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I was preparing a note on Strike (6196). The thesis was straightforward: Rising M&A volume From January–September 2025, disclosed deals by listed companies rose 11% y/y to 985. Including private transactions, Strike estimates ~11,000 deals in 2024 (2018–24 CAGR: 7.6%). Successor-seeking M&A should remain strong as SME owner ages rise (60.9 in 2015 → 63.6 …

M&A Brokers vs. Regional Banks: Who Best Leverages Japan’s Successor M&A Boom? Read More »

Ishihara Sangyo (ISK, cap Y105 bn) is a chemical company with two pillars: 1) Organic chemicals: Core products are agrochemicals (herbicides, fungicides, insecticides), with overseas sales ≈80% (FY25), mainly in the Americas and Europe. Growth strategy includes expanding into animal health products and new strategic agrochemicals in emerging markets such as India. Unique global products: Development …

Ishihara Sangyo Kaisha 4028 – Margin Expansion and Valuation Catch-Up with Nissan Chemical Read More »

JSB (Japan Student Bureau, CAP: Y81 Bn, PE 14x), #1 student-housing operator founded in 1976, explains that despite Japan’s declining birthrate, the student housing market remains stable due to rising university enrollment and a long-term shift from general rental apartments to purpose-built student housing. JSB operates ~99,300 units nationwide with 18 years of 98%+ occupancy. …

JSB (3480): Defying Demographics – Student Apartments Continue to Grow Nationwide Read More »

Serendip, a business-succession–focused M&A platform, is known for its fully integrated model—dispatching executives and engineers, driving productivity, and maintaining long-term ownership. Despite raising FY3/26 guidance by ¥10B in sales (+25%) and ¥4.5B in OP (+25%) on 11/11/25, the stock fell 18% to a limit-down on 11/14/25. At a retail investor meeting on 11/15/25, CEO Mr. …

Serendip (7318): What Triggered the Limit Down on 11/14/25? Read More »

Katitas has mastered a business model that many find difficult to replicate: buying, renovating, and reselling pre-owned homes with consistent success.  With 36% foreign ownership, it’s clear that investors recognize the company’s ability to tackle Japan’s vacant housing problem. The stock trades at a premium P/E of 18x, compared to single-digit averages for other residential …

Katitas 8919: A Best-in-Class Model in a growing industry vs. a high price tag. Read More »

Outside of Electric Cable Japanese electrical wire manufacturers have performed strongly, with Fujikura emerging as the clear leader. Its dominance is well supported by a robust sales network catering to U.S. IT companies, particularly through its advanced optical wiring components. Given the surge in data center construction, demand for high-performance electric wiring remains strong. The …

Inabadenki 9934– AI Tailwinds in Electric Wire and HVAC; Valuation at 6–7x EV/EBITDA, 13x P/E 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 »

Under new leadership, Kyodo is accelerating its pivot from the declining paper-printing business toward higher-margin niches such as high-performance packaging materials, flexible packaging, and tube products. Margin gains in recent years already reflect this shift, and the company’s 10-year plan aims to scale these efforts further. The key question for investors: with DNP and Toppan …

Kyodo Printing 7914: Turning Point: Committing to Competitive Catch-Up with 2 leaders. Read More »