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

by Kenkyo Investing

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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

by Kenkyo Investing

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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

by Kenkyo Investing

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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

by Kenkyo Investing

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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

by Kenkyo Investing

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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

by Kenkyo Investing

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September 7, 2020

High Growth HR Company at a COVID-standstill for 5.5x EV/EBIT

Thinking Points Career Design Center (TSE1: 2410) is a human resources services company operating one of Japan’s leading job search sites, type. More recently, the company has faced intensifying competition in its

by Kenkyo Investing

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July 27, 2020

2.4x EV/EBIT Leading Niche Miner and Manufacturer at Fair Value

Thinking Points Kunimine Industries (TSE: 5388) is a leading bentonite mining company with various bentonite related manufacturing capabilities.While the automotive, industrial machinery, and civil engineering and construction industries are its key

by Kenkyo Investing

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June 24, 2020

0.9x EV/EBIT Serial E-commerce Platformer with Incubation Arm on Shaky Ground

Thinking Points Beenos (TSE: 3328) is a serial e-commerce platform company and a startup incubator with a meaningfully global presence.The company started out as an online group purchasing platform and evolved

by Kenkyo Investing

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June 8, 2020

Stable and Profitable Civil Engineering Co for Negative EV

Thinking Points Taiyo Kisokogyo (TSE: 1758) is a small civil engineering contracting company that is moving toward prime contracts to establish itself as a mid-tier contractor.The company generally maintains healthy operating

by Kenkyo Investing

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