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Torishima Pump (6363) — Water Scarcity as a New Secular Tailwind

Torishima Pump (6363) — Water Scarcity as a New Secular Tailwind Japan is entering a phase of structural water stress, with major rivers running low, dams hitting 0% capacity, and water restrictions now active across 15 river systems. The root cause—historic low rainfall and persistent weather anomalies—suggests shortages will persist. Policymakers are accelerating investment in …

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AlphaPolis (9467 JP): Inclusion in the JPX Startup Growth 100 Index with Limited Oil and Inflation Exposure

While interest in the JPX Startup Growth 100 Index launch seems muted, I’d like to highlight AlphaPolis (cap ¥42bn; FY3/27 PE 14.4x; PB 2.79x)—a constituent well aligned with the index’s focus on high-momentum, high-growth names. The stock has been broadly flat since my October 2025 note, but trading activity has strengthened following the February 13 …

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Feed One (2060) – ok to be ignored?

Feed One (2060) Most investors ignore Japan’s feed industry. It’s seen as low-margin, commodity-exposed, and structurally stagnant. Yet one overlooked company — Feed One Co., Ltd. — has quietly delivered +56% over the past year, beating the TOPIX. Why? Because the real story isn’t commodity prices. It’s science, capital discipline, and misunderstood risk management. In …

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Launch of “JPX Start-Up Acceleration 100 Index

JPX Market Innovation & Research (JPXI), a subsidiary of Japan Exchange Group, officially finalized the constituents and calculation methodology for this new index on February 13, 2026. Designed to spotlight Japan’s high-momentum, high-growth companies. Selection Criteria To qualify, companies must meet rigorous growth and valuation benchmarks: Revenue Growth: Minimum of 20% YoY. Market Cap Momentum: …

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Hokkaido Power (9509): 0.6x PB Missing Cost Cuts from Nuclear + DC + Rapidus

Hokkaido Power (9509): 0.6x PB Missing Cost Cuts from Nuclear + DC + Rapidus I wrote a short note on Hokkaido Electric Power (Hepco/Cap Y256 Bn) in October 2024 (note attached), highlighting the potential for a major profitability boost from its nuclear plant restart and data center demand, versus its ultra-low valuation at around 0.29x …

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Sumitomo Soko 9303 – Upside from ongoing unwinding of cross‑shareholdings.

I’ve periodically highlighted the potential upside in stocks with sizable cross‑shareholdings, particularly when there is a credible path to unwinding those positions and redeploying capital to lift ROE and overall capital efficiency. Toyo Keizai recently pointed to Sumitomo Warehouse, which has come under renewed attention following its February 3 earnings release showing: *Booked ¥2.894 billion in …

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KOA Corp. (6999) ROIC recovery from 0.1% via Auto recovery + A1/Data Center to reduce volatility

KOA, with a market cap of ¥58 billion, is a small electronic‑component manufacturer specializing in fixed resistors. Its earnings are highly sensitive to global economic conditions, which makes the business quite volatile. However, the company is currently benefiting from two meaningful tailwinds: the recovery in the automotive sector and the expansion of AI and data‑center demand. …

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