SBS Holdings is an M&A-driven consolidator in Japanese logistics, which is currently in the early stages of industry consolidation. Over 60% of domestic freight is handled by operators with fewer than 50 vehicles*. In 1/25, I wrote a note on Zero, a specialist in used car transportation, in which SBS holds a 20% stake. (*By …
SBS Holdings (2384): The CEO Effect: Leadership as a Stock Growth Catalyst? Read More »
Serendip is a small-cap name, yet its FY3/26 P/E of 9.6x stands in stark contrast to peers like Genda (30x) and Next Gen (68x). This discount suggests the market may be skeptical of Serendip’s ambitious 145% operating profit guidance for FY3/26. The valuation disconnect is puzzling, especially given its EV/EBIT of 29x—nearly on par with …
Serendip Holdings (7318) — Small but very scalable acquirer with 9.6x PE Read More »
AlphaPolis (AP) is a pure user-generated content (UGC) publishing model. Founded in 2000 by Yusuke Kajimoto, formerly of Hakuhodo, AP sources highly rated light novels and manga from its online platform, AlphaPolis: Cyber Space, and selects standout titles for commercial publication. Its flagship series, Gate, has sold over 4.2 million copies. Manga (graphic novels) is …
AlphaPolis 9467: What Asset Management One and Varecs see in this UGC pure play? Read More »
I have always wanted to write about Weathernews (market cap Y102 Bn). But, WN, one of the world’s largest private comprehensive weather information services, has always been expensive. Climate change is increasing the frequency and severity of typhoons, floods, and heatwaves. Both corporations and governments are investing more in disaster prevention and early warning systems. …
Weathernews 4825: Down 10%: Is It Time to Buy? Unpriced Upside? Read More »
In 2024 and 2025, many regional banks reported stronger net interest income and profit growth, supported by rising policy rates. With Ms. Takaichi now at the helm, the key question is whether this momentum will continue. Japan’s new and first female prime minister, Ms. Takaichi, inherits the economic policy framework of former Prime Minister Shinzo …
Ms. Takaichi and Regional Banks/Kyoto Financial Group 5844 Read More »
The Nikkei Average has surged 48.6% from its April 7 low of ¥30,792 to ¥45,769 as of Oct 3. With bottom-up opportunities harder to uncover in this environment, I tried the net cash ratio* as a fundamental value indicator. Among companies that appear sufficiently large to merit consideration by institutional investors, TOMEN DEVICES (TD) stands …
Tomen Devices 2737 – AI Stock: Safer Bargain or Value Trap? Read More »
Bottom Line Mitsubishi Chemical Group (MCG) may be considering divesting its 50.5% stake in Nippon Sanso (NS), a high-margin industrial gas subsidiary. While the move could unlock capital for reinvestment into MCG’s core chemical business, it would also remove a major profit engine. The decision hinges on strategic priorities, capital efficiency, and market appetite. Strategic …
Potential Sale of Nippon Sanso (4091) by Mitsubishi Chemical Group (4188 Read More »