2659: San A

Summary

  • San A is not currently a buy, but investors ought to follow share prices periodically for buying opportunities at 3,200 yen per share (vs. current 5,010 yen per share).
  • Strong regional moat provides San A with Japanese retail industry-leading business performance with ROE at 10.35%  (10 Year Average: 9%).
  • Franchising opportunities likely to lead to continued earnings growth.

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2353: Nippon Parking Development

Summary

  • NPD has a solid track record for business performance (10 year ROIC 16%).
  • Recently, Parking Lot business has been relatively stable, Ski resort business experienced short term headwinds, and Theme park business is just getting started.
  • Long term competitive advantage for NPD’s Parking Lot business is unclear and competition in the industry is only intensifying.
  • At today’s 155 yen per share, NPD isn’t a buy. However, I will revisit NPD at 100 yen per share, or at signs of meaningful improvement in NPD’s Parking Lot business’ competitive positioning.

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Tech In Japan: Augmented Reality Keeps Construction Industry Focused On Cutting Once

Summary

  • With Japan’s population decline, a labor-intensive Japanese construction industry is facing a labor shortage.
  • Japanese construction companies are looking at augmented reality (AR) to eliminate labor waste.
  • The Japanese construction industry has an opportunity to convert labor shortage problem into fuel for AR technology advancement.

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5101: Yokohama Rubber Report (Abridged)

Summary

  • New tire manufacturers (mostly from China) have taken significant market share from the low to mid tier tire markets over the past 10 years.
  • Yokohama is expanding into industrial tires, increasing production capacity, and focusing on OE business to fend off the new and strengthening competitors.
  • Overall, Yokohama’s financials are healthy and business performance is decent (10-Year average ROE roughly 9%).
  • However, shares are not particularly cheap or expensive at today’s 1,974 yen per share price.
  • Yokohama will look more interesting at 1,400 yen per share.

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Tech In Japan: Stop And Smell The (Virtual) Roses

Summary

  • Virtual Reality (VR) is extending beyond visual and audio.
  • Video game industry development of smell VR might benefit from commercialization in physical retail and e-commerce.
  • There are a couple of investable companies with smell VR technology that should be followed.

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Tech In Japan: Panasonic’s Next Gen Home And Community

Summary
  • Panasonic is exploring what the next generation of homes and communities look like.
  • Logistical integration, sharing, and communication play a major role.
  • Investors can gain from innovations produced out of Japanese population problems.

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Tech In Japan: Take Your Toilet To The Cloud

Summary

  • The IoT movement has inspired a couple Japanese companies to take your toilet to the cloud.
  • Early detection and preventive care has become the name of the game in the healthcare industry.
  • Japanese toilets will save Americans a lot of money, if Americans would open up to bidets.

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7453: Ryohin Keikaku: Exceptionally Simple.

Summary

  • Seasoned corporate culture and a purely functional product focus has driven rapid growth, both domestically and internationally, for Ryohin.
  • Balance sheet is squeaky clean and business performance metrics like ROE remains strong (15% – ish ) compared to peers.
  • Exceptional corporate culture, clean balance sheet, and strong business performance is already built into share price – the bet is on continued rapid growth.

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Google Sheet for Global Stocks (Version 2)

Summary

  • This post covers the updated Google Sheet for Global Stocks, the original post can be found here.
  • The updated sheet provides the ability to have a “base currency value” for global stocks.
  • Enjoy! (version 2)

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