Altay Capital - Mostly Value Investing

Altay Capital - Mostly Value Investing

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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!
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