Note: My original report and supporting data as of 2/26/24 is available in this site. I wrote about Takeuchi Mfg (“TMC”) on February 26, 2024, when the stock was trading at ¥5,400. My premise was based on the belief that Takeuchi represents a “Non-AI secular growth” opportunity fueled by global urbanization and steady US housing …
Trial Holdings Inc. (141A): 2 huge drivers in stock: 1) A retailer with ability to sell Skip Cart (shopping carts with payment functionality), and 2) Topix overhaul Trial presents investment merits from two perspectives: 1) as a beneficiary of the Tokyo Stock Exchange’s reform efforts, and 2) its growth potential. TSE reform Starting with the …
I’ve simplified the two possible reasons behind the recent sell-offs in the US and Japan (note this is a massive simplification on my part): 1) Bank of Japan’s (BOJ) Hawkish Comments: The BOJ’s recent hawkish comments led to Yen appreciation, causing the unwinding of long-standing carry trades (short Yen, long Nasdaq). Japan has net overseas …
The Japanese collectively spend ¥165 Bn annually on learning English. Despite this investment, their English proficiency ranks 87th in the world and 15th among the 23 Asian countries and regions (by a 2023 survey by the Swiss international education company EF Education First). In fact, Japan’s ranking has kept decreasing since 2011. This discrepancy suggests …
PROGRIT (9560): A New Hope for Japan’s English Learners Read More »
This brief snapshot is intended to alert you to an upcoming IPO that I believe is quite interesting. While it’s true that only 10% of Japanese IPOs trade higher than their IPO prices a few years after listing, I believe Timee has potential and deserves a spot on your secondary watch list. Timee operates a …
Timee Inc. (215A) ¥100 Bn IPO on 7/26/24: For your secondary watch list. Read More »
RS Technologies (3445): Less cyclical semi-stock with solid sales performance (Sales 10x in 10 years). But PE at 12.6x and many initiatives to correct them. RS Technologies (RST or the company), founded based on the wafer recycle business of Rasa Industries (4022) in 2010, is a global leader in wafer reclaiming with a …
Founded in 1947, ESPEC Corp. (“Espec” or the “company”) developed and launched Japan’s first environmental test equipment in 1961 (63 years of history). While small with ¥76 Bn in market cap, Espec dominates the environmental test industry in Japan with a 60% domestic market share. Its global market share has also reached 30% (according to …
Starts Publishing has experienced a fivefold increase in book sales compared to 2016, with a consistent rise in sales outside the Covid-period. The company reported a significant operating profit growth of 43% year-over-year in FY12/23, achieving an operating margin of 27.3%—the highest in the Japanese publishing industry. Additionally, the company boasts ROE of 23% and …
Ahresty Corporation, with its 80-year legacy in die casting equipment manufacturing, has traditionally been valued at low multiples for good reasons: its fluctuating sales tied to the ebbs and flows of Japanese automakers, modest profit margins, and sporadic substantial asset impairment charges. Nonetheless, the post-pandemic era brought a stabilization of automotive supply chains, leading …
Summary: Yamami Co., founded in 1975 and headquartered in Hiroshima, Japan specializes in the manufacture and sale of tofu and related products, with a recent focus on automation to modernize the ancient craft. Yamami’s two-decade-long commitment to automation has indeed carved out a significant cost advantage for the company. This strategic move has positioned them …