- Cosmos Pharmaceuticals (TYO: 3349) operates drug stores with a Walmart and 7-Eleven-like strategy, delivering industry leading growth (20% 10 year EBIT CAGR) over the past decade.
- The company’s larger than normal stores target small areas and resembles a neighborhood supermarket.
- At 18x EV/EBIT, Cosmos is a high quality business trading at an even higher price.
Continue reading “20% EBIT CAGR With A Walmart Twist – TYO: 3349 Cosmos Pharmaceuticals”
- Drug stores are entering convenience territory, offering goods typically available at convenience stores.
- Convenience chains are fighting back by slowly working into the more regulated OTC drug market, mostly through partnerships with drug and pharmacy chains.
- The distinguishing characteristics of the convenience, drug store, and pharmacy industry are less apparent now.
Continue reading “Drug Stores Inconveniencing 7-Eleven”
- I had the opportunity to spend a whole week with a Japanese executive chef.
- Through his work and careful explanation, the chef shared insights on thriving in the food industry.
- The chef’s approach largely incorporated the concept of intrinsic value, a core concept used in value investing.
Continue reading “Progress, Not Perfection – Lessons From A Japanese Executive Chef”
- Nitori (TYO: 9843) has delivered outstanding performance with a lovable story.
- Going above and beyond with its “high quality, affordable products” branding, Nitori is Japan’s most loved furniture brand.
- At 20x EV/EBIT, however, a considerable level of growth is already priced in. I’ll take another look if share price gets below 10,000 yen vs. today’s 16 ~ 17,000 yen.
Continue reading “Idea: Japan’s American-inspired IKEA competitor going global – Nitori Holdings (TYO: 9843)”
- A little bit of a delay, but the payment portal, newsletter page, and newsletter sample are live now.
- One minor change: Newsletters will be issued at the end of each month.
Continue reading “Announcement: Newsletter Page Is Live Now”
- Japanese construction companies flood value-focused quantitative screens.
- Japanese construction doesn’t necessarily transfer well in other regions.
- My avoidance of Japanese construction is simply a decision heuristic, not a suggestion that everybody should avoid Japanese construction.
Continue reading “Why I Don’t Invest In Japanese Construction”
- First Kenkyo newsletter will be issued on October 16th, 2017.
- Sample newsletter issue, newsletter description page, and payment portal will go live on October 9th, 2017.
- Minor content changes coming up with newsletter launch.
Continue reading “Announcement: Newsletter Launch + Content Changes”
- Weathernews is one of the world’s largest private weather data service.
- After its start in Ocean route planning, Weathernews now offers consulting and data services to airlines, railroads, TV stations, consumers, and many other areas.
- Leveraging its healthy ROIC performance, Weathernews is exploring different avenues for market and service offering expansion.
Continue reading “Idea: Consistent 60+% Greenblatt ROIC For… Weather Data? – Weathernews (TYO: 4825)”
- Capcom (TYO: 9697) is just getting started with digital distribution.
- With strong Intellectual Property (IP) like Street Fighter and Resident Evil, Capcom is well grounded.
- If you missed the Activision and/or Electronic Arts digital distribution wave, you might want to consider looking at Capcom.
Continue reading “Idea: An Alternative To Activision Or Electronic Arts – Capcom (TYO: 9697)”