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 $5.7M.
In 2002 it was around 0.8 p/tbv. 2008-2010 it was very cheap at 0.3x-0.4x. today it's 0.4x p/tbv.
Stock price is flat down 8% since 2000 despite net income going from flattish to 220 million JPY. Book value is up from 2200 to 4,400. Fundamentals have improved a lot, but share price is down 8% since 2000.
I ended up buying a few hundred more shares today after publishing this article. I should have just bought yesterday lmao.
Do you know the level of export?
It's almost all domestic. They export a little, 1-2% of sales.
Have they been raising dividends or doing any share buybacks?
Thanks for the write up
Buybacks, no. Shares outstanding has been flat. Dividend last few years have been 30, 40, 50, 40, 50, and 50.
Interesting net-net. Since when has it been cheap? For years?
In 2002 it was around 0.8 p/tbv. 2008-2010 it was very cheap at 0.3x-0.4x. today it's 0.4x p/tbv.
Stock price is flat down 8% since 2000 despite net income going from flattish to 220 million JPY. Book value is up from 2200 to 4,400. Fundamentals have improved a lot, but share price is down 8% since 2000.
So this is a perennial net-net. Not my thing. Thanks for your reply!
Really quality products - would like to own some for my garden work. Thanks for pitching.