Odawara is principally engaged in the manufacturing, development and sale of bus fare and ticket systems. The company has it’s roots in the 1950s and seems to have been involved with bus fare equipment since the 1970s. The company was listed in 2009. The company has less than 1500 share holders and a market cap of circa 14 million USD.
All reports are in Japanese. From what I can gather business is a bit slow. The Tokyo Summer Olympics in 2020 may give an upswing, as public transport will be overhauled and the company is well established in the Japanese metropolitan areas.
The company has current assets of 4.6 B¥, total liabilities of 1.2 B¥. Current assets includes 1.7 B¥ in cash. Market cap is 1.6 B¥. The company is in other words trading at 50 % discount to the current assets. Price 507¥.
Bargain Hunter 
Thanks for the write-up! I have had my eyes on this little gem for a while and intend to take a position myself in a not to distant future.
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I am a reader of your blog too, I wish you long term success in investing.
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Thank you for sharing the article. I’m a novice in investing for just two years. How can I open trading account in Japan? Thank you!
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I would first check out online brokers, such as Interactive Brokers or Degiro. Their offering depends on where you reside. Some online brokers offer trading in Japan for as little as 4$ per trade.
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