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

by Kenkyo Investing

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Reports

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

by Kenkyo Investing

Essentials

Reports

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

by Kenkyo Investing

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Reports

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

by Kenkyo Investing

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Reports

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

by Kenkyo Investing

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Reports

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

Essentials

Reports

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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Reports

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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Reports

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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Reports

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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