Altay Capital - Mostly Value Investing

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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
6
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
16

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
5
Asagami Corporation (TYO 9311) is an Example of Widespread Undervaluation of Land on Japanese Balance Sheets. Disparity Between Book …
Asagami Corporation (TYO 9311) owns 3 warehouses on Tokyo Harbor with land carried on its books at ¥7.9 billion. These properties alone are likely worth…
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AltayCap
14

November 2023

Kawagishi Bridge Works (TYO 5921) - A Deep Value Double Net Net (MCAP $62.5m, NCAV $123m) Construction Steel Producer at 8.3x P/E
Kawagishi Bridge Works is absurdly cheap and almost a double net net (NCAV $123m vs $62.5m market cap). Business quality is low (they manufacture steel…
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AltayCap
6

August 2023

The Keihin Co (TYO 9312) - A Consistently Profitable and Growing Small Cap Logistics Company at 0.5x P/TBV and 11% RoE
This is a quick profile of one of the many Japanese stocks that have caught my interest and are in my cheap Japanese basket. I’ll be doing more frequent…
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AltayCap
12
Sapporo Clinical Laboratory Inc (TYO 9776) - A Cheap Yet Consistently Profitable Japanese Nano Cap at 0.3x P/TBV
This is a quick profile of one of the many Japanese stocks that have caught my interest and are in my cheap Japanese basket. I’ll be doing more frequent…
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AltayCap
5

June 2023

Full Cheap Japanese Portfolio Positions / Sizing Update
Taking advantage of Tokyo Stock Exchange's push to close the price to book discount of listed securities
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AltayCap
12

March 2023

Super Cheap Japanese Stocks - 43 Names I Own as a Basket (0.5x P/TBV, 2.1x EV/EBITDA)
Taking advantage of Tokyo Stock Exchange's push to close the price to book discount of listed securities
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AltayCap
7

February 2023

Imagineer - A Deep Value, Profitable, and 3.4% Yielding Net-Net Japanese Game Developer With 17+ Years of Dividend History
Imagineer is a $77m market cap video game developer based in Japan and trades under the ticker TYO: 4644. They have a long history of profitability, are…
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AltayCap
9
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