18 Comments

Good write up on a very cheap name! Also long :)

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Appreciate it!

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Really enjoyed this one - thanks

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Thanks Michael! Means a lot coming from you

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Good article, I like the focus on things that matter. Where do you access japanese companies' filings / annual reports translated to English?

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Very well written. Great spot on the change in Corporate Governance. Thanks for sharing the idea mate.

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Thanks! Appreciate you

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How much room does the Japanese RE sector have to grow? There is a large excess supply of homes in Japan already, and the population is shrinking.

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Thank you. Lots of coulds and ifs as well as some data cherry picking. Although, I do agree that it could very much impact the construction segment in the long term (despite the article's subtitle haha) if they don't diversify away from just condos

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Similar situation with 5819 (Canare Electric), just announced a 40% payout target (+upward earnings revision). What do you think of this one?

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Hey. Honestly I'm not familiar with the name. Based on the numbers, it seems interesting but more expensive, both on an earnings basis and in terms of book/NCAV. What do you estimate the dividend to be at a 40% payout?

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50-60 JPY per share or about 4% dividend yield on current price.

I agree Nisshin is cheaper based on book value but on earnings I'm not so sure.

Canare has some tailwinds and is growing revenue and earnings, while Nisshin seems in a worse business (real estate) with some clear headwinds as you have described.

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Thanks. If it's growing I'll take a look

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Did they publish any plan/intensions to enhance shareholders value?

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