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 diligence!

By AltayCap
· Over 5,000 subscribers

Perk for Paid Subs: Snapshot of Entire Cheap JP Basket (All my writeups / commentary will remain free)

I don't intend on ever putting writeups/investment thoughts behind a paywall, but will share semi annual snapshots of the cheap JP basket with paid subs…

Latest Issues

1. Takasago Tekko (5458): A Profitable ¥3.3bn Nanocap near net-net @ 7.7x ntm P/E With ¥3.8bn of Appraised Rental Real Estate

   • Factory site located in prime logistics hub where a previous steel site were redeveloped into major logistics project. Land could be worth ¥16bn+.
   • Published: May 11, 2025

2. 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.
   • Published: April 19, 2025

3. 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…
   • Published: March 28, 2025

4. Nippon Carbon (TYO 5302): A 120 Year Old $350 Million Japanese Carbon Manufacturer Trading at 1x Book, Net Cash, and 4.2% Dividend

   • A quietly ambitious company pivoting the core toward growth industries while building aerospace materials. They also announced a 5.7% dividend.
   • Published: February 11, 2025

5. 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.
   • Published: January 28, 2025

6. 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.
   • Published: December 10, 2025

7. 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.
   • Published: December 4, 2025