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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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Essentials
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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Essentials
May 24, 2021

Largest Independent Tokyo Condo Developer Trading at 75.3% NCAV

Thinking points Shinnihon Corporation (TSE1: 1879) is a construction company and real estate developer that handles the entire process from land acquisition to construction, sales, and management of condominiums. It is

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May 4, 2021

40% Market Share Water Supply Equipment Maker Trading for 97.5% NCAV

Thinking points Maezawa Kyuso Industries (TSE: 6485) mainly manufactures water supply equipment and holds a 40% share of the Japanese market. More recently, the company has also focused on housing equipment-related

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April 27, 2021

Activist-targeted Industrial Machinery Maker Trading for 67% of NCAV

Thinking points Kikukawa Enterprise (TSE: 6346) manufactures industrial machinery with a focus on lumber and woodworking machinery, holding the top share for both in the Japanese market. In addition, the company

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April 19, 2021

Profitable market leading industrial machinery maker trading at negative EV

Thinking points Hisaka Works (TSE1: 6247) is an industrial machinery manufacturer that focuses on heat exchangers and process engineering (PE), and commands a leading domestic market share in the field of

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Essentials
October 20, 2020

Manufacturing-sector Specialized Trading Company Trading at 3.6x EV/EBIT

Thinking Points Sugimoto Shoji (TSE: 9932) is a trading company focused on face-to-face sales and customized solutions specializing in measuring tools, machine tools, and other manufacturing related equipment.The competitive environment for

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