Disclaimer: The content on this website is for informational and educational purposes only and is not created to meet your personal financial situation. Nothing should be considered as investment advice or as a guarantee of profit. You are advised to consult with your financial advisors to discuss your investment options and whether it would be a suitable investment for your personal needs. The information used in this publication is from sources that are believed to be reliable but the accuracy cannot be guaranteed. It may include some errors, please make sure to do your due diligence. The opinions expressed are those of the author and the author only. These opinions are subject to change without prior notice. Disclosure: The author owns shares in companies mentioned in this article as of 25 January 2026. The security could be sold at any point in time without prior notice Alright, for the first time on Made In Japan, we’re going into Deep Value Territory… It’s not that I don’t like these kinds of opportunities at all - just felt there were many opportunities in small growth cos that are harder to screen but incredibly cheap. This is definitely more a PA stock but was a fun one to write about. Most funds won’t be able to invest in it. But therein lies the opportunity. It’s so obscure, illiquid, overlooked and trades below book. It’s also had a bit of drama in recent years, making it all the more controversial. Yes, I decided to invest. It’s quite a spicy one. Like natto, or licorice or Vegemite - some people are gonna hate it and others might love it (and if you were wondering, I’m a NO for all 3…). It’s an interesting exercise to think through, so I thought I’d share my findings. This is a rare occasion for me where I’m putting less emphasis on the fundamentals of the business, which is OK but not great. I’m also going on imperfect information (More than usual, that is) as the disclosure is not as good as the typical company I look at - and to be absolutely clear, there are risks. But I think the assets on the balance sheet are way more valuable than what it states. More than that, I also liked it as a stock i.e. the setup of why this could go up, and at the very least, why it won’t go down much if I’m wrong. Here’s a quick overview of why I found it interesting:
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Sunday, January 25, 2026
Deep Value in the heart of Tokyo
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