Ishihara Sangyo (ISK, cap Y119 bn) is a chemical company: Core products are agrochemicals and Electric Component (mainly, MLCC/Multilayer Ceramic Capacitor. MLCC is one of the most common electronic components in the world — every phone, car, PC, and piece of industrial equipment uses them. The stock fell sharply by 18% on 5/23 following weaker‑than‑expected …
Torishima Pump (6363): Market overreaction? Interpreting the 15% post‑earnings declineTorishima (cap Y80 Bn) fell 19% post‑earnings after missing FY3/26 operating profit and issuing FY3/27 guidance that implies a 15% decline in ordinary profit. The stock has since recovered about 4% as of 5/22. Notably, management’s FY3/27 outlook does not incorporate Shin Nippon Machinery Co., Ltd., …
Torishima Pump (6363): Market overreaction? Interpreting the 15% post‑earnings decline Read More »
While many electrical construction firms reported record-high profits for FY3/26—fueled by the insatiable power demands of AI data centers—the market has largely “discovered” these names. My previous pick in this space, Yurtec (1106) (first profiled in 4/24), has performed well, but the valuation is still not demanding. I have been hunting for ancillary, undiscovered names …
Aichi Corp (6345): The Search for “Second-Derivative” Electric Construction Plays Read More »
Seria released solid FY3/26 results on 5/8/28: operating profit rose 24.5% YoY, and the OP margin improved to 8.2% from 7.12% a year earlier. The company raised guidance three times during the fiscal year, and FY3/26 OP ultimately exceeded the most recent upward revision on 1/30/26 by 8%. Even so, the stock gained only about …
Seria (2782): CEO Meeting Note: How Sustainable Is the Current Growth Path Read More »
I would like to highlight the earnings that may shift the trajectory of the company’s share price. I had unfortunate timing writing on Feed One on 3/7/26, as the stock had been trending lower on concerns over rising freight costs amid Iran–U.S. tensions. However, the FY3/26 results likely helped ease those investor concerns. FY3/26 results: …
Feed One (2060): Stock is +13% post results on 5/8/26 Read More »
This note is briefer than my typical institutional reports. While HSK remains a bit small for many clients, I wanted to flag it now because I see meaningful room for growth. To gain exposure to Japan’s defense, shipping, and nuclear sectors, Mitsubishi Heavy Industries (MHI) is the natural first thought. It’s the industry heavyweight, and …