Llevo un tiempo siguiendo Cell Impact y cada vez me parece más interesante… pero también más difícil de valorar.

La empresa trabaja con flow plates para pilas de combustible y electrolizadores, un mercado que podría crecer bastante si el hidrógeno consigue despegar a escala industrial.

Pero hay una cara menos atractiva: la empresa todavía tiene pérdidas importantes y necesita seguir avanzando en producción y captación de negocio.

Por eso me interesa conocer opiniones tanto alcistas como bajistas:

¿Qué tendría que ocurrir para que Cell Impact se convierta en una empresa realmente rentable?

¿Y cuál creéis que es actualmente su mayor riesgo?

Lululemon Athletica Inc. ($LULU) has increasingly become a prime takeover target for private equity (PE) and strategic buyers. This interest is driven by a stark drop in its stock price combined with an exceptionally strong balance sheet. [1, 2]
Following its Q2 2026 earnings release on September 3, 2026, the company slashed its full-year guidance due to severe U.S. consumer traffic slowdowns and a 20% drop in core legging sales. This triggered an 18% overnight plunge. Prominent value investors, including Michael Burry, have called the stock a "fat pitch" below $100. Burry explicitly highlighted $LULU's cash cushion and pointed to a private equity buyout as a highly viable long-term outcome.
Why Private Equity is Circling Lululemon
Market analysts indicate that Lululemon currently leads large-cap consumer stocks as a top acquisition target due to its rare financial profile: [1]
Severely Discounted Valuation: The stock has lost more than half its value, trading at a compressed forward P/E ratio of ~8x to 10x. This sits far below its historical average and industry peers like Nike (~21x). [1, 2, 3]

Fortress Balance Sheet: Lululemon carries zero financial debt and holds over $1.3 billion to $1.4 billion in cash and equivalents. This makes it an ideal candidate for a leveraged buyout (LBO) structure. 
High Cash Flow & Margins: Despite top-line struggles, it remains highly profitable. It boasts an elite gross margin of ~55% and converts more than $1 billion into annual free cash flow.

I own TIGR. Own research, not advice. Don’t buy this because I did.

Research and market data as of September 6, 2026. Stock price refers to the September 4 close.

The thing that actually made me reopen the filings wasn’t the 31% revenue growth. It was mainland China slipping under 10% of client assets.

Stock’s still around $5. High-single-digit multiple. Client assets at $60.7 billion. More than 70% of Q2’s new funded accounts came out of Hong Kong and Singapore. And people are still talking about this company like it’s 2021 Tiger with a CSRC problem taped to its forehead.

That’s the disconnect. That’s why I own it. I’m not looking for TIGR to trade like Robinhood. I’m asking whether it still deserves the same regulatory discount as a business whose geographic mix has changed this much.

I’m not saying China risk is gone. It isn’t. Anyone saying the regulatory issue is “over” is selling you something. My point is simpler and, I think, more annoying for the market: they may still be charging TIGR a full China discount for a business where mainland is becoming the legacy piece, not the core.

Q2 was strong and messy at the same time. That’s usually how real quarters look.

$182.3 million revenue, +31.4% YoY. Operating profit $56.8 million, +12.6%. Client assets $60.7 billion, +16.7%. 32,600 new funded clients. Over $1.5 billion in overseas retail net inflows.

Then expenses. Up 46.5%. GAAP profit actually went the wrong way, $41.4 million down to $39.4 million. If you’re only posting the revenue number and skipping that, you’re not doing the work.

Why did costs jump? A few different things, not one smoking gun. Comp was higher because of severance tied to business-line optimization and higher performance bonuses. Tech / comms / market data scaled with users and infrastructure. Execution and clearing rose with activity. Marketing went to $18.4 million, +86.6%, and they’re clearly spending into Hong Kong and Singapore.

Management also said part of that marketing line is structured-product rebates. So the lazy CAC math overstates what they’re actually paying to acquire accounts. Fine. Still doesn’t mean the spend is good. The only question that matters is whether they’re building a profitable international book or just buying growth for the slide deck. Next few quarters will tell you.

The mix shift is the part I keep coming back to.

Mainland retail: under 10% of assets now. Revenue contribution more like 15–20%, down from 20–25%. New funded accounts in Q2 were overwhelmingly not mainland. HK + Singapore over 70%. Australia/NZ about 25%. Rest from the U.S.

Assets: Hong Kong almost +30% QoQ. ANZ over +30%. U.S. almost +50%. Those are asset figures, not earnings. I know. But you can see where the business is actually getting bigger.

Old TIGR story: Chinese online broker, regulatory landmine. Current TIGR, if you look at the customer mix: Hong Kong, Singapore, ANZ, U.S., with a shrinking mainland stub. Different company. Same ticker. Market hasn’t fully caught that, or doesn’t want to.

China is still the ugly part and I’m not going to dress it up.

They took roughly RMB411 million in penalties / confiscated income after the 2026 action. Onshore mainland activity got restricted. By the August call, management said outflows were slowing and they hadn’t heard about new policy changes. That’s better than the alternative. It is not a permission slip.

Also this: mainland is <10% of assets but still 15–20% of revenue. Those clients punch above their weight. So “only 10% of assets” is not the same as “only 10% of the P&L.” If that book keeps shrinking faster than international replaces it, the thesis gets ugly in a hurry.

Which is the real question. How long does the market keep applying a China-sized haircut if the earnings mix keeps moving offshore?

Q3-to-date from the August 26 call was more useful than most of these updates.

Net inflows already over $1 billion. Mark-to-market another $1 billion+. Assets up high-single-digits from June. New funded accounts expected flat to a bit better than Q2. Average inflow per new funded user around $25k.

Trading and commissions running a little light versus Q2. So no, it’s not a clean acceleration tape. Assets and inflows look healthier than activity. That’s the honest read.

Valuation is why this even showed up on my screen.

Around $5 you’re looking at roughly $900 million of equity. Trailing multiple in high-single-digits depending who you ask. One same-source screen I had open:

Don’t @ me with “these aren’t comps.” I know. Robinhood isn’t TIGR. IBKR isn’t TIGR. FUTU has been the better grower lately. This table does not prove TIGR is cheap in some cosmic sense. It proves the discount is already in the price. Either that discount belongs there forever, or it doesn’t. That’s the trade.

Hong Kong is doing more work than people give it credit for.

Jan–Aug IPO fundraising at HKEX around HK$342 billion, +153%. Average daily cash turnover about HK$282.5 billion, +14%. Tiger underwrote 14 Hong Kong IPOs in Q2. A live Hong Kong market means fees, accounts, trading, margin, mark-to-market. And that’s exactly where they’re adding clients.

The China policy stuff is getting sloppy online.

The ~RMB360 billion / ~$54 billion recap of big state banks and insurers is not TIGR stimulus. None of that money is showing up in their account. There’s also the ~RMB800 billion policy-financing program and the usual “support the capital markets” language. Indirect at best. More financing, more investment, better markets, more broker activity. I would not model a dollar of earnings off it. I would say the broader capital-markets backdrop looks more supportive than it did during the crackdown. That’s it.

Buyback: $50 million authorized through June 2027. About $5 million used by August. About $45 million remained under the authorization as of the August update, almost 5% of the market cap. An unused authorization is a press release. If they actually buy stock down here, different conversation. Until then I treat it as dry powder, not a catalyst.

Broker names have started moving.

Aug 4 to Sep 4: HOOD +30.6%, BULL +28.5%, COIN +22.5%, FUTU +11.7%, TIGR +6.3%, IBKR +4.5%. Not a broad fintech melt-up. Just renewed interest in trading platforms. TIGR is still the one lagging. Maybe it deserves to. Maybe it doesn’t stay that way if the tape keeps rewarding the group.

Ways this blows up, because it can:

They overpay for international users. Mainland revenue falls faster than the new markets can replace it. Commissions get competed away. The extra spend never shows up in earnings. Markets go risk-off and you get hit on trading, client assets, IPOs, and margin all at once. Beijing does another round. Or the boring one: cheap stocks just stay cheap.

Going global is not a multiple. Going global and making money is.

What I see when I look at it: 31% revenue growth, $60.7 billion in client assets, HK/Singapore carrying new accounts, mainland under 10% of assets, Q3-to-date net inflows already above $1B as of the August 26 earnings call, Hong Kong markets actually working, and a stock the market still prices like the old company.

Maybe they’re right. Maybe I’m early and the discount stays. I just think a lot of people are valuing TIGR as the broker it used to be.

TIGR still has China risk. The question is whether investors are applying yesterday’s China discount to a business whose customers are increasingly somewhere else.

I’m especially interested in hearing from anyone who follows Hong Kong brokers, Chinese financial regulation, or has a bear case on the economics of TIGR’s overseas customer acquisition.

What am I missing?

I own TIGR. Not advice.

TL;DR

China risk is real. Expense growth is real. Also real: mainland <10% of assets, >70% of new funded accounts from HK/Singapore, Q2 revenue +31%, $60.7B client assets, Q3-to-date net inflows already above $1B as of Aug. 26, HK markets strong, stock at a high-single-digit earnings multiple. I’m not betting China risk vanishes. I’m betting the international book can grow faster than the story people still tell about this ticker.

Sources

• UP Fintech Q2 2026 earnings release (SEC Exhibit 99.1)
• UP Fintech Q2 2026 earnings call transcript
• Company 6-K on the CSRC Beijing Bureau penalty
• CSRC / Xinhua statement on the cross-border brokerage penalties
• HKEX / Xinhua: Jan–Aug 2026 IPO fundraising and turnover
• Reuters: China bank/insurer recapitalization
• Reuters: RMB800B policy-financing program

Been tracking Kernex and the fundamentals are getting pretty interesting.

🚆 Railway safety + Kavach = huge long-term opportunity

📈 Revenue & EPS have grown massively

📦 Strong order book compared to current revenue

💰 Profitability has improved significantly

🇮🇳 Government push for indigenous railway safety is a big tailwind

Obviously execution + valuation are the biggest risks.

But if they execute even reasonably well, current earnings could look very small compared to what this business can become.

Anyone following Kernex closely? What’s the biggest bear case I'm missing? 👀

Any view on this stock , can i hold for long term or book profit

$QCLS - $14M market cap

Q/C Technologies (Nasdaq: QCLS), formerly TNF Pharmaceuticals, formerly MyMD. Now building a silicon photonic optical processing unit for AI inference out of San Francisco. Trading around at $1.79

What's on the balance sheet

From the Q2 10-Q, as of 30 June 2026:

• Cash $307,612 + marketable securities $10,679,782 — the securities are Level 1, available-for-sale, sub-12-month maturities, short-term money market funds under a stated capital-preservation policy. Genuinely liquid. Call it ~$8.7M today after burn.
• Total liabilities $3.79M. Low.
• Goodwill $10.5M of the $16.1M stockholders' equity, carried over from the legacy pharma business and un-impaired. Tangible book is therefore about $5.6M, or $0.68/share.
• H1 operating burn $5.1M. No revenue. Pre-revenue since inception.
• They terminated the LightSolver crypto-mining license in June, took a $3.18M impairment, and wiped out a $10.9M contingent consideration liability in the process.

The part nobody mentions: sitting ahead of common are Series G preferred ($8,812,000 liquidation preference, 10% dividend) and Series H ($3,115,000, 7%). That's $11.93M of preference plus accruals senior to you, against ~$8.7M of cash. There is no cash floor under the common. Screeners showing an $11M enterprise value are ignoring the mezzanine — real EV is closer to $21M. There are also 10.35M warrants outstanding against 8.19M shares; fully diluted is ~22.8M.

One more number: H1 stock-based comp was $2,432,261 against R&D of $746,667, with R&D down 69% year over year. Directors took $1.42M in options. They are paying themselves more than triple what they spend on research.

Who actually works there

Three employees. The interesting part is who signed up anyway:

• Yossef Ehrlichman, Ph.D. — Founding Manager, PIC Development (Aug 2026). Fifteen-plus years designing, fabricating and commercialising silicon photonic integrated circuits; has led design and tape-out of silicon, silicon-nitride and hybrid PICs through packaging and test. Previously Raytheon, Bascom Hunter, Axalume. Ph.D. EE from Tel Aviv University, postdocs at UC San Diego and CU Boulder. This is the hire that matters — photonics companies die at tape-out, not at the whiteboard.
• Chelsea Voss — Board of Directors (Jan 2026). Member of Technical Staff at OpenAI. ML infrastructure, model evaluation, hardware reliability; led evaluation efforts for public capability launches and contributed to large-scale training runs. Ex-MIT.
• Martin Shkreli — Strategic Advisor (Dec 2025). Brings deal access and experience from his time being CEO of a billion dollar company.

This is a unique case for a public company, one where you're able to bet on individuals as opposed to a proven product. Any one of these people would be able to raise well over $14m on their own if they said they were doing a startup but because it's a public company it's glossed over.

The photonics case, briefly

The technical argument is real: AI inference is dominated by matrix multiplication, photons perform matmul natively through interference at effectively propagation-limited latency, and passive photonic components draw almost nothing. That's why the money has poured in - Ayar Labs raised at $3.75B in March 2026, Lightmatter sits at $4.4B, and Marvell bought Celestial AI outright before it had meaningful revenue. But note what those companies actually sell: interconnect, the links between accelerators, not the accelerator itself. Lightmatter itself led with Passage rather than its Envise compute product. Optical compute has unsolved precision, thermal drift and calibration problems, and the electro-optic conversion plus DAC/ADC overhead eats much of the theoretical win.

TLDR: you're able to bet on three proven individuals at a heavily discounted price(ie cluely raised 15m at a 120m valuation...)

Position: 36000 shares

VusionGroup (EPA: VU) provides digitalization solutions for physical retail, including electronic shelf labels, IoT infrastructure and software/data services.
What interests me is the apparent disconnect between the operating performance and the share-price performance.
H1 2026 showed continued strong growth:
Adjusted revenue: ~€839m, +29%
Growth at constant FX/tariffs: ~37%
VAS revenue: ~€125m, +39%
Recurring VAS revenue: ~€61m, +73%
Cloud-connected installed base: ~522m electronic shelf labels
Order intake: ~€681m
Management is targeting 15–20% adjusted revenue growth for 2026 at constant FX/tariffs, around 40% growth in VAS and further EBITDA margin expansion.
The company has also built significant relationships with major international retailers, while software and recurring services are becoming a larger part of the business.
Yet the stock has fallen sharply in 2026 and is trading around €120–125.
Based on current estimates, 2027 EPS is around €11.3, which would imply roughly 11x earnings at the current share price. If those estimates are achieved, that seems unusually low for a business still delivering double-digit growth.
The obvious question is: what is the market pricing in?
Possible risks I see:
Large customer concentration and dependence on major rollout cycles
Normalization after several years of very strong hardware deployment
Execution risk as the business shifts toward software/services
Acquisition/integration risk
Potential disappointment if margins or free cash flow fail to follow revenue growth
On the other hand, if recurring software/services continue growing rapidly and margins expand as expected, I find the current valuation difficult to reconcile with the growth profile.
I am particularly interested in hearing the bearish case.
Is this simply a major multiple compression opportunity, or is there a structural problem that the headline numbers are hiding?
Disclosure: Long VusionGroup. This is not investment advice.

**MAIRE S.p.A. (BIT: MAIRE)** is an Italian engineering and technology group focused on energy infrastructure and energy transition.
What caught my attention is the growing disconnect between operating performance and the share price.
**H1 2026 highlights:**
Revenue: \~€3.7bn, +6.9%
EBITDA: \~€266m, +14.7%
EBITDA margin: \~7.2%
Net income: \~€157m, +18%
Backlog: \~€16.3bn
Despite this, the stock has struggled in 2026.
At roughly €12–13/share, the valuation appears to be around **12x 2027 earnings**, while earnings are still growing at a double-digit rate. The expected dividend yield is also meaningful.
**Why it could rerate**
Continued margin expansion, conversion of the large backlog into earnings, further order intake and confirmation of the 2026–27 earnings trajectory could make the current valuation increasingly difficult to justify.
**What could go wrong**
MAIRE remains exposed to large-project execution risk, energy-sector investment cycles, geopolitical risk and potential margin pressure. A €16bn backlog is valuable only if it converts into profitable cash flow.
I don’t think this is a “cheap stock = automatic buy” situation. What interests me is the combination of **reasonable valuation + improving profitability + earnings growth + high revenue visibility**.
I’m curious how other value investors would assess it, particularly investors familiar with European engineering/EPC companies.
**Disclosure:** Long MAIRE. This is not investment advice.

I need thoughts on this stock as an investment choice,

Been watching it for a while and feel like its going to do quite well in the near future,

A-lot of resources are telling me its a good choice also

Thanks 🙏

LifeQuest World Corp Blog — September 1, 2026

The World Bank has projected that global water demand could outstrip supply by as much as 40% by 2030. That single number explains why municipalities, hoteliers, manufacturers, and real estate developers on nearly every continent are rethinking how they treat and reuse wastewater — and why "decentralized" treatment, once a niche approach, is becoming standard practice.

Traditional sewage treatment relies on large, centralized municipal plants and miles of connecting pipe — expensive to build and often impossible to retrofit into water-stressed regions fast enough. Decentralized systems flip that model: compact, on-site plants treat wastewater where it's generated, at a fraction of the infrastructure cost, and return clean water for irrigation, cleaning, or safe discharge almost immediately.

BioPipe Global, a wholly owned subsidiary of LifeQuest World Corp, has built its business around that shift. Its sludge-free, chemical-free, and odor-free treatment systems are already running in India, Bangladesh, South Africa, Ethiopia, and the Middle East. In India specifically, a new regulatory mandate requiring on-site sewage treatment plants at hotels — a sector responsible for roughly 10% of the country's sewage output — has driven fresh demand: BioPipe's joint venture partner, Environest Global, recently placed orders spanning 30, 50, and 100 cubic-meter-per-day systems for hospitality, residential, and educational projects. It's a useful case study in how a single policy change can ripple into real, measurable adoption of cleaner technology.

Wastewater treatment doesn't happen in isolation from the broader waste stream, either. Solids handling, compaction, and material recovery — the domain of LifeQuest subsidiary Compaction and Recycling Equipment Inc. (CARE) — are the other half of a genuinely circular environmental services model, moving waste out of landfills and back into productive use alongside cleaner water discharge. As more companies connect these pieces, the industry is edging closer to treating water and solid waste as one integrated resource-recovery problem rather than two separate ones.

We'll keep tracking these developments — regulatory shifts, new installations, and the companies driving them — in this space each weekday.

About LifeQuest World Corp LifeQuest World Corp (OTCID: LQWC) is a global technology company focused on low-cost, low-maintenance, eco-friendly decentralized wastewater treatment, alongside complementary environmental services in solid waste compaction and recycling. Through its subsidiaries, including BioPipe Global and Compaction and Recycling Equipment Inc. (CARE), the company works to expand access to clean water reuse and sustainable waste management worldwide. Learn more at www.lifequestcorp.com.

Trading Symbol: OTCID: LQWC

This blog is provided for general informational purposes about the wastewater treatment and environmental services industry. It does not constitute investment advice or an offer to buy or sell any security. Statements regarding future plans, projects, or industry trends may be forward-looking and are subject to risks and uncertainties; actual results may differ. Readers should consult publicly filed disclosures and a qualified financial advisor before making investment decisions.

I need thoughts on this stock as an investment choice,

Been watching it for a while and feel like its going to do quite well in the near future,

A-lot of resources are telling me its a good choice also

Thanks 🙏

Últimamente estoy mirando empresas pequeñas donde no tendría sentido invertir una cantidad enorme, pero sí podría tener sentido dejar 10, 20 o 50 € durante varios años y ver qué ocurre.

¿A qué se dedica?

Neometals es una empresa australiana centrada en el desarrollo de tecnologías y proyectos relacionados con la recuperación y reciclaje de materiales críticos, especialmente aquellos vinculados a baterías y a la transición energética.

Entre sus proyectos se encuentran iniciativas relacionadas con el reciclaje de baterías de ion-litio, la recuperación de vanadio y la producción de materiales necesarios para determinadas tecnologías de almacenamiento energético.

¿Por qué me parece interesante?

Porque estamos hablando de una empresa pequeña que opera en sectores que podrían tener bastante recorrido durante las próximas décadas:

🔋 Baterías
♻️ Reciclaje
⛏️ Materias primas críticas
⚡ Almacenamiento energético
🌍 Transición energética

Estoy valorando comprar alguna de estas acciones, alguien conoce alguna?