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 short write ups on names in this basket over the coming months. The Keihin Co is a ¥10.94B ($74.7m) market cap logistics company in Japan that owns and operates warehouses and distribution facilities mostly in and around Tokyo. They’ve been profitable for 19 of the last 20 years and have compounded tangible book value at 6.5% over the last decade while growing profits.
Nice writeup - I looked into this ticker a little bit today. I haven't gone back far enough on the numbers but I can tell this will be one of those positions that you buy and throw it in your drawer until something happens. It looks like its cheap and has been cheap for a while but the assets are actually improving over time (more and more being represented by cash due to overcapitalization). Thanks!
Also, worth mentioning that over the last 20 years, total debt went from ≈¥28bn to now ≈¥7bn, consistent and continuous delivering while cash has built from ≈¥3.3bn to ≈¥8.3bn in same time frame. Do you have any color on customers & concentration? Will dig into RE portfolio a bit and share. Some RE assets are parking lots atm, so not sure if they are generating cash or sitting idle. Activist would be good here.
Nice writeup - I looked into this ticker a little bit today. I haven't gone back far enough on the numbers but I can tell this will be one of those positions that you buy and throw it in your drawer until something happens. It looks like its cheap and has been cheap for a while but the assets are actually improving over time (more and more being represented by cash due to overcapitalization). Thanks!
Beautiful writeup. Thank for sharing mate.
Also, worth mentioning that over the last 20 years, total debt went from ≈¥28bn to now ≈¥7bn, consistent and continuous delivering while cash has built from ≈¥3.3bn to ≈¥8.3bn in same time frame. Do you have any color on customers & concentration? Will dig into RE portfolio a bit and share. Some RE assets are parking lots atm, so not sure if they are generating cash or sitting idle. Activist would be good here.
Can you please link the document in which they mentioned their undervaluation as I couldn't find it.
Hi,
Its a good find, but then what could be the catalyst to realize the value here? How long do you plan to wait for such a catalyst?
Thanks.