The data is telling: out of 1,551 Prime-listed companies, 497 play it by the book with quarterly briefings. Meanwhile, 74 Prime companies and nearly half of the Standard Market (759 firms) held no briefings at all last year. Predictably, the giants—those with market caps over 1 trillion yen—all hosted sessions, while 890 smaller firms (under …
NS Group (Cap: Y86 Bn) is a rent guarantor that went public on December 16, 2025, on the TSE Prime market. It features an attractive financial profile, with 53% of recurring revenues, a high EBITDA margin of 44%, and a strong ROE of 27%. I see many long-term investment merits in NS, but there are …
NS group (471A): Steady EBITDA Growth and Expanding TAM at 9.2x P/E Read More »
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 …
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 …
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: …
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 …
Hokkaido Power (9509): 0.6x PB Missing Cost Cuts from Nuclear + DC + Rapidus Read More »
Since the LDP’s victory in Japan, industries highlighted by Ms. Takaichi as policy “priorities” have outperformed, reflecting investor expectations of supportive government action. A key question for investors is whether government spending is actually being deployed in line with stated policies — and whether the targeted industries are truly benefiting from those allocations. To assess …
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 …
Sumitomo Soko 9303 – Upside from ongoing unwinding of cross‑shareholdings. Read More »
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. …
Flagging a strong set of results from this ¥98bn traffic‑signal maker, which still has almost no analyst coverage. The stock trades at only about 0.85x P/B, so valuation remains very undemanding. The company recap (my 9/25 note is available for the clients): Nippon Signal (NS) is a top-tier player among Japan’s “Big Three” in railway …
Nippon Signal (6741) – Strong Q3 FY3/26 results -> stock up 7% Read More »