8138 Sankyo Kasei
- Sep 27, 2025
- 1 min read
A chemical trading company dealing in resins, industrial chemicals, etc. Based in Western Japan, the company handles a wide range of products and advocate technical-oriented sales.
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"Found a Japanese micro-cap that looks like a nice cigar-butt candidate.
TBV Ratio = 0.45
EV / 5Y FCF = 14.31
P / 5Y FCF = 18.32
5-year average shareholder yield at today’s price = 12.32 %
It’s a diversified chemicals + building materials concern. It sells resins, dyes, pigments, adhesives, synthetic resins, various industrial chemicals, and also has a building materials / housing components business.
It trades at a steep discount to its tangible book value, so the market may suspect capital is overstated or hard to monetise.
Low liquidity / investor attention. Tbf the earnings are pretty lame, but it does have 120% upside to liquidation value.
Because the company is trading below tangible book and delivers solid…
In Feb, the company cashed out two activists, Black Clover and Swiss Asia, at 4365 yen/share, thru buyback
August 21, founding family office increased its stake from 9.14% to 13.76%
Is the management setting the stage for an MBO? This guy suspects so👇
https://x.com/kiyohara_stock/status/1970372869269201020
at 4365 yen/share, 5 bil yen mkt cap vs 6 bil yen net cash
6.32x per / 0.45x pbr / 2.29% yield
write-up by Altay dated Aug 25, 2025:
"Sankyo Kasei is a DOUBLE net-net that bought back 33% of its shares this year"
https://altaycap.substack.com/p/3-quick-pitches-for-3-deep-value
https://x.com/AltayCapital/status/1959706098543534319