Densan System Holdings (4072): Should We Dismiss Stablecoin as Hype?

As of August 7, 2025, 408 stocks in the TSE Prime Market hit year-to-date highs. This could signal market froth—or the emergence of a stock picker’s market, where select equities outperform even as broader indices soften. Among emerging themes, stablecoins warrant attention. Though it’s easy to dismiss stablecoin-related stocks as crypto hype, doing so risks …

Densan System Holdings (4072): Should We Dismiss Stablecoin as Hype? Read More »

Inforich 9338: Growth uncertainty? With PE at ~10x and ROE 44%

Inforich has hit a rough patch, having missed its earnings guidance. The key question now is whether this is a one-off event or indicative of deeper structural issues. I raised this concern directly with the Inforich management team, who—unsurprisingly—assert that the underperformance in 1H FY2025 was an isolated event. While I’m inclined to agree with …

Inforich 9338: Growth uncertainty? With PE at ~10x and ROE 44% Read More »

Trial (141A) Expansive IT driven retailer – Post earnings pullback presents a buying opportunity?

Trial Holdings fell 11% on 8/14/25, following the release of its FY6/25 results on 8/13. While the results slightly exceeded its downwardly revised guidance, the sell-off was driven by disappointing FY6/26 guidance.   Trial (Y312 Bn, yes I cover larger cap names too) is a Kyushu based retailer known for its Skip Cart (shopping carts …

Trial (141A) Expansive IT driven retailer – Post earnings pullback presents a buying opportunity? Read More »

MIC 300A – 20% Pop on 8/8/25 Pushes Market Cap to ¥19Bn from Y17Bn on 6/13/25 when I flagged the stock.

  The stock reacted positively to the great Q1 FY3/26 results. The company’s cross-selling potential is the key driver of this stock’s growth story. Please refer to the quantified cross-selling opportunities detailed at the conclusion of this update note. MIC is a company that supports promotional activities for drugstores and manufacturers through its 360° Full …

MIC 300A – 20% Pop on 8/8/25 Pushes Market Cap to ¥19Bn from Y17Bn on 6/13/25 when I flagged the stock. Read More »

f-code Inc. (9211) Winning Formula: M&A Growth Strategy + High OPM + IT Consulting Sector Tailwinds, better than Genda?

One of the standout sectors this earnings season is IT consulting, driven by Japanese companies’ urgent push to enhance their digital operations. f-code is scheduled to report on August 14, 2025*, and while strong results are anticipated, even a potential miss wouldn’t undermine its long-term appeal. The company’s strategic positioning as a growth-through-M&A player within …

f-code Inc. (9211) Winning Formula: M&A Growth Strategy + High OPM + IT Consulting Sector Tailwinds, better than Genda? Read More »

Yamau Holdings (5284): Undervalued, Rising profitability, Solid Balance Sheet, and Backed by Public Investment—Too Small to Matter?

Yamau is a Kyushu based manufacturer, specializing in the manufacture and sale of concrete products with a diversified business across multiple infrastructure segments. It posted solid Q1 FY3/26 results, sending the stock to a 12-month high—yet it’s still trading at just 6x PE. With a tiny market cap of ¥13 billion, it’s off-limits for many …

Yamau Holdings (5284): Undervalued, Rising profitability, Solid Balance Sheet, and Backed by Public Investment—Too Small to Matter? Read More »