3445 RS Technologies
- Nov 24, 2025
- 1 min read
A major contractor for the reclaiming of test wafers used to adjust semiconductor manufacturing equipment. Entered new wafer manufacturing in China.
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"RS Tech $3445 owns 40% of Gritek (GRINM). This stake alone matches its own mcap, while RS has 70% of its mcap in net cash. The actual business is valued at 2x EV/EBIT despite commanding the world's top share in reclaimed wafers w/ 40% ebit margin. This part is widely understood."
https://x.com/teddy_okuyama/status/1990252432379838843?s=20
at 3595 yen/share, 95.2 bil yen mkt cap
10.85x per / 1.3x pbr / 1.11% yield
"Japanese semiconductor supply stock trading so cheaply that its net cash and equity stakes are worth more than double its market cap"
https://open.substack.com/pub/firsthill/p/japanese-semiconductor-stock-enters?r=5bo24q&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false
at 3220 yen/share, 85.2 bil yen mkt cap vs 80 bil yen net cash
9.7x per / 1.29x pbr / 1.24% yield