Altay Capital - Mostly Value Investing
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Quick Pitch: Totenko Co (TYO 8181) - Nanocap Operator of Banquet Halls and Restaurants With Tourism Tailwind and Profit Inflection Trading…
$14.5 million market cap company with history of losses is inflecting to profitability and will begin paying dividends. Screens poorly today, but will…
Dec 31, 2024
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Altay Capital - Mostly Value Investing
Quick Pitch: Totenko Co (TYO 8181) - Nanocap Operator of Banquet Halls and Restaurants With Tourism Tailwind and Profit Inflection Trading at 5.3x Forward P/E and 0.36x P/B
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Takigami Steel Construction (TYO 5918) - A Portfolio of Public Securities + Rental Real Estate Worth 3x Market Cap (With an Activist…
Similar to Warren Buffett's Sanborn Maps, except cheaper and with potential for activism (#1 shareholder is an activist). NCAV+Securities+Rental…
Dec 6, 2024
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Altay Capital - Mostly Value Investing
Takigami Steel Construction (TYO 5918) - A Portfolio of Public Securities + Rental Real Estate Worth 3x Market Cap (With an Activist Investor)
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November 2024
Mansei Corporation (TYO 7565): A Consistently Profitable 8 P/E Net-Net That Did a Massive 29% Share Buyback—and No One Noticed
Mansei has been profitable 19 of the last 20 years. They're a technology trading company specializing in electrical machinery, industrial systems…
Nov 23, 2024
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Altay Capital - Mostly Value Investing
Mansei Corporation (TYO 7565): A Consistently Profitable 8 P/E Net-Net That Did a Massive 29% Share Buyback—and No One Noticed
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September 2024
Investing Alongside Beji Sasaki: Japan's Unconventional Corporate Raider and Value Investor
His 3 publicly traded nanocap Investment vehicles Freesia Macross (6343), Giken Holdings (1443), and Yumemitsuketai (2673) have declined as book value…
Sep 23, 2024
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Investing Alongside Beji Sasaki: Japan's Unconventional Corporate Raider and Value Investor
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Sanko Techno (TYO 3435) - A Near Net-Net $60m Niche Manufacturer of Construction Materials with 40% Market Share, 5 P/E, 3.3% Dividend, and…
#1 Market share in its core business in Japan. Profitable for 20 of the last 21 years. 13 dividend hikes in the last 14 years.
Sep 2, 2024
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Altay Capital - Mostly Value Investing
Sanko Techno (TYO 3435) - A Near Net-Net $60m Niche Manufacturer of Construction Materials with 40% Market Share, 5 P/E, 3.3% Dividend, and 10.5% RoE
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August 2024
Sanyo Industries (TYO 5958) - $60m Net-Net With 5 P/E, 3.8% Dividend, That's Buying Back Shares
A Construction materials company that manufactures flooring, roofing, rooftop ventilators, earth quake resistant components, and more.
Aug 30, 2024
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Altay Capital - Mostly Value Investing
Sanyo Industries (TYO 5958) - $60m Net-Net With 5 P/E, 3.8% Dividend, That's Buying Back Shares
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July 2024
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
Jul 23, 2024
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Altay Capital - Mostly Value Investing
Yakult Honsha (TYO 2267) a $5.6B Premier Japanese Consumer Staple Brand with 25 Years of Profitability and Steady Growth Trading at 8.3x EV/EBITDA with Improving Capital Returns
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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.
Jul 8, 2024
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Altay Capital - Mostly Value Investing
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
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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…
Jun 25, 2024
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Altay Capital - Mostly Value Investing
Cover Corp (TYO 5253) - High Growth Opportunity in the Expanding VTuber Sector
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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%.
Jun 1, 2024
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Altay Capital - Mostly Value Investing
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 ADJ TBV
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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.
May 28, 2024
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Altay Capital - Mostly Value Investing
Akatsuki Inc (TYO 3932): A $188M Net Net Japanese Game Developer with Ambitious Growth Plans, Trading at 0.75x Book (0.55x Adjusted), 11x Operating Profits, and a Decade of Profitability
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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…
May 17, 2024
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Altay Capital - Mostly Value Investing
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
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