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Altay Capital - Mostly Value Investing

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Takasago Tekko (5458): A Profitable ¥3.3bn Nanocap near net-net @ 7.7x ntm P/E With ¥3.8bn of Appraised Rental Real Estate and a 36,009 sqm…
Factory site located in prime logistics hub where a previous steel site were redeveloped into major logistics project. Land could be worth ¥16bn+. We…
 • AltayCap
Art Vivant (TYO 7523): Cheap Adjusted Net-Net at 11x PE Trading Below Failed ¥1,670 MBO Price as Activist Builds 40.13% Stake
Trades below the failed MBO price, backed by assets, and now sitting at the center of a quiet control battle.
 • AltayCap
Nanocap Osaka Yuka Industry (4124): A Strategic Buyer Offered ¥3,201. An Activist Paid More to Stop the Deal. The stock trades at ¥2,746
If a $1bn+ company bid ¥3,201/share and an activist got involved to block the deal, it’s probably worth at least ¥3,201/share and possibly much more…
 • AltayCap
Nippon Carbon (TYO 5302): A 120 Year Old $350 Million Japanese Carbon Manufacturer Trading at 1x Book, Net Cash, and 4.2% Dividend with a…
A quietly ambitious company pivoting the core toward growth industries while building aerospace materials with GE/Safran. They also announced a 5.7…
 • AltayCap
Mitani Corporation (TYO: 8066): $1.2 bn Japanese Conglomerate at 2.6× EV/EBIT with 30+ Years of Profitability
24% share count reduction since 2014, dividends up over 10×, massive net cash position, and consistently growing net income (8.9x P/E)
 • AltayCap
Unozawa-gumi Iron Works (6396): A Profitable $23m Nanocap at 10x P/E With Real Estate in Tokyo Worth 145,000x Carrying Value (Not a Typo)
$23 million gets you $132 million in Tokyo real estate, some cash & securities, and a pumps business. Passing of the 86 year old chairman with no…
 • AltayCap
Isamu Paint (TYO 4624) - A $43m Double Net Net Automotive Paint Co Trading at 12x P/E with 30 Years of Consistent Profitability
In 30 years the company only reported a single QUARTER of operating losses with the full year being firmly profitable. Share price is ¥3,515 vs…
 • AltayCap
Altay Capital - Mostly Value Investing
Altay Capital - Mostly Value Investing
A newsletter about value investing! Mostly focus on smaller cap value net-nets in Japan. Not affiliated with any fund. If you find my writings actionable, a paid sub is appreciated. Nothing I write is financial advice. Do your own due dilligence!
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