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Fuji Seal International (FSG, CapY190 Bn) is a major global manufacturer in the packaging industry, particularly within the specialized markets of labeling and flexible packaging. With foreign ownership already above 30%, the name is hardly undiscovered. Yet at PE 10.3x, PB 1.14x, and EV/EBITDA 4.8x—despite being well into a U-shaped earnings recovery—the valuation still looks …

Fuji Seal International (7894): Entering the Upturn of a U-Shaped Recovery Read More »

I flagged an event‑driven ROE improvement setup at Tokyo Century (TC) back in October 2024, and the stock has since climbed about 30%. The key catalyst was the insurance payout tied to eight aircraft that had been leased to Russia and later seized. Investors were watching closely to see whether TC would use the proceeds …

Tokyo Century (8439) – Early MT Plan Achievements and a New MT Strategy to Drive ROE Higher Read More »

Gunze (cap Y150 bn) is widely recognized for its men’s underwear, though in recent years it has ceded market leadership to Uniqlo in the innerwear segment. Even so, its long history of reinvention suggests that the company will continue to adapt in response to shifts in industry dynamics and evolving consumer tastes. A recent key …

Gunze (3002): Beyond restructuring, solid balance sheet strength keeps the stock climbing? Read More »

Jinushi (cap Y66 Bn) is the only publicly traded firm that operates a landowner business that invests solely in land. Since the announcement of a ¥6.21bn public offering on July 11, 2024, the company’s share price has trailed TOPIX. While the fundraising signaled management’s confidence in growth and secured necessary capital, investors remained wary of …

Jinushi 3252: High‑Stability Real Estate Business Benefiting from Corporates’ Need to Lift ROE Read More »

Serendip (7318): One of My Bad Calls in 2025: A Limit-Down on 11/14/25 and Slow Recovery Despite a 25% DCF Discount My serial‑acquirer picks have underperformed: Serendip and f-‑Cord remain weak, though Next Gen 319A is tracking in line. However, my recent meeting with Serendip was constructive. Serendip is a business-succession–focused M&A grower, distinguished by its fully …

Serendip (7318): One of My Bad Calls in 2025: A Limit-Down on 11/14/25 and Slow Recovery Despite a 25% DCF Discount Read More »

I received some constructive feedback on my Link & Motivation (LMI) note, which I had shared with LMI management (please let me know if you have not seen my original LMI note) 1. TOPIX Rebalancing Before sharing LMI’s responses, I need to point out one stock driver which I neglected to point out in my …

Link&Motivation (2170): Weaknesses Mitigated and IR Engagement Accelerates before Topix rebalancing Read More »

The company’s sales grew low double digit y/y since the COVID lows, yet the below peer comp table shows the company is trading at the lowest PE. Based on my SOTP analysis, the company is trading at roughly a 17% discount to its NAV. Management is aware of this disconnect between intrinsic value and market …

Link&Motivation (2170): Three‑in‑One: Government HCM Policy Tailwinds, OpenWork, and FCE at 8x EV/EBITDA/35% ROE Read More »

For the past six months, I have been trying to understand why NextGen has consistently outperformed other serial acquirers. After recently catching up with the NextGen team, several factors became clearer. 1. Valuation: From 36x to 21x *While the current FY12/25 EV/EBITDA multiple appears high at 36x (based on ¥2,400M EBITDA), this figure is misleading …

Next Generation Tech Group (319A) – Why has Next Gen outperformed so far? Read More »

I alerted the SSS (same store sale) turnaround of Workman in 9/24 (my 9/24 note attached). The stock has appreciated 40% since then (actually all the gains came this year). Workman’s SSS trend update is available in my note to the clients. Over the periods of July 23 through September 25. Overall, sales followed an upward …

Workman (7564): Recovery update + Workman vs. Tential (325A) Read More »