Dear all, With reference to my LinkedIn write-up (click HERE) on NanoFilm (SGX: MZH) sometime in late Mar, NanoFilm surged too fast (almost 3x) in April before I can post a write-up on my blog. With the company expected to report 1HFY26 results around mid-August, coupled with its 31% decline from its recent high of $1.68 on 24 April to close $1.16 today, I find the current risk-reward profile has become more interesting. While no investment is without risk, several factors suggest that sentiment may have turned more negative than the underlying business. Here are a few observations. A) Management has been buying back shares Since 12 June, NanoFilm has repurchased approximately 1.44m shares at prices between $1.16 and $1.26. Interestingly, this is the first meaningful share buyback programme since 2023. While share buybacks do not guarantee future share price performance, management is effectively deploying company cash to purchase shares...