6419 Mars Group
- Japan Guru
- Jul 15, 2025
- 1 min read
A major manufacturer of equipment for pachinko parlors. Strength in development. Expanding into automatic recognition-related products for factories, etc. Growing F&B and hospitality business.
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Interestingly vulnerable capital structure. 19% is held as treasury stock. The 2nd largest shareholder, owning just shy of 10%, is EM Planning Inc - a family office controlled by the founding family. Combined, the family members hold 18%. Together with bank shareholders, the management side likely controls over 25% of the votes. Pretty large, but not decisively so.
A bit surprised that activists like Oasis - investor in 4680 Round One as a "Japan entertainment" play - haven't done anything on this stock.
A minor retail shareholder submitted a shareholder proposal this spring asking for DOE 5%, only to get struck down.
at 2840 yen/share, 64.5 bil yen mkt cap vs 54.5 bil yen net cash
6.72x per / 0.67x pbr / 5.28% dividend