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

Takigami Steel Construction / Equity Bottom-Up

<ul><li>Company is marginally profitable and owns a portfolio of securities (mostly public stocks) and rental real estate worth ~3x its market cap (~¥18,000 /share vs ¥6,000 stock price).</li><li>These figures assign zero value to the operating business and its fixed assets.</li><li>Activist investor is the #1 shareholder with a 17.4%. #2 shareholder owns 11% and will likely align with activist. Insiders don’t own enough to easily block future activism.</li></ul>

Company is marginally profitable and owns a portfolio of securities (mostly public stocks) and rental real estate worth ~3x its market cap (~¥18,000 /share vs ¥6,000 stock price).These figures assign zero value to the operating business and its fixed assets.Activist investor is the #1 shareholder with a 17.4%. #2 shareholder owns 11% and will likely align with activist. Insiders don’t own enough to easily block future activism.

Takigami Steel Construction (TYO 5918) - A Portfolio of Public Securities

Japan

The Takigami Steel Construction Co., Ltd. builds a variety of bridges and buildings with steel frame.  The Company manufactures steel frame used in energy and industrial plant construction such as thermal power plants.  Takigami also provides steel frame for infrastructure construction.  The Company produces rivets and nails through subsidiary.

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Takigami Steel Construction (5918 JP)

Takigami Steel Construction (TYO 5918) - A Portfolio of Public Securities

Company is marginally profitable and owns a portfolio of securities (mostly public stocks) and rental real estate worth ~3x its market cap...

Altay Capital

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