Altay Capital - Mostly Value Investing

Altay Capital - Mostly Value Investing

Home
Archive
About
Unozawa-gumi Iron Works (6396): A Profitable $23m Nanocap at 10x P/E With Real Estate in Tokyo Worth 145,000x Carrying Value (Not a Typo)
$23 million gets you $132 million in Tokyo real estate, some cash & securities, and a pumps business. Passing of the 86 year old chairman with no…
 • AltayCap
Isamu Paint (TYO 4624) - A $43m Double Net Net Automotive Paint Co Trading at 12x P/E with 30 Years of Consistent Profitability
In 30 years the company only reported a single QUARTER of operating losses with the full year being firmly profitable. Share price is ¥3,515 vs…
 • AltayCap
Furubayashi Shiko (TYO 3944) - A Deep Value Packaging Nanocap Trading at 9x P/E, 0.27x Book, and Well Below NCAV+Investments
Consistently Profitable but mediocre packaging business backed by under-marked land and a big securities portfolio, offset by an overpaid family…
 • AltayCap
3 Quick Pitches for 3 Deep Value Japanese Stocks: TOC (8841), Sankyo Kasei (8138), and Takase (9087)
TOC has tons of real estate, securities, and net cash. Sankyo Kasei is a DOUBLE net-net that repurchased 33% of outstanding shares this year, and Takase…
 • AltayCap
Tokyo Automatic Machinery (TYO 6360) - Deep Value Nanocap with Improving Shareholder Returns, 0.4x P/B, and 7.8x Forward P/E
Company is targetting 1x PBR, Committed to 30% Payout ratio (vs 10-15% historically), + upside if the packaging business can expand margins…
 • AltayCap
OUG Holdings (TYO 8041) - A 0.5x P/TBV Vertically Integrated Seafood Wholesaler in Osaka Trading at 5 P/E and Improving Shareholder Returns
This is a net-net if we count investments as current assets. Company is cheap, implemented a 1.6% DoE policy, and the shareholder register leaves room…
 • AltayCap
Nippon Pigment (TYO 4119) - A Deep Value Pigments Manufacturer Trading at 0.25x Book That Did a Big Acquisition and Immediately Recorded…
Tiny deep value company buys division from uneconomic seller. Stock is cheap with 3% dividend. ¥3,110 share price vs ¥8,522 of NCAV + Investments…
 • AltayCap
Altay Capital - Mostly Value Investing
Altay Capital - Mostly Value Investing
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!
Recommendations
Generals and Workouts
Generals and Workouts
generalsandworkouts
Dungeon Investing
Dungeon Investing
Dungeon Investing
One foot hurdle
One foot hurdle
Dabao
undervaluedjapan
undervaluedjapan
Otto Oehring

Altay Capital - Mostly Value Investing

AboutArchiveRecommendationsSitemap
© 2026 AltayCap · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture