9930 Kitazawa Sangyo
- Japan Guru
- Nov 9
- 1 min read
A major seller of commercial kitchen equipment such as fryers, with a nationwide sales network. Also manufactures its branded products using proprietary technology.
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"A Japanese equipment supplier that looks cheap to assets, with a balance sheet doing most of the heavy lifting.
NCAV Ratio = 5.5
TBV Ratio = 0.68
17Y FCF has been positive 77% of the time. The 17Y average shareholder yield, at today’s price, is 2.27%.
The business sells, designs, installs, and services commercial kitchen and food-processing equipment, with a small real-estate leasing arm. Think ovens, refrigeration, bakery lines, plus maintenance for restaurants and food factories.
FY2025 sales and profits fell versus the prior year and guidance looks softer, which clipped sentiment.
It’s priced below tangible-book with meaningful hard assets. If industry capex normalises, owners earnings can reassert while liquidation value offers downside protection."
https://x.com/mr_deepvalue/status/1982145131340779657?s=20
at 368 yen/share, 8.8 bil yen mkt cap vs 3.2 bil yen net cash
12.67x per / 0.64x pbr / 2.72% yield