9311 Asagami
- Japan Guru
- Jun 29
- 1 min read
Asagami has two main pillars: comprehensive logistics and printing. It is a major printer of wedding invitations and New Year's cards (nenga-jo). It also prints for the Yomiuri News and Tokyo News. Profits are concentrated at the end of the year.
"just 3 of their properties on Tokyo Harbor have a land value of ~$52m on the balance sheet, but these assets are likely worth $190m+ based on appraisals for nearby properties! The company owns many other warehouses too which are likely undervalued"
https://www.readideabrunch.com/p/idea-brunch-with-altay-capital
https://altaycap.substack.com/p/asagami-corporation-tyo-9311-is-an
at share price of 5700, 8 bil yen mkt cap vs 7 bil of net debt
7.0x per / 0.38x pbr