Quiet Contrarian. Ep65: Trades for Apr 2025

Buys

Cuscal Ltd – CCL.ASX – These guys are a fascinating business, the “glue” that links the payment systems together. B2B, so their customers are tier 2 and 3 banks and the payment providers (Square etc). They get paid by numbers of transactions, and the world is becoming much more “monthly”. Just listed, mainly to provide an exit for early supporters, still seem to be flying largely under the radar. Very sticky. Very ubiquitous. Building a position.

Neuren Pharmaceutical Ltd – NEU.ASX – Have had these guys before, I really like their model, but they have been punished lately as their growth trajectory didn’t maintain as well as they’d have liked, and Trump has been increasing uncertainty in the medical space. Their next drug is also looking promising, the results for the Phase 3 are realistically about 6-9 months away, and they are cashed up and fully self funded for this. Building a position on price weakness, with the bet that Phase 3 is looking good.