Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

Focus on Smaller Cap Value Names

Long time value investor. Long/Short portfolio that’s always net long (between 30-80%). I have extensive experience in the video game industry as I founded a leading media company in the space, which I have since exited after an acquisition. Gaming companies only make up ~15% of my portfolio, but its a sector where I believe I have an edge. A newsletter about value investing! Mostly focus on smaller cap value names that aren't widely covered.

Equity Bottom-Up

<ul><li>Akatsuki Inc (TYO 3932) is a net-net Japanese video game developer with 10 years of profitability.</li><li>They’re undergoing a big transformation in an effort to better compete globally by investing enormous amounts into their core development capabilities and increasing their average budget per game 3-6x.</li><li>They recently formed a capital alliance with Sony (6758) and Koei Tecmo (TYO 3635) with each taking a 10% and 8% stake respectively.</li></ul>

Akatsuki Inc (TYO 3932) is a net-net Japanese video game developer with 10 years of profitability.They’re undergoing a big transformation in an effort to better compete globally by investing enormous amounts into their core development capabilities and increasing their average budget per game 3-6x.They recently formed a capital alliance with Sony (6758) and Koei Tecmo (TYO 3635) with each taking a 10% and 8% stake respectively.

Akatsuki Inc (TYO 3932): A $188M Net Net Japanese Game Developer

Japan

Cybernet Systems Co., Ltd. provides CAE (Computer Aided Engineering) software for computation/visualization, structural analysis, optical design, electronic design automation, acoustic analysis, and fluid dynamics analysis.  The Company also provides network related software.  Cybernet Systems provides support, training, seminars, and consulting services.

OPTIM CORPORATION develops and licenses infrastructure and security software for electronic devices such as computers, smartphones and eBooks. The Company also provides services and solution in Cloud Device management, remote management support and consumer device management.

JASTEC Co., Ltd. is an independent computer software development company.  The Company mainly develops business application software for such industries as manufacturing, financial, retail, and service.  The Company also develops packaged software.

Marvelous Inc. plans, produces, and sells visual software such as music CDs and DVDs.  The Company also specializes in digital graphics for computer game.

TOHO SYSTEM SCIENCE CO., LTD. is a system software development company.  The Company designs, develops, and supports system integration software and also provides data processing and system operation services.

eBASE Co., Ltd. develops and sells packaged software which manages product information on digital contents.  The Company also provides maintenance and support services to users.

Computer Institute of Japan, Ltd. develops a variety of software for operating systems, applications, network, engineering, and development support tools.  The Company also develops packaged software.  Computer Institute of Japan also analyzes clients' systems and develops, manages, and maintains systems such as network, database, and Internet.

Alpha Systems Inc. is an independent software development Company.  The Company mainly develops software for various type of communication systems.  Alpha Systems also constructs and operates clients' communication network systems. The Company's customers include Fujitsu and the NTT Group.

PCA CORPORATION is an independent software developer.  The Company develops packaged business software for accounting, payroll calculation, and sales and inventory management.

CORE CORPORATION develops software for microcomputers with embedded systems, Internet related systems, and engineering systems.  The Company also provides information systems for Internet, financial, manufacturing, distribution companies as well as public services.

Softstar Entertainment Inc. develops and markets computer game software. The Company's games are available on home video game platforms and personal computers.

Galaxia Communications Co., Ltd. produces mobile multimedia solutions.  The company provides services such as, multimedia service platform solution, multimedia service terminal solution, photo platform, and UCC platform. Galaxia Communications develops and supplies the solution of SK Telecom June mobile multimedia service.

Selvas AI Inc. developes mobile software solutions for mobile phones and embedded devices.  The Company provides software solutions including handwriting recognition, mobile dictionary, OCR solutions, mobile panorama and mobile photo editing software.

X-Legend Entertainment Co Ltd provides and markets internet online games software.

ASM Technologies Ltd. offers computer software services.  The Company offers consulting, information technology and software testing services; develops enterprise, Internet and embedded systems applications; and offers networking and telecommunications services.

Subex Limited develops software products and provides software consulting services. The Company's products primarily focus on providing software solutions for clients in the telecommunications sector.

Virtualtek Corporation provides intranet system integration service.  The Company also develops and markets web-based intranet software packages that enable users to send and receive electronic mail and share documents over the intranet.  Virtualtek also markets personal computer peripherals and software.

Shenzhen Kingsun Science & Technology Co., Ltd. develops, designs and sells primary and secondary schools synchronous educational software.  The Company's products are students' learning supplimentary software, web-based live educational products and teacher books software packages.

INFRAWARE Inc. develops and markets embedded browser and Internet solutions for supporting wireless mobile internet service.  The Company also offers server solution to resolve print errors when printing web documents.  INFRAWARE provides the product for mobile service providers such as SK Telecom and LG Telecom.

Joymax Co., Ltd. provides game products for PC platforms.  The Company also produces contents for multimedia and game software applications.

Akatsuki Inc. develops entertainment game applications for mobile devices, some of which are jointly developed with other companies.

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