Entered Chuokeizai-Sha Inc (TYO:9476)

Chuokeizai is a Japanese publishing company, focused on professional literature in business, accounting etc.  The shares are currently trading at a discount to net current asset value. On a quantitative basis the share looks ok.

Entered at 420 ¥ or P/NCAV 0.61.





2 thoughts on “Entered Chuokeizai-Sha Inc (TYO:9476)”

  1. Hey! Thanks for sharing your ideas. What do you think about the fact that this stock and a lot of the Japanese net-net stocks didn’t trade above NCAV for more than 5 years (at least, sometimes 8 years).
    Best regards, Pascal


    1. Hi Pascal,

      It’s a good question. Many people would label net-nets trading below NCAV for multiple years as value traps. I do not think so black and white. Since we are dealing with net-nets we cannot be so picky, we are simply never going to find all the qualities we want in one particular company.

      In other words, historical share price is one the factors I do not consider much. To me other factors, such as the current price, margin of safety, dividends etc are more important.


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