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.

Thematic (Sector/Industry)

<ul><li>I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.</li><li>But first, a quick summary of the themes in my basket and why I’m broadly still bullish on deep value Japan.</li><li>Within my basket of cheap Japanese companies, there are 3 broad themes: higher quality businesses with better RoEs and P/TBV closer to 0.7x, dirt cheap deep value net nets with P/TBV of 0.2-0.4x, and deeply discounted companies with underappreciated land assets</li></ul>

I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.But first, a quick summary of the themes in my basket and why I’m broadly still bullish on deep value Japan.Within my basket of cheap Japanese companies, there are 3 broad themes: higher quality businesses with better RoEs and P/TBV closer to 0.7x, dirt cheap deep value net nets with P/TBV of 0.2-0.4x, and deeply discounted companies with underappreciated land assets

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish

<ul><li>I’ve added several deep value names to my Japanese portfolio over the last few months.</li><li>While there are many net-nets in Japan, the names below are either double net nets or close, meaning if these stocks doubled, they would still be net nets.</li><li>There are cheaper names in Japan, but I’m filtering a bit for profitability. </li></ul>

I’ve added several deep value names to my Japanese portfolio over the last few months.While there are many net-nets in Japan, the names below are either double net nets or close, meaning if these stocks doubled, they would still be net nets.There are cheaper names in Japan, but I’m filtering a bit for profitability. 

4 New Deep Value Double Net Net Additions To The Cheap Japanese Basket

Japan

MARUFUJI SHEET PILING CO., LTD. sells and leases heavy earth retaining materials for construction use. The Company's products include scaffoldings, road surface steel plates, and H-frames. The Company also provides refurbishing and repairing services for construction materials.

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Marufuji Sheet Piling (8046 JP)

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish

I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.

Altay Capital

4 New Deep Value Double Net Net Additions To The Cheap Japanese Basket

While there are many net-nets in Japan, the names below are either double net nets or close, meaning if these stocks doubled, they would still be...

Altay Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)