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 »
Yurtec Corp (1934): Implied Q4 decline drove a 6% decline of the stock · Yurtec reported earnings after market close on January 29, posting consolidated ordinary profit of ¥12.4bn for 9M FY3/26 (April–December), up 21.4% YoY · This represents progress of 70.9% toward the full-year forecast of ¥17.5bn, well above the five-year average progress rate of 50.5% …
Yurtec Corp (1934): Implied Q4 decline drove a 6% decline of the stock Read More »
Note: Full‑year FY3/26 guidance remains unchanged despite weaker 2H results. Recent rare‑earth enthusiasm has lifted Iwatani’s share price slightly, so we will monitor how the stock trades following the 2/10 earnings release. Many rare-earth-related stocks have performed well year‑to‑date. Sojitz (2768), a major trader of rare earths, is up roughly 15%, prompting questions about whether …
Iwatani Corp (4088): ROIC Rebound: Rare Earth/Hydrogen Growth + LPG Stability Read More »
Momentum in Japan’s banking sector continues as higher policy rates support an expansion in net interest margins and core income. The three megabanks—MUFG, SMFG, and Mizuho—are projecting record net profits for FY3/26, reflecting improved interest revenues and ongoing cost control. Similar dynamics are evident among regional banks, where wider loan–deposit spreads is contributing to steady …