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Starts Publishing (7849): FY12/24 OPM Rises 11.3% Above 5-Year Average

This women’s lifestyle media company has grown its operating profit margin to 27.2% in FY12/24—an 11.4pt increase over its 5-year average of 16%. This shift reflects a disciplined approach to audience engagement, with content strategies shaped directly by user feedback and evolving preferences. While still ultra-small at ¥16.5B in market cap, the margin trajectory and …

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Inforich 9338: Growth uncertainty? With PE at ~10x and ROE 44%

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 …

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Kanro (2216 JP): Not Riding AI Wave, but Solid Earnings Spark Investor Confidence

Kanro, a ¥84.3B market cap Japanese confectioner, rose 6% on July 30 after releasing its 1H FY12/25 results that handily beat company guidance. The main driver was a significant outperformance in operating profit—up 24.5% over guidance. Sales: ¥16,725M (+2.6% vs. guidance, +7.5% y/y) Operating Profit: ¥2,664M (+24.5% vs. guidance, +13.7% y/y) Net Profit: ¥1,874M (+23.3% …

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Profiting from Japan’s Parent-Subsidiary Delisting Wave

In February 2025, the Tokyo Stock Exchange (TSE) issued a statement titled “Investor Perspectives on Parent-Subsidiary Listings,” signaling a clear shift toward discouraging—and ultimately abolishing—these governance structures. The move aligns with growing shareholder unrest, particularly in cases where buyouts are perceived as undervalued. Toyota’s tender offer to Toyota Industries is a prime example. Offered at …

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Insider insights? is there irreplaceable value in meeting with management

Insider insights? is there irreplaceable value in meeting with management before investing? Warren Buffett has frequently mentioned that he seldom meets with a company’s management team prior to investing in their stock. He believes that management presentations are often biased towards showcasing the company’s strengths. Instead, Buffett relies on his own comprehensive analysis of the …

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Takeuchi Mfg., Co., Ltd. (6432): How a debt free construction equipment maker is thriving globally?

Summary The company has grown globally by serving the niche area which the large construction equipment companies have not focused on. It enjoys a long run way, fueled by global urbanization. Furthermore , this growth comes with a great value preposition. The company’s net worth is 60% of its market cap. 1. Who is Takeuchi …

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