I might be late to the name. With 30% foreign ownership, the story may already be well circulated—but I believe its M&A engine is just getting started. Here’s a super quick take on why the next chapter could be even more compelling. Financial metrics: Market Cap: Y 323 Bn, PE (3/26) 23.13x, PB 4.81x ROE …
Nippon Gas (8174) — Following Genda’s Play Book? Read More »
Inforich has hit a rough patch, having missed its earnings guidance. The key question now is whether this is a one-off event or indicative of deeper structural issues. I raised this concern directly with the Inforich management team, who—unsurprisingly—assert that the underperformance in 1H FY2025 was an isolated event. While I’m inclined to agree with …
Inforich 9338: Growth uncertainty? With PE at ~10x and ROE 44% Read More »
Trial Holdings fell 11% on 8/14/25, following the release of its FY6/25 results on 8/13. While the results slightly exceeded its downwardly revised guidance, the sell-off was driven by disappointing FY6/26 guidance. Trial (Y312 Bn, yes I cover larger cap names too) is a Kyushu based retailer known for its Skip Cart (shopping carts …
Toyokoh’s shares declined by 15% over two days following the release of solid Q1 FY3/26 earnings. This reaction is somewhat surprising given the recent strength in Japanese equities. The only apparent weakness in the results was the sales progression, which came in at 23% of the company’s full-year guidance. However, given the lumpy nature of …
Toyokoh Inc. (341A): Stock Decline Post Q1 FY3/26 Earnings Read More »
The stock reacted positively to the great Q1 FY3/26 results. The company’s cross-selling potential is the key driver of this stock’s growth story. Please refer to the quantified cross-selling opportunities detailed at the conclusion of this update note. MIC is a company that supports promotional activities for drugstores and manufacturers through its 360° Full …
After a 9.3% pullback on August 8, Zero is now up 20% since 1/8/25—when I first flagged the name. Over the same period, TOPIX has gained 11%. Despite the recent price dip, I’m reiterating my view on Zero. The original thesis remains intact: the company is actively working to improve its operating profit margin, as …
Zero Co., Ltd (9028): Zero: Still Beating TOPIX—Even After a 9% Dip Read More »
I believe the thematic tone of this note is solid—but the stocks available to play it are ultra micro caps. So if small caps aren’t your thing, feel free to skip this note. Japan’s content industry ranks second only to automotive in scale—and Gen Z is its biggest consumer. The bridge between them? Short-form video. …
One of the standout sectors this earnings season is IT consulting, driven by Japanese companies’ urgent push to enhance their digital operations. f-code is scheduled to report on August 14, 2025*, and while strong results are anticipated, even a potential miss wouldn’t undermine its long-term appeal. The company’s strategic positioning as a growth-through-M&A player within …
Yamau is a Kyushu based manufacturer, specializing in the manufacture and sale of concrete products with a diversified business across multiple infrastructure segments. It posted solid Q1 FY3/26 results, sending the stock to a 12-month high—yet it’s still trading at just 6x PE. With a tiny market cap of ¥13 billion, it’s off-limits for many …