Altay Capital - Mostly Value Investing

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Yakult Honsha (TYO 2267) a $5.6B Premier Japanese Consumer Staple Brand with 25 Years of Profitability and Steady Growth Trading at 8.3x…
Positive Carry (Dividend > cost to borrow JPY), Improving Capital Returns, and Cheap vs Global Peers
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AltayCap
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Sohu.com Inc (Nasdaq: SOHU): A Net-Net with $1.3B in Cash and Valuable Real Estate ($400m+) Trading at $460m Market Cap with a $150m Buyback
The cash is off-shore and founder owns 1/3 of outstanding shares and has bought back stock at higher prices.
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AltayCap
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June 2024

Cover Corp (TYO 5253) - High Growth Opportunity in the Expanding VTuber Sector
Trades at a 35% discount to its primary competitor despite superior underlying growth in viewership. 24x Forward P/E may seem expensive, but its under…
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AltayCap
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Hyoki Kaiun Kaisha (TYO 9362) - A Nanocap Logistics Company Efficiently Operating at 9% RoE, 6.8 P/E, and 4.5% Dividend at 0.6x BV / 0.39x…
A Short Sum of the Parts Analysis of A $18m Nanocap Logistics Company with 10 yr Net Income and Book Value CAGR of 8% and 9%.
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AltayCap
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May 2024

Akatsuki Inc (TYO 3932): A $188M Net Net Japanese Game Developer with Ambitious Growth Plans, Trading at 0.75x Book (0.55x Adjusted), 11x…
Recently formed a capital alliance with Sony (6758) and Koei Tecmo (TYO 3635) validate development capabilities.
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AltayCap
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Nissin Corp (9066) - A Dirt Cheap $400m JP Logistics Company That Bought Back 24% Of Shares Trading at 6x EPS, 5%+ Dividend, and 0.7x Book
A rock solid logistics company that only ever lost money twice (2001 and 2009) over the last 40 years trading at dirt cheap valuations and returning…
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AltayCap
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Okayamaken Freight Transportation (TYO 9063) - A Nanocap Logistics Company With A Lot of Undervalued Land at 0.3x P/B, 9x P/E, and 14 Years…
Last year they sold 2 properties with a book value of ¥172m for ¥2,552m. That's a gain of ¥2,379m on a 7.2b JPY market cap. They still have ¥18b of land…
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AltayCap
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March 2024

February 2024

Asahi Kagaku Kogyo - A Nanocap $12m Japanese Net Net That Owns Land Near Shanghai Worth ~5x its Market Cap
An interesting deep value opportunity, but one I ultimately am not very excited about
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AltayCap
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Japanese Reforms Slowly Kicking In
"Investors in Japan had it easy. They could buy net-nets at under 8 P/E with 20+ years of profitability. Of course they’re going to make outsized…
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AltayCap
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January 2024

December 2023

4 New Deep Value Double Net Net Additions To The Cheap Japanese Basket
I’ve added several deep value names to my Japanese portfolio over the last few months. While there are many net-nets in Japan, the names below are…
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AltayCap
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