8104 Kuwazawa
- Japan Guru
- Sep 27, 2025
- 1 min read
A trading company of building materials and civil engineering materials based in Hokkaido. Also performs construction work. In recent years, it has expanded into renovations and housing equipment.
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"KUWAZAWA Holdings (8104.T) trades at 0.56x TBV with 79% upside to liquidation value.
EV of ¥3.3bn versus ¥865m 5-yr avg FCF.
Business: a Hokkaido-based distributor of construction materials and housing equipment with real estate holdings on the side.
Why it’s on sale: low-growth, receivables-heavy balance sheet, and regional exposure. I think construction has been getting a hammering in Japan thanks to population dynamics etc...
Why it’s a mispricing: strong tangible backing, cash on hand, steady free cash flow, and a record of dividends + occasional buybacks.
The business is most likely worth more than current pricing, in the real-world."
https://x.com/mr_deepvalue/status/1971267203400953924