I realize I should have included NAV in my initial note of TokyotoKeiba. I prepared a follow-up to provide my NAV calculation along with the assumptions behind it. If you would like to see the note, please DM me! #TokyotoKeiba #NAV #Undervalued #HiddenGem #Japanesestocks #Valuestocks
TokyotoKeiba (TK: MC ¥158bn) is the landowner behind Oi Racecourse. I know that for some people, that alone is a turnoff—“gambling stock,” “sin stock,” or even concerns about animal welfare. But the reality in Japan is a bit different. Horse racing is a well-established, socially acceptable leisure activity, probably more “mainstream” than pachinko at this …
I was preparing a note on Strike (6196). The thesis was straightforward: Rising M&A volume From January–September 2025, disclosed deals by listed companies rose 11% y/y to 985. Including private transactions, Strike estimates ~11,000 deals in 2024 (2018–24 CAGR: 7.6%). Successor-seeking M&A should remain strong as SME owner ages rise (60.9 in 2015 → 63.6 …
M&A Brokers vs. Regional Banks: Who Best Leverages Japan’s Successor M&A Boom? Read More »
Ishihara Sangyo (ISK, cap Y105 bn) is a chemical company with two pillars: 1) Organic chemicals: Core products are agrochemicals (herbicides, fungicides, insecticides), with overseas sales ≈80% (FY25), mainly in the Americas and Europe. Growth strategy includes expanding into animal health products and new strategic agrochemicals in emerging markets such as India. Unique global products: Development …
JSB (Japan Student Bureau, CAP: Y81 Bn, PE 14x), #1 student-housing operator founded in 1976, explains that despite Japan’s declining birthrate, the student housing market remains stable due to rising university enrollment and a long-term shift from general rental apartments to purpose-built student housing. JSB operates ~99,300 units nationwide with 18 years of 98%+ occupancy. …
JSB (3480): Defying Demographics – Student Apartments Continue to Grow Nationwide Read More »
Serendip, a business-succession–focused M&A platform, is known for its fully integrated model—dispatching executives and engineers, driving productivity, and maintaining long-term ownership. Despite raising FY3/26 guidance by ¥10B in sales (+25%) and ¥4.5B in OP (+25%) on 11/11/25, the stock fell 18% to a limit-down on 11/14/25. At a retail investor meeting on 11/15/25, CEO Mr. …
Serendip (7318): What Triggered the Limit Down on 11/14/25? Read More »
Katitas has mastered a business model that many find difficult to replicate: buying, renovating, and reselling pre-owned homes with consistent success. With 36% foreign ownership, it’s clear that investors recognize the company’s ability to tackle Japan’s vacant housing problem. The stock trades at a premium P/E of 18x, compared to single-digit averages for other residential …
Katitas 8919: A Best-in-Class Model in a growing industry vs. a high price tag. Read More »
Outside of Electric Cable Japanese electrical wire manufacturers have performed strongly, with Fujikura emerging as the clear leader. Its dominance is well supported by a robust sales network catering to U.S. IT companies, particularly through its advanced optical wiring components. Given the surge in data center construction, demand for high-performance electric wiring remains strong. The …
Founded in 1938, Furuno Electric (cap Y295 Bn) commercialized the world’s first practical fish-finder in 1948. It is now well known for its advanced GNSS (Global Navigation Satellite System) technologies, which are integral to Intelligent Transportation Systems (ITS). Its business spans: Maritime electronics (navigation/radar/sonar / fish-finders) Communications & sensor systems Industrial diversification into GPS/GNSS receiver …
SBS Holdings is an M&A-driven consolidator in Japanese logistics, which is currently in the early stages of industry consolidation. Over 60% of domestic freight is handled by operators with fewer than 50 vehicles*. In 1/25, I wrote a note on Zero, a specialist in used car transportation, in which SBS holds a 20% stake. (*By …
SBS Holdings (2384): The CEO Effect: Leadership as a Stock Growth Catalyst? Read More »