A newsletter about value investing! Mostly focus on smaller cap value net-nets in Japan. Not affiliated with any fund. If you find my writings actionable, a paid sub is appreciated. Nothing I write is financial advice. Do your own due dilligence!
| Platform |  | Pricing | Freemium | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 53 | Founded | 4 years ago | Last Issue | 17 days ago |
| Active | |||||
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altaycap.substack.comLatest Issues
MegaChips Corp (TYO 6875): Trades at ¥11,250 but Gets You ¥19,842 of After-Tax SiTime (SITM) Value + NCAV and Is Buying Back Stock
Source: Megachips Products Page
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Stock Price: ¥11,250
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Market Cap: ¥158.3bn ($1bn USD)
MegaChips Corp (TYO 6875) is one of several companies in Japan with a large stake in a publicly listed company in the U.S. that dwarfs its ow...
Two Near Net-Net Japanese Electrical Contractors at ~3.5x EV/EBIT with Industry Tailwinds
Source: Sanyo Engineering & Construction homepage
Electric Contractors Sanyo Engineering & Construction (1960.T, ¥21bn mcap) and Fujita Engineering (1770.T, ¥17bn mcap)
Thesis: Deep value, scarcity value, data center growth, Kodensha comp...
Takasago Tekko (5458): A Profitable ¥3.3bn Nanocap near net-net @ 7.7x ntm P/E With ¥3.8bn of Appraised Rental Real Estate and a 36,009 sqm Tokyo Factory Site Carried at ¥2m (But worth ¥8bn+)
Head Office in Itabashi-ku Tokyo, Source: Wikipedia
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Share Price: ¥1,120
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NCAV: ¥1,081 /share
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Market Cap: ¥3.37 billion
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P/E (LTM): 9.5x
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P/E (Management Forecast): 7.7x
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Dividend: 4%
Thesis: Takasago Tekko (TYO...
Art Vivant (TYO 7523): Cheap Adjusted Net-Net at 11x PE Trading Below Failed ¥1,670 MBO Price as Activist Builds 40.13% Stake
Company logo. Source: Official website
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Share price: ¥1,480
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Market cap: ¥13.3 billion ($83.4 million)
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P/E (FY25): ~10.7x
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Dividend: ¥60 (4%)
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NCAV: ¥12.76 billion
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NCAV+Investments: ¥15.55 billion (¥1,708/share)...
Nanocap Osaka Yuka Industry (4124): A Strategic Buyer Offered ¥3,201. An Activist Paid More to Stop the Deal. The stock trades at ¥2,746
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Share Price: ¥2,746
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Market Cap: ¥2.3 billion ($14.4 million). Top 10 shareholders are ~70%. So float is TINY.
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Dividend: 1.7%
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Osaka Yuka Industry (TYO: 4124) is a tiny Japanese nanocap in the precision distillation / purifica...
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Long / Short equities. Value investor.
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