I alerted the SSS (same store sale) turnaround of Workman in 9/24 (my 9/24 note attached). The stock has appreciated 40% since then (actually all the gains came this year). Workman’s SSS trend update is available in my note to the clients. Over the periods of July 23 through September 25. Overall, sales followed an upward …
Workman (7564): Recovery update + Workman vs. Tential (325A) Read More »
I realize I should have included NAV in my initial note of TokyotoKeiba. I prepared a follow-up to provide my NAV calculation along with the assumptions behind it. If you would like to see the note, please DM me! #TokyotoKeiba #NAV #Undervalued #HiddenGem #Japanesestocks #Valuestocks
TokyotoKeiba (TK: MC ¥158bn) is the landowner behind Oi Racecourse. I know that for some people, that alone is a turnoff—“gambling stock,” “sin stock,” or even concerns about animal welfare. But the reality in Japan is a bit different. Horse racing is a well-established, socially acceptable leisure activity, probably more “mainstream” than pachinko at this …
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 …
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 …
Founded in 1938, Furuno Electric (cap Y295 Bn) commercialized the world’s first practical fish-finder in 1948. It is now well known for its advanced GNSS (Global Navigation Satellite System) technologies, which are integral to Intelligent Transportation Systems (ITS). Its business spans: Maritime electronics (navigation/radar/sonar / fish-finders) Communications & sensor systems Industrial diversification into GPS/GNSS receiver …