5659 Nihon Seishin
- Jun 1, 2025
- 1 min read
49.8%-owned subsidiary of 5471 Daido Steel. Leading in secondary processing of stainless steel wire. Diverse applications including springs, screws, and wire mesh. Expanding metal fiber business.
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Just yesterday on May 12, parent Daido Steel announced acquisition of 5476 Nippon Koshuha Steel from Kobe Steel. So Daido is clearly looking to do something about its 0.49x PBR.
Nihon Seishin is also Prime-listed, subject to highest governance standard so ironic /awkward that Daido is maintaining the dual-listing setup
(i) net cash (ii) robust operating results (iii) dual listing (iv) Prime-listed ー checks many boxes for a takeout (tho sector is....unsexy to say the least)
Debt-free company. in fact, net cash of 25 bil yen vs mkt cap of 33.6 bil. 3.91% div yield at current price of 1074 yen per share.
Operations appear to going well👉Recovery of filters for semiconductor manufacturing equipment is slow, but ultra-fine wires for solar panels are performing strongly. Record-high profits. For the fiscal year ending March 2026, stainless steel wires for automotive applications are recovering. Filters for semiconductor equipment are also clearly rebounding. Consecutive record-high net profits.
some brief discussion taking place here👇
https://x.com/CarswellWilliam/status/1922053054532096328