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Torishima Pump (6363): Market overreaction? Interpreting the 15% post‑earnings decline

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., …

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Aichi Corp (6345): The Search for “Second-Derivative” Electric Construction Plays

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 …

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Hoden Seimitsui Kako Kenkyusho (“HSK”) (6469) – A short note on Mitsubishi Heavy Alternative.

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 …

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Yurtec Corp (1934): Post FY3/26 results: -2.7% vs. Kandenko’s +13.6%. What drove this gap?

Both companies reported the FY3/26 on 4/28. Yurtec FY3/26 results: ·      Net sales came to ¥252.3 billion, a ¥4.9 billion decline (‑1.9%) due to slower‑than‑expected progress on large‑scale projects and delays in securing major orders at overseas subsidiaries. ·      But the better project productivity led to ordinary profit of ¥18.9 Bn (+9.2% y/y). ·      While the company’s ordinary profit for …

Yurtec Corp (1934): Post FY3/26 results: -2.7% vs. Kandenko’s +13.6%. What drove this gap? Read More »

Tosei Corp. (8923): Reuse theme + The P/E Re-Rating Play: Scalable Mid-Cap Real Estate & Value-Add Growth

Reuse‑oriented stocks have been outperforming across categories—from used cars (IDOM) to pre‑owned jewelry and consumer goods (Book Off). In an inflationary environment, it makes sense: consumers are prioritizing value and shifting toward high‑quality secondhand options. Pre‑owned housing fits the same pattern. I continue to like the preoccupied‑housing names and highlighted Katitas (8919) in my 11/25 …

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Meeq (332A): Micro physical AI stock + constant margin increase + solid BS, post 5/13/26 earnings releases.

Part of my differentiated edge stems from my network of Japanese retail investors, who provide continuous, ground‑level feedback on the names they trade. These stocks often perform strongly, but because many have a market cap of sub‑¥10–20bn, I have not included them in my formal coverage. Given the breadth of attractive opportunities in this segment, …

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A potential additional positive catalyst for Japan’s defense stocks

“Eastward bound: Largest-ever NATO envoy delegation to visit Japan” (Japan Times, April 12, 2026) reported that approximately 30 NATO ambassadors visited Japan for a historic three-day mission—the largest high-level delegation from NATO member states ever to visit the country. Although Japan is already one of NATO’s closest nonmember partners, the scale of this visit is …

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