I am aware that I may be overenthusiastic about the Japanese net-nets, but I’ve still picked another one. This time Sasakura Engineering. The company is engaged in the development of desalination plants, heat exchangers etc.
It’s a quantitative pick. There are many things to like from a net-net perspective, strong balance sheet, reducing share count, cyclic business. From my limited knowledge it would seem that the company could benefit from some macro trends – growing population and urbanization.
The company provides some limited IR info in English. Trading at NCAV of 0.5.
The share has a rather large lot size of 1 000 shares, so it’s limited liquidity. Unlocking value in this company could be as simple as reducing the lot size to 100 shares (common for many Japanese stocks).