3600 Fujix

Jul 1, 2025
1 min read

Founded in 1921, Fujix is a leading company specializing in sewing threads. Holds approximately 70% of the domestic market share for household use. Acquired Toyobo's sewing thread business in 2009.

1 Comment

Mark B

Apr 26, 2025

This is a relatively large holding among cigar butts in my portfolio.

I wrote to Fujix on 6 January, highlighting what I saw as a significant gap between share price and intrinsic value and offering to provide "strategic options" for management to consider.

For context market cap is ¥2,169 million, versus net cash of ¥2,430 million and l/t investments of ¥2,451 million.

Fujix stands out among the 26 TSE-listed textile companies ... :

By far the highest Current (>11) and Quick (>6) ratios
Lowest Price-to-Book Value ratio (22% !!!)
Lowest Enterprise Value
Days outstanding inventory are super-high (237 vs median of 99)

Upon request from IR, I provided what I thought were a set of actions management could undertake to…