Had a look. Great fundamentals. Very attractive valuation, trading at a discount to book value, particularly cheap if the company can maintain the level of profitability. Only downside I can think of is that Indonesia is a bit cyclone prone but I think the business is sound, agree that saltwater pearls are very sought after. Stock it a bit illiquid but not too bad given its market cap. Good that they are investing in their fleet, new site will contribute from 2026 in terms of harvested pearls. A lot to like about it actually.
