Why I Am Bullish on $VST.CN

(Part 1 of 2)

When most investors think about Victory Square Technologies (CSE: VST), the default association is with its stake in Hydreight (NURS.V). In fact, many market participants go so far as to assign virtually zero value to VST’s other holdings. With limited clarity to date, that view has been somewhat reasonable. But this is where the story begins to change.

VST currently trades at more than a 25 percent discount to just its NURS holdings alone. This is extraordinary when you remember that VST also owns interests in roughly 25 portfolio companies, some of which are already demonstrating real traction such as Pawsible, which has raised 10 million dollars. If investors are discounting NURS only, it means they are ignoring everything else. That disconnect is where the opportunity lies.

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Key Catalyst Timeline

• October 9 Webinar
  Management will provide transparency into Net Asset Value (NAV). This is the turning point where the market can begin to value VST not only versus NURS, but versus NAV.

• NURS Monthly Numbers
  NURS reports order growth on a monthly cadence. The trend is unmistakable. While skeptics debate the small details, they risk missing the bigger picture. As I see it, they are missing the watermelon to pick up the seeds. Regardless of near-term noise, the trajectory is steeply upward.

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Structural Supports

1. Buybacks
   VST has authorized share buybacks, to be executed periodically as appropriate. This reduces float, supports the stock, and increases every shareholder’s entitlement to the company’s portfolio.

2. NURS Royalty
   Unlike most holding companies, VST benefits from a royalty stream tied to NURS. This unique structure creates recurring value that the market has not yet incorporated. Traditional holdcos trade at a discount, but VST’s royalty could justify a premium once properly understood. The current discount, which may actually exceed 50 percent on a NAV basis, is extraordinary.

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Why the Narrative Is Changing

1. From VST vs. NURS to VST vs. NAV
   Once the breadth of the portfolio is visible, VST will no longer be framed as a single-asset proxy.

2. The NURS Growth Curve
   NURS is scaling rapidly, and owning VST provides leveraged exposure to that growth.

3. Slow but Powerful Shifts
   Narrative changes in the market take time. They do not happen in a single day, but with buybacks, NAV visibility, NURS’s monthly growth, and royalty economics in play, the shift is inevitable.

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Looking Ahead

This is why I am bullish on VST.CN. It is trading at an irrational discount, with multiple catalysts to unlock value and structural supports that strengthen the story further.

Part 2 will be released after the October 9 webinar, when we gain clarity on NAV and can analyze the assets in detail.