4231 Tigers Polymer
- Jun 1, 2025
- 1 min read
Tigers Polymer is major producer of molded products for automotive parts, rubber sheets, and hoses. Holds high market share in hoses for home appliances. Expanding into residential and civil engineering applications.
April 25, 2025, a shareholder proposal was submitted by a fund named Verdad asking for 6% DOE
Standard-section listed small caps are no longer immune from activism
https://x.com/verdadcap/status/1923009352798962112
Tigers Polymer's balance sheet includes:
¥17.5 billion in cash
¥1.5 billion in securities
¥5.1 billion in investment securities
These non-operating assets total ¥24.1 billion (vs mkt cap of 15.6 bil yen (777 yen per share)
Altay HODLs
https://x.com/AltayCapital/status/1922576231695896697
looks like the co revised up dividend for FY 2025/3 (mainly due to one-off deferred tax asset on bk of strong US performance x div payout ratio of 30%), only to later forecast much lower dividend/share for 2026/3 (for losing that one-off item)
https://x.com/CacheThatCheque/status/1923155884479299739
Altay did a write-up, and a week later the issuer issued a dividend hike and an upward earning revision
***
Deep value net-net with most profits coming from their U.S. division where they manufacture locally in Ohio. 0.3x P/TBV, 7.5x P/E, 5% Dividend Consistently profitable (one small loss in FY2009) since 1985
***
https://x.com/AltayCapital/status/1914903211871494156