Author Topic: Japanese Basket  (Read 17803 times)

writser

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Re: Japanese Basket
« Reply #30 on: March 21, 2019, 04:40:39 AM »
These guys have an interesting stratagy( http://sureinvesting.libsyn.com/private-equity-investing-in-the-public-markets-with-dan-rasmussen-and-nick-schmitz ):  Basically cheap on an ev basis with most of the ev being debt.  They say there strategy works best in Japan for a variety of reasons:  not only is japan cheap, but it's also basically impossible to go bankrupt, and paying back debt fixes the corporate governance risk in Japan.

That actually sounds quite sensible.
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Spekulatius

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Re: Japanese Basket
« Reply #31 on: March 21, 2019, 05:56:10 AM »
Quote
They say there strategy works best in Japan for a variety of reasons:  not only is japan cheap, but it's also basically impossible to go bankrupt,
7238.T ( Akebono Breaks) will Test that hypothesis. Terrible looking balance sheet and ominous language in their last quarterly report about going concern. This is an interesting case, because Akebono is actually a decent brand name in its space.
To be a realist, one has to believe in miracles.

cameronfen

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Re: Japanese Basket
« Reply #32 on: March 21, 2019, 04:49:35 PM »
Quote
They say there strategy works best in Japan for a variety of reasons:  not only is japan cheap, but it's also basically impossible to go bankrupt,
7238.T ( Akebono Breaks) will Test that hypothesis. Terrible looking balance sheet and ominous language in their last quarterly report about going concern. This is an interesting case, because Akebono is actually a decent brand name in its space.

One company went bankrupt on the Nikki last year (at least according to them).  I wonder if it will be Akebono will be that one this year (I havent looked at the company). 

mjohn707

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Re: Japanese Basket
« Reply #33 on: March 27, 2019, 04:54:35 PM »
Hi there. First time posting and thought Id give this topic a little bump given the amount of cheap stuff that surfaced/got cheaper due to the poor performance of the JP market over the past yr.

Heres sharing my holdings in hopes to draw out like-minded investors. ;D

2055.T NICHIWA SANGYO CO LTD
3426.T ATOM LIVIN TECH CO LTD
3892.T OKAYAMA PAPER INDUSTRIES CO
4624.T ISAMU PAINT CO LTD
5900.T DAIKEN CO LTD
5951.T DAINICHI CO LTD
5983.T IWABUCHI CORP
6466.T TOA VALVE ENGINEERING INC
6648.T KAWADEN CORP
6943.T NKK SWITCHES CO LTD
6964.T SANKO CO LTD
7399.T NANSIN CO LTD
7521.T MUSASHI CO LTD
7559.T GLOBAL FOOD CREATORS CO LTD
7877.T EIDAI KAKO CO LTD
7902.T SONOCOM CO LTD
8144.T DENKYOSHA CO LTD
9885.T CHARLE CO LTD

I finally made it to the end of this list, and I think there are a lot of good names here.  Besides the ones I already owned, I might have only passed on one or two at current prices.  Worth taking a look if you're looking for names
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Janeo

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Re: Japanese Basket
« Reply #34 on: March 27, 2019, 07:43:25 PM »
Almetax Manufacturing 5928 is also an interesting one.

It's a Japan-based company principally engaged in the manufacture and sale of building materials centering on special customers in housing related markets. >30% s/o is owned by a major customer.

It's a low ROIC and margin biz but now trading at NCAV and under 40% pb. A decent chunk of non current assets consists of land and investment securities, with each category making up ~40% of current mcap. It pays a ~4% div as well so you're getting paid while you wait. Couldn't help myself and bought some recently ;D

Foreign Tuffett

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Re: Japanese Basket
« Reply #35 on: April 23, 2019, 04:24:05 PM »
Below are two articles that I think are germane to this topic. As the founder of Varecs Partners, a Tokyo-based fund that specializes in small Japanese companies, Jiro Yasu has a good understanding of the types of companies mentioned in this thread.

http://www.varecs.com/en/2015/necessity-is-the-mother-of-invention/

http://www.varecs.com/en/2017/necessity-is-the-mother-of-invention-vol-2/

SHDL

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Re: Japanese Basket
« Reply #36 on: April 23, 2019, 05:36:51 PM »
Below are two articles that I think are germane to this topic. As the founder of Varecs Partners, a Tokyo-based fund that specializes in small Japanese companies, Jiro Yasu has a good understanding of the types of companies mentioned in this thread.

http://www.varecs.com/en/2015/necessity-is-the-mother-of-invention/

http://www.varecs.com/en/2017/necessity-is-the-mother-of-invention-vol-2/

The guy nails it. These articles should be required reading for anyone interested in the Japanese stock market.

mjohn707

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Re: Japanese Basket
« Reply #37 on: April 23, 2019, 06:10:36 PM »
Below are two articles that I think are germane to this topic. As the founder of Varecs Partners, a Tokyo-based fund that specializes in small Japanese companies, Jiro Yasu has a good understanding of the types of companies mentioned in this thread.

http://www.varecs.com/en/2015/necessity-is-the-mother-of-invention/

http://www.varecs.com/en/2017/necessity-is-the-mother-of-invention-vol-2/

Interesting articles.  Every time I think I know something about the Japanese market I run into something like this that surprises me
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Foreign Tuffett

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Re: Japanese Basket
« Reply #38 on: April 29, 2019, 08:00:50 AM »
Note that Japanese markets are going to be closed until May 7th.

Foreign Tuffett

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Re: Japanese Basket
« Reply #39 on: May 21, 2019, 09:34:42 AM »
Joban Kaihatsu (1782) update based in 3/31/19 financials. All #s are Japanese Yen.

Stock Price: 5020

Per Share Dividend: 270

Market Cap: 3.936B

NCAV: 4.651B

Long Term Investment Securities: 1.364B

TTM Operating Profit: $1.706B