Great post Bear.

GOR has also been dipping, though there have been some resignations from the board there. 

There has also been a significant dip in the gold price over the last week. 

GOR is an interesting one Stuey, however I'm not sure they are experiencing a lot of tax-loss selling - it seems they are more following the rising and falling of the A$ gold price.  Their latest June 2021 Investor Presentation is interesting.  Just after they released that presso (early this month) they announced that Justin Osborne - Executive Director, Discovery and Growth, was resigning from the board, effective immediately but would continue as an employee for 4 weeks - until July 1st, i.e. next Thursday, and that he would not be replaced on the board, "with the Board having adequate skills to provide strategic oversight" - here is the full announcement:

RESIGNATION OF EXECUTIVE DIRECTOR

Gold Road Resources Limited (GOR) advises that Justin Osborne, Executive Director – Discovery and Growth has stepped down from the Board of the Company and will be leaving Gold Road after almost eight successful years with the Company.

Mr Osborne has resigned from the Board of the Company, however, he will continue as an employee with Gold Road until 1 July 2021 to smoothly transition his responsibilities.

Mr Osborne’s Director position will not be replaced with the Board having adequate skills to provide strategic oversight.

Gold Road’s Chairman, Timothy Netscher said: “I wish to thank Justin on behalf of the Board and all of the Gold Road team for his service to the Company. Over his time as a senior leader in the business, Justin has led the discovery and resource development of the world-class Gruyere gold deposit, assisted with the progressive feasibility studies of Gruyere and been a part of the successful development and operation of the Gruyere mine. His leading role in the promotion and funding of the Gruyere discovery contributed to the rapid development of this world-class gold mine, as recognised by several industry awards. In addition, Justin has greatly advanced the geological understanding of the Yamarna belt through a systematic and innovative approach to exploration and has built one of the strongest discovery teams in Australia. Together with my fellow Board members, I wish Justin all the best with his future endeavours.”

Mr Osborne said: “It has been my great pleasure contributing to the growth of Gold Road from a Junior Explorer to a globally recognised Australian Mid-Tier gold producer. Contributing to the market capitalisation increase from an initial $30 million to the $1.4 billion dollar company we see today is the stuff of dreams. The speed in which we discovered and developed the world class Gruyere gold deposit into the fabulous operation we now have, has been the greatest thrill of my career, and it is something I am hoping to repeat in the future. I have great pride in the progress the Discovery Team has made at Yamarna, in taking a virtually unknown geological field and turning it into what I believe to be one of the most prospective and exciting greenfields exploration projects in Australia. I firmly believe the foundations for exploration success have been laid by a team of dedicated and highly talented professionals, and I look forward to following the burgeoning story as a Gold Road shareholder. I wish to express my appreciation to the Gold Road team and the business partners I have had the pleasure of working with over the past eight years. Finally, I would like to thank the Yilka People as the Traditional Owners of the Yamarna lands on which we work, and with whom I have developed lasting relationships and hold in the deepest respect”.

--- ends ---

I note that Justin owns almost 4.5 million GOR shares indirectly through Finnoz Pty Ltd (OT Super Fund) and Janet Tunjic Pty Ltd (Tunoz Family Trust), two companies/funds you might not immediately associate with a guy called Justin Osborne but they are listed on his Final Directors Interest Notice lodged with the ASX on 08-June-2021.  I'm guessing Janet Tunjic is his partner and first one is their super fund and the second one is their family trust, with "OT" and "Tunoz" both being derived from their surnames.  GOR closed at $1.42 today, making those holdings worth around A$6.3 million.

GOR still has plenty of experience on their board.  I want to see further exploration success however, because they currently own 50% of one producing gold mine, being Gruyere, with the other half being owned by South African based Gold Fields Ltd, plus heaps of highly prospective tenements (land).  Plenty of potential but still a single mine producer at this point, and they only own half of that mine.  Lots to like about Gruyere and the tenements, but there is always risk in a single mine operator.

I do hold GOR shares in my own super fund.  

25-June-2021:  I mentioned Macmahon (MAH) in my opening post in this thread.  One of their directors, Vyril Vella bought another 200,000 MAH on-market yesterday (24-June-2021) for an average price of 17.75 cents per share, shelling out $35,500 plus brokerage and GST.  I'm guessing he's seeing value down here too. He also shelled out almost $50,000 on March 30th to buy 250,000 MAH on-market at an everage price of 19.86 cents per share.  After yesterday's purchase, Vyril now holds 2,307,842 MAH shares worth around $427K at today's 18.5 cps closing price.

Vella is an interesting character, originally appointed to the MAH board in 2008 by CIM (CIMIC) when they were (20%) major shareholders in MAH, yet he agreed with the other MAH directors and voted against the takeover attempt that CIM made against MAH back in early 2017 and then backed the rescue package by Indonesian miner AMNT - PT Amman Mineral Nusa Tenggara, which operates the Batu Hijau copper and gold mine in Indonesia, and is a subsidiary of PT Amman Mineral Internasional ("AMI"), who are now MAH's largest shareholders with 44.27%.  Spain's ACF, who control Hochtief, who own 77.7% of CIM reportedly then asked Vella to resign from the Macmahon (MAH) board so it could install a designate perhaps more inclined to follow instructions.  In a 30-Mar-2017 AFR article Joe Aston said that he had heard that Vella suggested the Spaniards would need to turn up at the next Macmahon AGM and vote him off personally.  Joe suggested that the terrorist from Dirkadirkastan in that Cairo tavern said it best in Team America: "I like you. You have balls. I like balls."

After first being appointed to the MAH Board in 2008 (by Leighton Group Holdings, now CIMIC Group, who owned 20% of MAH at that time), Mr Vella served as a Non-Executive Director of Macmahon for more than 10 years until he resigned in October 2018.  Mr Vella re-joined the Macmahon Board on 29 June 2019.   In addition to his experience with Macmahon, Mr Vella has over 40 years’ experience in the civil engineering, building, property and construction industries. During Mr Vella’s 34 years with the Leighton Group (now CIMIC) he held various positions including General Manager NSW, Director of Leighton Contractors Pty Ltd (now CPB Contractors), Managing Director of Leighton Properties and Associate Director of Leighton Holdings.  Mr Vella is currently the Chair of the MAH Audit & Risk Committee, the Chair of the Remuneration Committee and a member of the Nomination Committee.

He's not the only MAH Board member who has skin in the game either.  All eight Board members own MAH shares, with their MD & CEO Michael (Mick) Finnegan owning just over 5 million MAH shares.  Apart from Vyril Vella purchasing MAH shares on-market recently (twice) two other directors have also been buying.  Denise McComish purchased 275,000 shares (@ 20.5 cps for $56,375 plus brokerage) on 17-May-2021 and Bruce Munro purchased another 500,000 MAH shares (@ 19.75 cps for $98,748 plus brokerage) on 30-March-2021.

[I hold MAH shares]

Perhaps we saw a little bit of bargain hunting today (Friday 25th June 2021) - and yesterday -

• MAH +8.82% today (+1.5cps) to close at $0.185
• MLD +1.96% (+1.5cps) to close at $0.78 after rising +4.79% yesterday (+3.5cps from $0.73 to $0.765)
• MND +1.28% (+13cps) to close at $10.26 after rising +1.81% yesterday (+18cps from $9.95 to $10.13)

Perhaps the recovery has begun...  I expect a more serious recovery in July and August however, particularly after these companies report in August.  [I hold those 3.]

There's a great podcast on EquityMates where Charlie Viola from Pitcher and partners explains how the ATO treat trades, dividends, capital gains and capital loss offsets, washed sales etc. 

With 2 trading days left there might be some useful tips here! 

I really like Cleanspace.   One of the more disasterous IPOs of recent times, IPOing a the very height of their COVID powered demand spike, but I believe the underlying business is quite good because:

1) It is a market disruptor with first mover advantage.  It's PAPR equipment is without peer, and has less than 1% market penetration. Their HALO product is many times more effective than N95 masks, and is cheaper to use and operate over the longer term.  This has increased the TAM of PAPR equipment.

2)  Management - former Nanosonics CEO is the chair, and is guiding the company's adoption/marketing strategy.  

3) Pre-COVID revenue growth rates of 25-30% pa, gross margins of 68%, approx. 50% recurring revenue.  

4) HALO product adoption went from 20 hospitals in 2019 to hundreds of hospitals during the pandemic.  

5) I expect FY21 revenue of $52-54 M, and NPAT of $12-14M.  In FY2022, I expect revenue to fall to $32-35 M (3.1x EV/S), as we enter post-COVID normal, although vaccine resistant variant strains may create upside. 

RISKS:   

a) Vaccine rollout has impacted sales in the US in Q3,  this will continue, as vaccine rollout is prioritised over the next one or two quarters.  

b) Competitors develop competing products, pressuring margins, and impacting market share.  

c) Overstocking of PPR equipment suppresses sales over 2022.  

d) They may be "jango grifters" (overrated product with limited pricing power), and will see their margins squeezed over time.  

Good post. Mining services poor businesses but potentially great trading stocks. i have had a punt on NST and PRN as tax loss bounce candidates.

MVP seems like another good opportunity with business disrupted due to COVID (less trauma) and plans for international rollout to drive growth. Certainly has taken a hit to the share price over the last 12ish months and that seems to have accellerated towards the end of the financial year.

I also like CSX as a busted IPO / tax loss selling opportunity but the business hasnt been around for long enough for me to feel like I can take a really big position.

Saturday 03-July-2021:  OK, it's very early days clearly, as we've only had two trading days since June 30th, but of the companies mentioned by @MAUOMBO (TNT), @Stuey727 (GOR), @Rapstar (CSX), @Solvetheriddle (NST & PRN), @AlphaAngle (MVP & CSX) and myself (MAH, MLD, MND, NWH, NST, RRL & ZNO) in this forum thread - being companies that we thought might present some significant tax-loss low prices (buying opportunities due to people selling them to crystalise tax losses) and then recover after June 30...  I've looked at all of them and the lowest prices they traded at over the 7 trading days between June 22nd (when I started the thread with the opening post) and June 30th, and compared that with their July 2nd closing price, and - so far - the results have been:

1. TNT, Tesserent, which traded as low as 20.5 cps on 22-June-21 and closed at 25 cps on 02-July-21, some 22% higher;
2. ZNO, Zoono, which traded as low as 58.5 cps and is now 67 cps, being 14.5% higher;
3. MAH, Macmahon, which got down to 17 cps and is now 19 cps, +11.8%;
4. MLD, MACA, which got down to 71 cps and is now 78 cps, +9.9%;
5. PRN, Perenti, which traded as low as 62.5 cps and is now 68 cps, +8.8%;
6. RRL, Regis Resources, from a $2.36 low to now $2.56, +8.5%;
7. NWH, NRW, $1.395 low, now $1.48, +6%;
8. MND, Monadelphous, $9.87 low, now $10.35, +4.9%;
9. CSX, CleanSpace, $1.50 low, now $1.57, +4.7%;
10. GOR, Gold Road, $1.255 low, now $1.31, +4.4%;
11. MVP, Medical Developments, $4.45 low, now $4.62, +3.8%; and
12. NST, Northern Star, $9.77 low, now $10.01, +2.5%.

So they all did present buying opportunities, and are all trading higher than their low point in those last 7 trading days of June.  They are all also trading higher than their June 30th closing price, except for MAH which is trading at the same price (but still higher than where they traded for the majority of those 7 days), and MND which is trading at $10.35, being 10 cps lower than their $10.45 closing price on June 30th.  

If we compare their respective June 30th closing prices to the July 2nd closing price for each of them, the biggest gainers have been:

1. ZNO, Zoono, +9.8%;
2. RRL, Regis, +8.5%;
3. TNT, Tesserent, +6.4%;
4. GOR, Gold Road, +4%;
5. MLD, MACA, +3.3%;
6. MVP, Medical Developments, +2.7%; and
7. NST, Northern Star, +2.4%.

The other 5 have gains ranging from -1% (MND) to +1.9% (CSX) - for that two day period (the first two trading days of July).

If you had invested $10K in each of them (all twelve) at their June 30th closing prices, or added $10K worth of each of them to your Strawman.com virtual portfolio on June 30th, that $120,000 would now be worth $124,049.91, so you would be $4,050 in front, for a gain of +3.375% in two days, i.e. since the tax-loss selling window slammed shut on June 30th.

Still very early days, but I'm keen to have another look at this "desirable dozen" at the end of July, and then again at the end of August, so I will.  Stay tuned...

Disclosure:  Of those 12, I hold 8, which is most of them.  The 4 that I do not currently hold are TNT, CSX, PRN & MVP, however I have held TNT and MVP in the past, and like them both.  I also have CSX on a watchlist.  I have avoided PRN since they were called Ausdrill due to concerns I had about governance and corporate conduct back then (when they were Ausdrill), however I concede that they are probably a very different company now, with different management, so I need to have a fresh look at them at some point.

13-July-2021:  Update on the "desirable dozen" (a.k.a. "the tax-loss twelve") at the end of today (Tuesday 13th July), so 7 trading days after my last update.  Here they are in order of gains since my last update, being their share price movement since their closing price on July 2nd:

1. +25%, PRN, from 68 cps to 85 cps
2. +23%, NWH, from $1.48 to $1.82
3. +18%, TNT, from 25 cps to 29.5 cps
4. +12.2%, MLD, from 78 cps to 87.5 cps
5. +8.5%, MND, from $10.35 to $11.23
6. +7.9%, MAH, from 19 cps to 20.5 cps
7. +3%, ZNO, from 67 cps to 69 cps
8. +2.2%, NST, from $10.01 to $10.23
9. 0%, GOR, still $1.31
10. -0.4%, RRL, from $2.56 to $2.55
11. -1.5%, MVP, from $4.62 to $4.55
12. -3.5%, CSX, from $1.57 to $1.515

Mining Services companies plus E&C (engineering and construction) companies have done well.  So has Tesserent.

The following list looks at the gains made from their low point during the final 7 trading days of June (i.e. from their tax-loss lows) to today's closing price:

1. +43.9%, TNT, from 20.5 cps to 29.5 cps
2. +36%, PRN, from 62.5 cps to 85 cps
3. +30.5%, NWH, from $1.395 to $1.82
4. +23.2%, MLD, from 71 cps to 87.5 cps
5. +20.6%, MAH from 17 cps to 20.5 cps
6. +17.9%, ZNO, from 58.5 cps to 69 cps
7. +13.8%, MND, from $9.87 to $10.23
8. +8.1%, RRL, from $2.36 to $2.55
9. +4.7%, NST, from $9.77 to $10.23
10. +4.4%, GOR, from $1.255 to $1.31
11. +2.2%, MVP, from $4.45 to $4.55
12. +1%, CSX, from $1.50 to $1.515

The top 7 from the previous list (including ZNO) are also the top 7 in this list (above), just in a different order.  The following list is those same top 7 in order of gains made since June 30:

1. +26.9%, PRN, from 67 cps to 85 cps
2. +25.5%, TNT, from 23.5 cps to 29.5 cps
3. +24.2%, NWH, from $1.465 to $1.82
4. +15.9%, MLD, from 75.5 cps to 87.5 cps
5. +13.1%, ZNO, from 61 cps to 69 cps
6. +7.9%, MAH, from 19 cps to 20.5 cps
7. +7.5%, MND, from $10.45 to $11.23

RRL (Regis Resources) has also done well since June 30th, rising +8.1% from $2.36 to $2.55.  Not bad gains.  This last list (of 7, plus RRL) represents gains over just 9 trading days, because we've had two weekends so far in July.  I don't think MAH (Macmahon) has really started moving yet actually, not like Perenti (PRN), Tesserent (TNT) and NRW Holdings (NHW) have.  Not a bad start to July anyway.

Disclosure:  Of those 12, I hold NWH, MLD, MAH, MND, ZNO, RRL, GOR and NST, but not PRN, TNT, MVP or CSX.

End of July now - time to update those stocks again.  The "tax-loss twelve" are a bit of a mixed bag.  CleanSpace (CSX) released their unaudited 2H FY2021 Results on July 7th.  They closed at $1.895 the previous day, but ended the month at $1.40, below their June lows.  MVP announced the outcome of their balance sheet review on July 16th, and they went from $4.54 the previous week to close July at $3.77.  They are flagging a $7.5 to $8.5 million non-cash charge (impairment) and a pre-impairment loss of between $4.2 and $5.2 million for the full (FY21) year (ended June 30, 2021).  They are therefore not the Most Valuable Player on the team this month.  Here are the 12 in order of gains (or losses) since June 30 (meaning how far their share price rose in the month of July, or fell in the case of MVP and CSX):

1. +35.8%, PRN, from 67 cps to 91 cps
2. +27.7%, TNT, from 23.5 cps to 30 cps
3. +18.5%, MLD, from 75.5 cps to 89.5 cps
4. +16.4%, NWH, from $1.465 to $1.705
5. +15.8%, MAH, from 19 cps to 22 cps
6. +9.8%, ZNO, from 61 cps to 67 cps
7. +9.3%, RRL, from $2.36 to $2.58
8. +5.2%, GOR, from $1.26 to $1.325
9. +4.5%, NST, from $9.78 to $10.22
10. +3.2%, MND, from $10.45 to $10.78
11. -9.1%, CSX, from $1.54 to $1.40
12. -16.2%, MVP, from $4.50 to $3.77

And here is the same list, except this time showing the rise (or fall in the case of CSX and MVP) since their lowest price traded at during the last seven (7) trading days of June:

1. +46.3%, TNT, from 20.5 cps to 30 cps
2. +45.6%, PRN, from 62.5 cps to 91 cps
3. +29.4%, MAH, from 17 cps to 22 cps
4. +26.1%, MLD, from 71 cps to 89.5 cps
5. +22.2%, NWH, from $1.395 to $1.705
6. +14.5%, ZNO, from 58.5 cps to 67 cps
7. +9.3%, RRL, from $2.36 to $2.58
8. +9.2%, MND, from $9.87 to $10.78
9. +5.6%, GOR, from $1.255 to $1.325
10. +4.6%, NST, from $9.77 to $10.22
11. -6.7%, CSX, from $1.50 to $1.40
12. -15.3%, MVP, from $4.45 to $3.77

The takeaway for me is that TNT and all of the contract miners have done very well in terms of a July SP recovery, particularly Perenti (PRN), although it's worth noting they're all coming off very low bases, so there should still be plenty of upside to go with most of them. 

ZNO also did well in July, despite being sold down -15.92% on July 28th when they released their Quarterly Activities Report and 4C.  Even with that big single day sell-off Zoono still rose +9.8% for the month.  

The three gold miners are also up, and Mono's is up a little as well.  CSX and MVP have disappointed the market with their results, and the others may also do that in August, although Zoono already have done that damage (on July 28th), and the three goldies have all released their June Quarter Activity Reports, and are all still up, so I'm confident that most of them can keep the SP recovery going.  These companies were already priced for bad news and bad results, so even if their reported numbers and guidance seem poor, they may still be better than the market's very low expectations for these businesses.  It's all about NOT being as bad as the market was expecting with these guys.

IMHO, the companies from that list that I personally hold that look to have the most upside from here, as at the end of July 2021, are MAH and NWH (Macmahon and NRW Holdings).  I also think Zoono could recover quite a bit if they can convert some of those orders and opportunities into actual cash receipts.  However it remains to be seen if they can win back the market's confidence again.  It will take some doing, and I'm not sure Paul Hyslop is the man for that job, although as the founder and largest shareholder, he's not going anywhere anytime soon.  Zoono are a company in the right industry at the right time, but they are just floundering in terms of translating opportunities and orders into actual cash received.  So much promise.  So many mistakes and wrong turns.  And changing the performance metrics and KPIs regularly to suit the data doesn't help at all.  There's a good business in there somewhere.  I know it.  I just don't know how they're going to get it out with the people they've got there now.

Disclosure:  Of the 12 companies listed above, I hold 8 of them - the middle 8 in each list.  I do not hold the top 2 (PRN & TNT) or the bottom two (CSX & MVP).

You know CSX + MVP are quality value investments because they just keep getting cheaper and cheaper while everything else goes up ;)

LOL - It's a little unfortunate that there are people out there who actually believe that too.  I don't mind stocks getting cheaper if my investment thesis is still intact and it's just poor investor sentiment that's causing the decline, but if the company's future prospects have changed, and they're facing increasing headwinds, it usually means we need to adjust our valuation and sometimes we also need to realise that our investment thesis is shot to pieces and we need to sell out and move what's left into something with much better prospects of creating some capital gains for us.  Too many times, I proudly keep buying in the face of a relentlessly falling share price only to eventually find that the market was right and I was wrong - usually because either (a) I didn't add sufficient weight to known risks that did eventuate, or (b) something was going on that I didn't know about, but others clearly did, suggesting my DD was not sufficient in that instance.  That's my current dilemma with Zoono (ZNO) - I feel the investment thesis is still intact, except I'm losing faith in their management to execute on their vision and to efficiently monetise the company's and their products' potential, so perhaps that means it's not intact.  Still working through that one.  I'm giving them more time at this point, but I may live to regret that.  It wouldn't be the first time either.

Never double down on obsolescence has become a mantra for me with fundamental value picks. Investing is hard.