8141 Shinko Shoji
- Jul 20, 2025
- 1 min read
A semiconductor and electronic parts trading company. It mainly dealt in Renesas products, but the agency contract was terminated in 2012. It also has a strong presence in gaming machine parts.
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"Shinko Shoji (8141.T) looks like a classic deep-value setup, trading cheaply to both assets and earnings.
TBV Ratio = 0.57
NCAV Ratio = 0.69
EV/5Y FCF = 1.96
P/5Y FCF = 7.84
FCF has been patchy, with positive cash flow only 60% of the time over the last 18 years.
5Y avg shareholder yield is 10.6%, at today’s price.
Business: distributor of semiconductors & electronic components.
The price fell after FY2025 results showed sales -33% and operating profit -87%, plus a dividend cut.
Yet with a valuation floor below tangible book and consistent cash generation, this may be mispriced."
https://x.com/mr_deepvalue/status/1973069579376365776
aya nomura holds 7.15% as of June 24
https://www.nikkei.com/article/DGXZQOCD209A40Q5A620C2000000/
at 952 yen/share, 36.2 bil yen mkt cap vs 50 bil yen net cash
38.79x per / 0.55x pbr / 1.31% yield