlight some valuable content worth sharing with my subscribers.

It's not often you get a double-digit month in the funds management game, and we sure haven't had a lot of double-digit months in the microcap space in recent times. So, credit where credit is due to Luke Winchester at Merewether Capital for achieving a 17.6% return for the month of July. As Luke said to me, let's hope this momentum in microcap and indeed small-cap stocks continues, and we put this bloody bear in hibernation, and we can bring the bull back out of the shed.

If you want to stay up-to-date on all things Coffee Microcaps and are not already a subscriber, be sure to subscribe via the button below.

Subscribe now

Microcap Fund Performance Review FY25

Mark Tobin — Wed, 30 Jul 2025 03:34:57 GMT

I have rounded up the performance figures for most of the microcap funds in the market, and by and large, most had a good FY25, with the median manager delivering 11.9%, which was well ahead of the S&P/ASX Emerging Companies Index TR performance of 8.8%, showing good alpha generation as a cohort overall. While the last year has been reasonable overall, the past three years in the microcap space have been particularly tough. However, the posting of 20%+ returns by multiple managers and Saville Capital over 50%+ in FY25 may start to drive inflows into microcap funds and increase interest in the microcap end of the market more broadly. We still have two trading days left in July, but I note the S&P/ASX Emerging Companies Index TR performance for July MTD is 5.41%, which is ahead of the historical monthly average return for the month of July and well ahead of the ASX 200, which is showing 1.91% MTD. FY26 at least looks to be getting off to a good start.

I have removed some funds since my last review, including EGP Concentrated Value, which is in managed wind-down, Capital H Active Fund, which was merged with the Capital H Inception Fund and renamed the HD Capital Partners Inception Fund, and the Lennox Microcap Fund has been wound down.

Microcap LICs such as Glennon Small Companies (GC1) and Sepheria Emerging Companies (SEC) no longer have the majority of their assets in microcap stocks, so have been removed. H&G High Conviction (HCF) has been wound down and removed.

On a more positive note, I have added the JC Equity Fund run by Jack Austin out of Brisbane, which Jack has been building up over the last few years and who joined us at the previous Coffee Microcaps Conference in Sydney back in May 2025. For anyone wanting to know more about Jack’s fund, you can email him at jack.austin@jcequity.com.au.

If any figures are missing, it is because the relevant manager does not report that period's performance as part of the reports.

Coffee Microcaps July 2025 Newsletter

Mon, 07 Jul 2025 22:15:27 GMT

Hi Everyone

Well, FY25 has wrapped up, and it was a mediocre year for ASX microcaps, but at least we seem to be trending in the right direction. The S&P/ASX Emerging Companies Index finished down 0.41% for the month. June is historically the worst month for ASX microcaps. Although the index finished down for the month, its performance was well above the average for June, which is -2.64% historically. Indeed, in 13 out of 22 (59%) observations, the month of June has recorded a negative return for the index. We must also remember that the average return for July is +4.38%, and historically, it has been the best month for ASX microcaps. July has produced a positive monthly return in 17 out of 21 (81%) months based on historical data. Q1 of the financial year is also seasonally the best quarter for ASX Microcaps.

I also saw a post noting that the Russell 2000 in the USA has gone over 900 days without hitting a new all-time high, its longest streak in 14 years. I wanted to look at ASX microcaps for something similar, but I dont have the daily data, so I am basing this off the month-end index closing data. The last monthly all-time closing high was in March 2022, and as of June 30, 2025, we remain 11.59% below that level. It has been 39 months since the index hit a new all-time high. This is the second-longest streak in history, beaten only by the glacial recovery from the depths of the GFC, when the index took 157 months (October 2007 - November 2020) to post a new all-time high. Hopefully, we dont have to wait another 118 months to post a new all-time high!!!

I predict (for what predictions are worth) that we won't, as the trend seems to be heading in the right direction, and we appear to have bottomed about 18 months ago. A good Q1 FY26 should hopefully push us to a new all-time high.

Upcoming Coffee Microcaps Zoom Webinar Events

For those who are unfamiliar, I regularly host presentations from ASX Microcap companies via Zoom Webinars.

I am currently booking companies for the end of July 2025 once 4Cs start hitting the ASX announcement platform. Keep an eye on our social channels for updates on when those events are announced.

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD 300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

I want to thank Raas Research for sponsoring all the Coffee Microcaps Virtual events.

Coffee Microcaps YouTube Channel

If you're unable to join the Zoom webinars due to work, family, life, or other commitments, consider subscribing to the Coffee Microcaps YouTube channel and click the bell to receive notifications when new content is added.

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

DMX Asset Management Microcap Fund Manager Interview Series

I was joined by Steven McCarthy, Portfolio Manager at DMX Asset Management, to discuss two microcap stocks from the portfolio: Edu Holdings Ltd (ASX: EDU) and RPM Automotive Group Ltd (ASX: RPM).

Edu Holdings Ltd is a higher education provider; however, crucially, given the tightening of rules around international students and EDU sources, the majority of its students are from onshore here in Australia. Its key course is a degree in early childhood development, and Steven likes the long-term nature of the revenue stream, given that it's a multiple-year programme. Student numbers are increasing, which should start to have a more significant impact on results moving forward, he believes. It is an interesting stock to watch in a sector that has become unloved.

RPM Automotive Group Ltd is a stock that has struggled somewhat in recent times. Still, Steven notes that their new tyre recycling facility and service offering, which has resulted from a change in government regulations mandating onshore tyre recycling by the industry, has the potential to add a new growth driver to the business. The first plant was recently commissioned in Melbourne, and plans are in place to expand its footprint facilities alongside its distribution and retail footprint across the country. It will be interesting to hear the commentary on how the new division is performing when they report in August.

You can watch my interview with Steven by clicking the button below.

Watch Now

Coffee Microcaps Conference Sydney

I have just booked a room at the State Library of NSW for the next in-person conference, which is scheduled to take place on Tuesday, 16 September 2025.

Please mark this date in your diary if you plan to attend.

I will provide more details in subsequent newsletters on which companies will be presenting at the event.

Content Recommendation

As part of this newsletter, I would also like to highlight some valuable content worth sharing with my subscribers.

Another one of my regular investing podcasts is the Australian Investors Podcast, hosted by Owen Raszkiewicz. Owen sat down with Luke Laretive and Ben Richards from Seneca Financial Solutions in a series of podcasts over the past few weeks to discuss all things small-cap. I really enjoyed the sessions with Luke and Ben, and they covered a range of stocks, including Catapult Group International, Zip Co, Euroz Hartleys Group, Australian Finance Group, and VBX, amongst several others. This series of podcasts is well worth listening to if you're looking for some new names to add to your watchlist ahead of reporting season or if you're seeking new ideas to research.

If you want to stay up-to-date on all things Coffee Microcaps and are not already a subscriber, be sure to subscribe via the button below.

Subscribe now

Coffee Microcaps June 2025 Newsletter

Wed, 04 Jun 2025 21:45:19 GMT

Hi Everyone

May saw a decent return for S&P/ASX Emerging Companies Index, which finished with a return of 2.99% for the month of May. A welcome fill-up after three negative monthly prints in a row. As we enter June and tax loss selling season, be forewarned that June has historically been the worst month for ASX microcaps, with the index recording an average decline of 2.74%. However, July is traditionally the best month for ASX microcaps, with the index recording an average gain of 4.38% for the month. So, for long-term holders of various microcap stocks, it would be wise to keep an eye out for any usual price weakness that doesn’t seem linked to any fundamental news.

As many of you know, Finola Burke and the team at RaaS Research have been a long-term sponsor of our virtual events at Coffee Microcaps. The team at RaaS have now launched a subscription research service which will run alongside their traditional issuer-sponsored stock research coverage. Behind the paywall, you will find research on other stocks not currently covered by the team, industry and sector reports, and investment ideas identified by the analyst team. Finola has provided me with an affiliate code, which will give subscribers an additional discount for those who sign up, so please use this code CMC_L82F6EWFEB as part of your signup process. In the interest of complete transparency, there are a few $$ in it for Coffee Microcaps if you use the code.

Upcoming Coffee Microcaps Zoom Webinar Events

For anyone who doesn’t know, I regularly host presentations from ASX Microcap companies via Zoom Webinars.

We don't have anything coming up currently, as companies are generally in blackout mode heading into the financial year-end on June 30. However, rest assured, we will be live with plenty of companies and webinars towards the end of July, once 4C’s start hitting the ASX announcement platform.

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD 300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

I want to thank Raas Research for sponsoring all the Coffee Microcaps Virtual events.

Coffee Microcaps Webinars

So, if you can’t join the Zoom webinars due to work, kids, life, or whatever, subscribe to the Coffee Microcaps YouTube channel and hit the bell to receive notifications when new content is added.

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Be sure to check out the channel, subscribe, and hit the bell to receive notifications of new content.

We have had a few events recently, so if you missed any, you can catch up on the content via our YouTube Channel.

Coffee Microcaps Morning Meeting May 13th

Brent Barnes, CEO of Clever Culture Systems Ltd (ASX: CC5), joined us and discussed the scale-up of their laboratory contamination machines, which are now experiencing strong sales and increased inbound interest from major pharmaceutical players seeking easier, faster, and more robust compliance solutions. Brent and the team have laid a solid foundation and are now entirely focused on sales and commercialisation.

Billy Tucker, CEO of Beonic Ltd (ASX: BEO), joined us once again, and the restructuring of the business since he took over some 18 months ago looks to be almost complete. With a significant reduction in its cost base, the company appears to be approaching the operating cash flow breakeven point in the near term. Some recent airport and retail customer wins should help push ARR higher than the $17 million reported in the last quarter as we move through the balance of 2025.

Adam Bennett, CEO, and Miles Drury, CFO, of Plenti Group Ltd (ASX: PLT), joined us just after their year-end update and have subsequently released their full-year results. The business continues to perform well in all divisions and across all metrics, with cash NPAT up 126% compared to the prior comparable period. The partnership with NAB, which launched last year and has undergone a period of integration and bedding in, now appears to be delivering volumes that have accelerated further into 1Q26, with run-rate originations per business day in May month-to-date up 105% against the average daily origination rate in 4Q25 according to thier full year results announcement.

Watch Now

NAOS Asset Management Microcap Fund Manager Interview Series

I was joined once again by Rob Miller, Portfolio Manager at NAOS Asset Management, to discuss two microcap stocks from the portfolio: MaxiParts (ASX: MXI) and Urbanise (ASX: UBN).

Maxiparts is a long-standing position in the portfolio, and indeed, Rob discussed it the last time he did an interview with me. The business is currently feeling the cyclical effect of a slow East Coast economy. Still, as a dominant player in the HGV aftermarket parts business in Australia and with an ageing national fleet, the structural tailwinds for the business remain favourable in Rob’s view. He compared MXI to Supply Networks (ASX: SNL), a similar-style business, although they don't compete directly with each other per se. Yet the valuation gap between the two looks compelling, according to Rob.

Urbanise has been on a tear since the start of 2025 and is up over 130% year-to-date. Yet, Rob still believes there is more to come from the business and that the strata business is finally starting to hit its stride, with Urbanise looking to offer a banking and cash management product to customers within the next 12 months. This could add both a further revenue stream and provide an enhanced product offering to both existing and prospective customers.

Watch Now

Coffee Microcaps Morning Meeting with Aroa BioSurgery

It was great to be joined by Brian Ward, CEO of Aroa BioSurgery Ltd (ASX: ARX), for the first time on Coffee Microcaps. The business provides surgical products to improve healing in complex trauma wounds and soft tissue reconstruction. The company has products in market and is considering adding a few more to its lineup. The majority of the workforce, with 70 staff in its primary market, the USA, is seeing sales start to climb, leading to them delivering a cash-flow-positive half for 2H25. The business has NZ$22m in the bank and appears well-funded to capitalise on its growth plans over the next 12 months. Brian also noted that R&D capital expenditure spending should decline over time, which will further boost profitability.

Watch Now

Content Recommendation

As part of this newsletter, I also want to highlight some good content worth sharing with my subscribers.

One of my regular investing podcasts is the Value After Hours show from The Acquirers Podcast, hosted by Tobias Carlisle and Jake Taylor. The team was recently on the ground in both Japan and China, speaking with corporate executives, fund managers, and private equity and venture capital firms. They had some interesting insights into both markets, and I found it a really enjoyable episode. You can listen to it on Spotify or watch it back on YouTube.

Thanks for reading. If you haven’t already subscribed, you can do so below.

Subscribe now

Coffee Microcaps May 2025 Newsletter

Mon, 12 May 2025 06:31:44 GMT

Hi Everyone

After all was said and done in April, most microcap managers survived a very volatile April without too much impact, despite some big intra-month swings in share prices. Most newsletters and fund factsheets I have read show that most microcap managers managed to finish up for the month. The S&P Emerging Companies Index finished slightly down for the month of April, recording a slight decline of 0.38%.

Upcoming Coffee Microcaps Zoom Webinar Events

For anyone who doesn’t know, I regularly host presentations from ASX Microcap companies via Zoom Webinars. Two or four companies usually present Thursday mornings from 9 a.m. to 11 a.m. AEDT Sydney time.

Our next event is happening on Tuesday, May 13th, where we will have

Brent Barnes, CEO of Clever Culture System Ltd (ASX: CC5) 10.00-10.30 AEDT

Billy Tucker, CEO of Beonic Ltd (ASX: BEO) 10.30-11.00 AEDT

Adam Bennett, CEO and Miles Drury, CFO, Plenti Group Ltd (ASX: PLT) 11.00-11.30 AEDT

I want to thank Raas Research for sponsoring all the Coffee Microcaps Virtual events.

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD 300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

I have created a separate email list for invites to these Zoom events so that I am not spamming all my subscribers. If you want to be added to the events list, please email me at mark@coffeemicrocaps.com, and I will add you. I would love for you to join us for these free events.

Coffee Microcaps Webinars

All the Zoom events are recorded and uploaded to the Coffee Microcaps YouTube Channel. In addition to the ASX microcap company presentations, I interview leading ASX microcap fund managers about some of their top picks. Occasionally, we also have presentations or interviews with international microcap investors.

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Be sure to check out the channel, subscribe, and hit the bell to receive notifications of new content.

We have had a few events recently, so if you missed any, you can catch up on the content via our YouTube Channel.

Content Recommendation

As part of this newsletter, I also want to highlight some good content worth sharing with my subscribers.

Typically, as regular readers of this newsletter will know, I share some interesting content I have encountered over the last month, be it a podcast, YouTube video, investment newsletter or blog post. However, this month I am doing a shameless plug for my piece of research, which I released on LinkedIn a few weeks ago. In this research, I examined the actual costs of ASX microcap boards and CEO pay. Plenty of data is regularly produced on ASX200 board pay, board structure, and CEO pay, but little, if anything, on ASX microcap companies. In the report, I worked through 100 FY24 annual reports from ASX microcap companies to determine the average pay for non-executive directors, the board chair, the average number of directors on the board, average CEO remuneration and bonus pay. My goal is that with this report, ASX microcap investors can vote on AGM resolutions and engage with boards armed with real data and hard facts instead of going off of anecdotal evidence, gut feeling, or experience from other ASX microcap companies. I would love to hear any feedback on the research once you have had a chance to peruse it.

Thanks for reading. If you haven’t already subscribed, you can do so below.

Subscribe now

Coffee Microcaps Conferences

Mark Tobin — Wed, 23 Apr 2025 07:34:29 GMT

Hi All

I have been in conversation with some of you regarding two small conferences in the next two weeks.

There are still some spaces open for those who are keen to attend. The agendas for both conferences have now been finalised, so if you wish to attend, please reach out to me directly via email at mark@coffeemicrocaps.com.

Sydney, Thursday, May 1st 2025

Melbourne, Tuesday, May 6th

Coffee Microcaps April 2025 Newsletter

Fri, 04 Apr 2025 00:34:53 GMT

Hi Everyone

I imagine everyone will have a Liberation Day hangover after USA President Donald Trump implemented the latest round of global trade tariffs on imports to the USA. How long they remain in place and what effect these tariffs will have is anyone’s guess, but they are indeed the opening salvo for reshaping international trade in favour of the USA's interest. Whether the policy is successful or even ends up as a net overall benefit to the USA remains questionable, given that the other side of the trade partnership needs to move next. What is certain is that, like all other historical bouts of uncertainty, it is a net negative for stocks across the board.

Looking back on the month just gone, the microcap end of the market managed to outpace the bigger end despite the bigger end getting help from the traditional dividend-heavy month post half-year results, as can be seen in the table when we compare total return to straight price index return. However, with both indexes negative for the month, investors have very little solace at either end of the market.

Upcoming Coffee Microcaps Zoom Webinar Events

For anyone who doesn’t know, I regularly host presentations from ASX Microcap companies via Zoom Webinars. Two or four companies usually present on Thursday mornings from 9 a.m. to 11 a.m. AEDT Sydney time.

I thank Raas Research for sponsoring all the Coffee Microcaps Virtual events.

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD 300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

Coffee Microcaps Webinars

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Be sure to check out the channel, subscribe, and hit the bell to receive notifications of new content.

We have had a few events recently, so if you missed any, you can catch up on the content via our YouTube Channel.

Coffee Microcaps Morning Meeting 3rd April 2025

Sam Budiselik, MD & CEO of Cash Converters International Ltd (ASX: CCV)

Sam was back once again to give us an update on the business. While the traditional retail business remains, it has evolved from a franchise to more of a corporate-owned model over the last few years. On the lending side of the business, the line of credit product continues to replace the historically small loans business, and they are winding down the vehicle loan business. Despite the structural changes happening under the hood, the business has posted top and bottom-line growth in recent years. The business is well capitalised to pursue its new growth strategy and has been paying a 2c fully franked dividend for several years. If you haven’t looked at Cashies in a while, I recommend watching the webinar recording on our YouTube channel to get back up to speed on a business that might have moved on a fair bit since investors last looked at it.

WATCH NOW

Content Recommendation

As part of this newsletter, I also want to highlight some good content worth sharing with my subscribers.

Over the last few weeks, I have been working through the annual Semper Augustus client letter from Chris Bloomstran, which runs to a meaty 168 pages, so it is really a small book. Chris’s letter, though, provides some great insights into market returns and another aspect of investing. He also profiles one or two of his portfolio companies, but he is probably best known for his breakdowns of Berkshire Hathaway. Berkshire is a core holding for Chris’s portfolio. For any investor with a passing interest in the Berkshire business or those making the trip over to the meeting in Omaha in a few weeks, the Berkshire section is well worth a read before heading to the big event.

Thanks for reading. If you haven’t already subscribed, you can do so below.

Subscribe now

Coffee Microcaps March 2025 Newsletter

Thu, 20 Mar 2025 21:14:50 GMT

Hi Everyone

The general feeling from most microcap fund managers and investors was that the recent February reporting season was one of the most volatile for many a year. Now, there are always big swings in response to numbers which are better or worse than the market expects, but even allowing for that, the swings we saw this season were more pronounced than usual. The turbulence caused by the Trump administration policy announcements over the top of results, I think, had a role to play in this enhanced volatility. However, by March, things do seem to be settling down.

When all was said and done, February saw the S&P Emerging Companies Index TR down 1.96% after an end-of-month sag took it into negative territory after holding its head above water through most of the reporting season. The large-cap end of the down faired slightly worse, down 3.79% for the S&P ASX 200 Index TR. As they say, misery loves company.

Upcoming Coffee Microcaps Zoom Webinar Events

I thank Raas Research for sponsoring all the Coffee Microcaps Virtual events.

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD$300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

Coffee Microcaps Results Webinars

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Be sure to check out the channel, subscribe, and hit the bell to receive notifications of new content.

We have had a few events recently, so if you missed any, you can catch up on the content via our YouTube Channel.

Coffee Microcaps Results Webinar February 28th 2025

Tony Abrahams, Co-Founder & CEO of Ai-Media Technologies Ltd (ASX: AIM) 10.30-11.00

Allan Savins, CEO of BNK Banking Corporation Ltd (ASX: BBC) 11.00-11.30

Warren Cook, CEO & MD of RemSense Technologies Ltd (ASX: REM) 11.30-12.00

Brendan Malone, MD & Group CEO of RAIZ Invest Ltd (ASX: RZI) 12.00-12.30

Tom Culver, CEO of Pharmx Technology Ltd (ASX: PHX) 12.30-13.00

Watch Now

Coffee Microcaps Results Webinar March 6th 2025

Kate Quirke, CEO of Alcidion Group Ltd (ASX: ALC) 9.00-9.30

Shaun Ankers, CEO of Energy One Ltd (ASX: EOL) 9.30-10.00

Lucas Murtagh, Co-CEO & Damian Smith, Co-CEO of Asset Vision Co Ltd (ASX: ASV) 10.00-10.30

Peter McGrath, MD & CEO of Comms Group Ltd (ASX: CCG) 10.30-11.00

Adam Cadwallader, MD & CEO of Motio Ltd (ASX: MXO) 11:00-11:30

Watch Now

Coffee Microcaps Results Webinar March 7th 2025

Joseph Oliver, Managing Director of Delorean Corporation Ltd (ASX: DEL) 9.00-9.30

Martin Filz, CEO & Melinda Sheppard, CFO of Pureprofile Ltd (ASX: PPL) 9.30-10.00

Sujata Stead, CEO & Stuart Halls, CFO of Janison Education Group Ltd (ASX: JAN) 10.00-10.30

Michael Shirley, Managing Director & CEO of Veris Ltd (ASX: VRS) 10.30-11.00

Steven Lydeamore, CEO of Immuron Ltd (ASX: IMC) 11:00-11:30

Watch Now

Content Recommendation

As part of this newsletter, I also want to highlight some good content worth sharing with my subscribers.

I wanted to share this recent article from the Australian Financial Review (not behind a paywall). The contributors talk about the current state of small and microcap markets, the impact of the ETFs, and the MySuper legislation benchmarks having on this end of the market. I am not in complete agreement with the article; I am glad, though, to see that the media is picking up the challenges being faced by the sector, and hopefully, by shining more light on it, we will see some positive initiatives by the ASX, ASIC and government more broadly.

Thanks for reading. If you haven’t already subscribed, you can do so below.

Subscribe now

Coffee Microcaps February 2025 Newsletter

Tue, 25 Feb 2025 22:30:50 GMT

Hi Everyone

I hope everyone is managing through what seems to be a very volatile reporting season thus far as we enter the home straight with all the quality names in this end of the market to report before the open on Monday 3rd of March 😉.

Anyway, January got off to a subdued start, with the S&P Emerging Companies Index TR up only 0.38% for the first month of the year. Let's hope it starts as it means to go on type year, and we have a positive year for microcaps overall. Despite all the reporting season market machinations, the microcap index is holding up pretty well, up 1.07% for the month as of the close of trade on February 25th. Let us see where we close out the week and the month on Friday. Hopefully, we can hold onto the gains.

Upcoming Coffee Microcaps Zoom Webinar Events

I thank Raas Research for sponsoring all the Coffee Microcaps Virtual events.

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD$300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

Coffee Microcaps Results Webinars

The following Coffee Microcaps Results webinars will be this Friday, February 28th, Thursday, March 6th, and Friday, March 7th. The details of each and the relevant Zoom registration links are below. All times are AEDT.

Coffee Microcaps Results Webinar February 28th

Tony Abrahams, Co-Founder & CEO of Ai-Media Technologies Ltd (ASX: AIM) 10.30-11.00

Allan Savins, CEO of BNK Banking Corporation Ltd (ASX: BBC) 11.00-11.30

Warren Cook, CEO & MD of RemSense Technologies Ltd (ASX: REM) 11.30-12.00

Brendan Malone, MD & Group CEO of RAIZ Invest Ltd (ASX: RZI) 12.00-12.30

Tom Culver, CEO of Pharmx Technology Ltd (ASX: PHX) 12.30-13.00

Zoom Registration

Coffee Microcaps Results Webinar March 6th

Kate Quirke, CEO of Alcidion Group Ltd (ASX: ALC) 9.00-9.30

Shaun Ankers, CEO of Energy One Ltd (ASX: EOL) 9.30-10.00

Lucas Murtagh, Co-CEO & Damian Smith, Co-CEO of Asset Vision Co Ltd (ASX: ASV) 10.00-10.30

Peter McGrath, MD & CEO of Comms Group Ltd (ASX: CCG) 10.30-11.00

Adam Cadwallader, MD & CEO of Motio Ltd (ASX: MXO) 11:00-11:30

Zoom Registration

Coffee Microcaps Results Webinar March 7th

Joseph Oliver, Managing Director of Delorean Corporation Ltd (ASX: DEL) 9.00-9.30

Martin Filz, CEO & Melinda Sheppard, CFO of Pureprofile Ltd (ASX: PPL) 9.30-10.00

Sujata Stead, CEO & Stuart Halls, CFO of Janison Education Group Ltd (ASX: JAN) 10.00-10.30

Michael Shirley, Managing Director & CEO of Veris Ltd (ASX: VRS) 10.30-11.00

Steven Lydeamore, CEO of Immuron Ltd (ASX: IMC) 11:00-11:30

Zoom Registration

Coffee Microcaps YouTube Channel

Also, the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Be sure to check out the channel, subscribe, and hit the bell to receive notifications of new content.

We had a few last events in early December, so if you missed any, catch up on the content via our YouTube channel.

Coffee Microcaps Appendix 4c Results Wrap February 6th, 2025

At this event, I was joined by ReadCloud Ltd (ASX: RCL) and AML3D Ltd (ASX: AL3).

The recording of this webinar on the Coffee Microcaps YouTube Channel.

Watch Now

Content Recommendation

As part of this newsletter, I also want to highlight some good content worth sharing with my subscribers.

I recently listened to a podcast with Jan-Hendrik Mohr, the CEO of Chapters Group, a German company listed on the Frankfurt Stock Exchange. Chapters Group is somewhat of a hybrid of Constellation Software and Berkshire Hathaway, focusing on mission-critical businesses for the respective business’s customers. Most of the 40+ investment companies in which it has full or partial stakes are in the software space, but it also has financial services, education and other industries. It's an interesting model that crosses the strategies of two famed investors in, Leonard & Buffet. With the Buffet annual letter just released for 2024, I thought this might be a nice add-on podcast when you are in the investment holding/compounder zone of thinking.

Thanks for reading. If you haven’t already subscribed, you can do so below.

Subscribe now

Coffee Microcaps January 2025 Newsletter

Thu, 16 Jan 2025 23:18:42 GMT

Hi Everyone

Welcome to 2025, and I hope everyone is ready for another trip around the sun.

The ASX Microcap market rounded out with a positive year after two consecutive negative years, albeit the second one was only marginally so. The S&P/ASX Emerging Companies Accumulation Index returned 15.70% for 2024. Much better than the big end of town, with the S&P/ASX 200 Accumulation Index returning 11.44% for 2024.

Some further numbers are detailed below. The Australian microcap market continues to be one of the better-performing developed microcap markets globally.

However, the Australian microcap index is still 12.20% off its all-time high of March 2022.

I also pulled a few valuation metrics from the various index factsheets. Given that many of these companies are not yet profitable, P/E is not particularly useful, so I went with the old-school price/book value. While not ideal, it can be applied to every underlying company in each index. I also added the dividend yield, which was also available and reflects the profitable end of the microcap spectrum.

I also wanted to include a table showing the annual calendar-year returns over the last 21 years since the S&P/ASX Emerging Companies Index started. As you can see, the index tends to return double-digit increases or decreases, so it’s pretty volatile, as expected. The GFC also caused colossal right and left tail events in consecutive years. If one can identify a trend, positive returns are clustered together in multi-year periods, so hopefully, we are at the start of another such period.

Many of you have seen the S&P500 Pyramid of Returns, and I tried to replicate it for the S&P/ASX Emerging Companies Accumulation Index. With only 21 observations, it is less impressive than the S&P500's backlog of data points. Still, I have included it below to represent the above table visually.

Pyramid of ASX Microcap Total Returns 2004 - 2024

I also updated the rolling 12M returns chart for completeness to show where we are compared to history.

Upcoming Coffee Microcaps Zoom Webinar Events

I thank Raas Research for sponsoring all the Coffee Microcaps Virtual events.

The ASX Microcap companies that present generally have the following four criteria.

•Under AUD$300m in market capitalisation

•In revenue and approaching cashflow breakeven or already profitable

•Outside the resources and biotech sectors

•"Industrial Microcaps” Include microcap technology, financial services, consumer goods, industrial products or services business, healthcare stocks, etc.

Coffee Microcaps Appendix 4c Results Wrap

The following Appendix 4c Results webinars will be on Friday, January 31st, Monday, February 3rd, and Tuesday, February 4th, and I am busy lining up companies to present. Once everything is finalised in the next two weeks, the webinar details will be sent out via social media and to the events email list, so if you are not following us on X or LinkedIn, please do so.

Coffee Microcaps Mining and Energy Webinars

As part of expanding Coffee Microcaps' offering in 2025, I will host webinars focused on junior resource names, specifically those capped under $300m. These will be separate webinars from our usual fare and cater to investors specifically interested in this space.

So, if you have any suggestions for companies you would like to see present at our first webinar, which will be happening in early February, please send me the names, and I will reach out to the companies.

Coffee Microcaps YouTube Channel

Also, in the description section of each video on YouTube has relevant chapters, so you can jump to the start of a specific company presentation if that’s what you are after in a particular video.

Be sure to check out the channel, subscribe, and hit the bell to receive notifications of new content.

We had a few last events in early December, so if you missed any, catch up on the content via our YouTube channel.

Coffee Microcaps Morning Meeting December 5th, 2024

At this event, I was joined by Firstwave Cloud Technology Ltd (ASX: FCT) and HiTech Group Australia Ltd (ASX: HIT).

Coffee Microcaps Fund Manager Interview Merewether Capital

In this interview, I was joined by Portfolio Manager Luke Winchester, and we discussed two of the fund’s holdings:

Change Financial Ltd (ASX: CCA) and Cleanspace Holdings Ltd (ASX: CSX).

Coffee Microcaps Morning Meeting December 10th, 2024

At this event, I was joined by Atturra Ltd (ASX: ATA), Orcoda Ltd (ASX: ODA) and AF Legal Group Ltd (ASX: AFL).

Content Recommendation

As part of this newsletter, I also want to highlight some good content worth sharing with my subscribers.

I read a few books over the recent break, and I wanted to recommend two here. The first is Small Giants: Companies That Choose to Be Great Instead of Big, 10th Anniversary Edition, by Bo Burlingham. If you liked the Jim Collins book Good to Great, then you will enjoy Small Giants. The author focuses on small private businesses that are leaders in their fields rather than similar and significantly larger public companies profiled by Collins.

The second book is Money: A Story of Humanity by Irish economist David McWilliams. In it, McWilliams delves into economic history and how advances in money and financial products have helped shape social, political, and commercial life over the millennia. This is an excellent read if you love history and/or economics.

Thanks for reading. If you haven’t already subscribed, you can do so below.

Subscribe now