AlphaPolis 9467: What Asset Management One and Varecs see in this UGC pure play?

AlphaPolis (AP) is a pure user-generated content (UGC) publishing model. Founded in 2000 by Yusuke Kajimoto, formerly of Hakuhodo, AP sources highly rated light novels and manga from its online platform, AlphaPolis: Cyber Space, and selects standout titles for commercial publication. Its flagship series, Gate, has sold over 4.2 million copies. Manga (graphic novels) is …

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Weathernews 4825: Down 10%: Is It Time to Buy? Unpriced Upside?

I have always wanted to write about Weathernews (market cap Y102 Bn). But, WN, one of the world’s largest private comprehensive weather information services, has always been expensive. Climate change is increasing the frequency and severity of typhoons, floods, and heatwaves. Both corporations and governments are investing more in disaster prevention and early warning systems. …

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Potential Sale of Nippon Sanso (4091) by Mitsubishi Chemical Group (4188

Bottom Line Mitsubishi Chemical Group (MCG) may be considering divesting its 50.5% stake in Nippon Sanso (NS), a high-margin industrial gas subsidiary. While the move could unlock capital for reinvestment into MCG’s core chemical business, it would also remove a major profit engine. The decision hinges on strategic priorities, capital efficiency, and market appetite. Strategic …

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Kohoku Kogyo 6524: Is it overvalued?

Kohoku Kogyo (KK) is a global niche leader in two specialized segments: Lead terminals for EV and AI applications Optical components for submarine cables These are high-barrier, precision-driven markets where KK holds top global share. Stock Performance: Over the past three years, KK has underperformed the broader market: KK: +24.8% vs. TOPIX: +63.26% This period …

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Kyodo Printing 7914: Turning Point: Committing to Competitive Catch-Up with 2 leaders.

Under new leadership, Kyodo is accelerating its pivot from the declining paper-printing business toward higher-margin niches such as high-performance packaging materials, flexible packaging, and tube products. Margin gains in recent years already reflect this shift, and the company’s 10-year plan aims to scale these efforts further. The key question for investors: with DNP and Toppan …

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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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Globe-ing (277A) – Putting my concerns to rest. Evaluating Opportunity After a 17% Drop

The company (GI) went public in 11/24. GI provides AI-driven DX support and consulting-based software solutions to help businesses grow without relying on manual labor. Amid a wave of consulting firm IPOs, the sector is evolving rapidly, with rising demand for specialized service offerings. I wrote a brief note right before the IPO which expressed …

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Air Water (4088): Business Restructuring: The Turning Point for Margin Growth?

When I first met with the company several years ago, I remember thinking, “I don’t understand this business. Why is an industrial gas company selling food?” That apparent lack of strategic focus may have contributed to the performance gap between Air Water and its peers—Nippon Sanso and Japan Materials. The 10-year price charts below highlight …

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