April 18, 2022

Leading Partition Maker Trading at 2.3x EV/EBIT

Thinking points Komatsu Wall Industry (TSE: 7949) is a partition manufacturer primarily specializing in partitions for offices, factories, and event spaces, and holds the largest market share in Japan.Key challenges for the

by Kenkyo Investing

Essentials

Reports

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

by Kenkyo Investing

Essentials

Reports

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

by Kenkyo Investing

Essentials

Reports

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

by Kenkyo Investing

Essentials

Reports

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

Essentials

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

Essentials

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

Plus

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

Essentials

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

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