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Kenkyo Investing

Kenkyo Investing applies a value investing approach to Japanese equities, providing insights that are often unavailable to non-Japanese speakers.

Essentials
April 4, 2022

Pressured But Profitable Paint Maker Trading Below EV

Thinking points Isamu Paint (TSE: 4624) is a mid-sized paint manufacturer primarily specializing in paints for automotive, architectural, and industrial repair and maintenance applications.Key challenges for the company include a downward

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Essentials
March 21, 2022

Small System Integrator with M&A Track Record for 2.8x EV/EBIT

Thinking points SYS Holdings (TSE: 3988) is an IT software vendor specializing in softwares and solutions for banks, utilities, automakers, and manufacturers, with recent growth achieved through aggressive M&A and human

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Essentials
February 28, 2022

Software Distributor with 21% Share in Japanese CAE (Computer-Aided Engineering) Software Trading for 4.5x EV/EBIT

Thinking points Cybernet Systems (TSE: 4312) is a mid-sized IT software distributor and developer primarily specializing in Computer-Aided Engineering which is used for engineering simulation in manufacturing and R&D fields.Key challenges

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Essentials
February 14, 2022

System Vendor with 70% Share in Retail Credit Collection Systems at 3.3x EV/EBIT

Thinking points ITFOR, inc. (TSE: 4743) is a mid-sized IT system vendor primarily specializing in the financial, call center, e-commerce, and logistics sectors. It holds ~70% market share in credit collection

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Essentials
January 31, 2022

Japan’s Century 21 Pays a 4.5% Dividend Yield and Trades at 5.3x EV/EBIT

Thinking points Century 21 Real Estate of Japan (TSE: 8898) is the second largest franchisor of real estate agents in Japan, primarily generating revenues from fees and royalty from its franchisees. Key

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Essentials
January 10, 2022

Profitable Mid-sized Security Company Betting on Human Guards at 4.1x EV/EBIT

Thinking points Kyoei Security Service (TSE: 7058) is a mid-sized security service company primarily generating revenues by dispatching security officers to facilities, events, and condominiums. Key challenges for the company include the

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Essentials
December 13, 2021

Tailwinds Ahead for Below NCAV Factory Automation Trading Co.

Thinking points Toba (TSE: 7472) is a trading company specializing in control and factory automation (FA) equipment, mainly for semiconductor, automobile, and FA/precision industries. Key challenges include the rise of the B2B

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Plus
November 15, 2021

Profitable Mid-tier Chemical Product Manufacturer Trading at 110% NCAV

Thinking points Wavelock Holdings Co., Ltd. (TSE: 7940) is a chemical product manufacturer specializing in industrial and agricultural materials, holding the top market share in the Japanese insect screen market. The

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Essentials
November 1, 2021

Leading Audit Trail Software Co. at a Safe 4.6x EV/EBIT

Thinking points Encourage Technologies (TSE: 3682) is a package software vendor in the security field. Over the last 11 years, ET's audit trail tool has held the top share (~50%) in

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