Altay Capital - Mostly Value Investing

Art Vivant (TYO 7523): Cheap Adjusted Net-Net at 11x PE Trading Below Failed ¥1,670 MBO Price as Activist Builds 40.13% Stake

Trades below the failed MBO price, backed by assets, and now sitting at the center of a quiet control battle.

Apr 20 • AltayCap

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March 2026

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

If a $1bn+ company bid ¥3,201/share and an activist got involved to block the deal, it’s probably worth at least ¥3,201/share and possibly much more…

Mar 29 • AltayCap

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February 2026

Nippon Carbon (TYO 5302): A 120 Year Old $350 Million Japanese Carbon Manufacturer Trading at 1x Book, Net Cash, and 4.2% Dividend with a…

A quietly ambitious company pivoting the core toward growth industries while building aerospace materials with GE/Safran. They also announced a 5.7…

Feb 12 • AltayCap

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January 2026

Mitani Corporation (TYO: 8066): $1.2 bn Japanese Conglomerate at 2.6× EV/EBIT with 30+ Years of Profitability

24% share count reduction since 2014, dividends up over 10×, massive net cash position, and consistently growing net income (8.9x P/E)

Jan 28 • AltayCap

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December 2025

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…

Dec 10, 2025 • AltayCap

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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…

Dec 4, 2025 • AltayCap

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November 2025

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…

Nov 29, 2025 • AltayCap

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August 2025

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, 2025 • AltayCap

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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, 2025 • AltayCap

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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, 2025 • AltayCap

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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, 2025 • AltayCap

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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, 2025 • AltayCap

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