5290 Vertex
- Japan Guru
- Aug 10, 2025
- 1 min read
Hanex, Nippon Zenith Pipe, and Haneda Concrete Industries merged to form Zenith Haneda, which in turn merged with Hokucon to form Vertex. Main business is concrete secondary products.
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"Solid margin expansion, Margin improvement mainly came from Product portfolio rationalization. Also a bit of buybacks but the amazing thing is that revenues didn't even grow that much in this period.
Also traded at 0.5x Book 5 years ago so that helps
Guess they also have solid tailwinds from updating aging infra in Japan + seems hungry for M&A. . 14x P/E and 6x EBITDA"
https://x.com/InvestInJapan/status/1948674560095834517
at 3020 yen/share, 87 bil yen mkt cap vs 18 bil yen net cash
17.7x per / 2.09x pbr / 2.15% yield