Altay Capital - Mostly Value Investing

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…

Aug 24 • 

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July 2025

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…

Jul 13 • 

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June 2025

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…

Jun 30 • 

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May 2025

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…

May 30 • 

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Perk for Paid Subs: Snapshot of Entire Cheap JP Basket (All my writeups / commentary will remain free)

I don't intend on ever putting writeups/investment thoughts behind a paywall, but will share semi annual snapshots of the cheap JP basket with paid subs…

May 12 • 

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Kinki Sharyo (TYO 7122) - A ¥10 billion Net Net Rolling Stock Manufacturer Trading at 0.3x Book Value and a 64% Discount to NCAV + Rental…

105 year old company and there's even an activist shareholder in the register (Effissimo Capital). Kinki Sharyo is a listed subsidiary of Kintetsu Group…

May 2 • 

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April 2025

List of Parent-Child Listings on the Tokyo Stock Exchange

Table that contains 230 publicly listed companies in Japan that have publicly traded parent companies. Useful for anyone searching for opportunities in…

Apr 28 • 

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Tigers Polymers (TYO 4231) - Dirt Cheap Consistently Profitable Japanese Net-Net with Negative EV Trading at 0.3x P/TBV, 7.5x P/E, with U.S…

71% of profits come from their U.S. business, 22% from Japan, 6% from SEA. (Q1-Q3 FY2025). The company only ever lost money in 1 year since 1985.

Apr 15 • 

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March 2025

3 Quick Pitches for 3 Cheap Japanese Stocks: Nippon Shindo (5753), Nakakita Seisakusho (6496), and Wood One (7898)

Two deep value net-nets and a company that owns 40,000 hectares of New Zealand forestry

Mar 10 • 

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February 2025

Asaka Industrial (TYO 5962): A 350-Year-Old Profitable Nanocap Net-Net Trading at 0.4x P/B, 7x P/E, with Real Estate Worth 260x its Carrying…

This $10m nanocap trades at a 57% discount to NCAV + investments and holds land valued at just $22,500 on its balance sheet, yet it is worth at least…

Feb 19 • 

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Kaneshita Construction (TYO 1897) - A Profitable Nanocap Net-Net Construction Company Trading at a 65% Discount to NCAV+Investment…

NCAV+Investment Securities are worth ~¥7,654 per share vs share price of ¥2,690. Company has bought back 42.5% of outstanding shares since 2009.

Feb 9 • 

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January 2025

Unlocking Value: Dirt-Cheap Japanese Net-Net Chuoh Pack Gets 273% Premium Buyout Offer

Process Ultimately Started Due to TSE Reforms Around Unwinding Cross Shareholdings. A competitive bidding process was held. Expect more deals in the…

Jan 31 • 

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