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 …

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

Nippon Signal 6741: Cure the 0.75x PB through Steady OPM gains + cross shareholdings unwind + CBTC tailwinds.

Nippon Signal (¥84Bn market cap) maintains a solid order pipeline across its core operations, reinforcing earnings visibility. Its CBTC (Communications-Based Train Control) platform offers structural upside, aligned with long-term rail automation trends. To unlock capital and enhance shareholder value, the company liquidated cross-shareholdings—raising ¥720M in FY3/24 and ¥410M in FY3/25. These proceeds bolster financial agility, …

Nippon Signal 6741: Cure the 0.75x PB through Steady OPM gains + cross shareholdings unwind + CBTC tailwinds. Read More »

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 »