8046 Marufuji Sheet Piling
- Japan Guru
- Jun 29, 2025
- 1 min read
The second largest group in sales and rental of construction materials. Mitsui & Co. affiliate. Eastern Japan is the base. Expanding construction and steel processing.
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"Small-cap Japanese stocks are stupid cheap. Here’s an example: Marufuji Sheet Piling (Ticker 8046) has a market cap of $69m but has current assets of $236m and total liabilities of $98m. This puts net current asset value (NCAV) at $138m. Their net current assets are worth 2x the market price. Something must be wrong here, right? It must be a melting ice cube or something, but no. They’ve been profitable for over 10 years straight. Since 2001 they have only reported losses in 2 years.
Other metrics today: 0.3x p/tbv, P/E of 7.4x."
Altay, April 2024
https://www.readideabrunch.com/p/idea-brunch-with-altay-capital