Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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Equity Bottom-Up

<ul><li>Toumei is a Yokkaichi-founded (1997) reseller of NTT’s fiber broadband and JEPX-sourced wholesale electricity to Japanese SMEs, sold almost entirely through outbound telemarketing to a customer database of 130,000+ small businesses built since 2015, plus a smaller IT-hardware and insurance-agency segment.</li><li>Net income compounded roughly 8.8x between FY2021 and FY2025 and ROE rose from 5.8% to 27.9%, but the stock has already re-rated about 43% above the level that made it look statistically cheap on a screen</li><li>On an equity basis it now trades at an ordinary ~9.7x P/E once the ¥6.36bn of net cash inflating the headline TEV multiple is backed out.</li></ul>

Toumei is a Yokkaichi-founded (1997) reseller of NTT’s fiber broadband and JEPX-sourced wholesale electricity to Japanese SMEs, sold almost entirely through outbound telemarketing to a customer database of 130,000+ small businesses built since 2015, plus a smaller IT-hardware and insurance-agency segment.Net income compounded roughly 8.8x between FY2021 and FY2025 and ROE rose from 5.8% to 27.9%, but the stock has already re-rated about 43% above the level that made it look statistically cheap on a screenOn an equity basis it now trades at an ordinary ~9.7x P/E once the ¥6.36bn of net cash inflating the headline TEV multiple is backed out.

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>DeepSeek app revolutionizes smart vehicles with advanced technology for a seamless driving experience and enhanced safety features.</li><li>Primarius enhances EDA consolidation in China through the acquisition of Actt, accelerating innovation and growth in the semiconductor industry.</li><li>SMIC experiences record revenue growth in 2024, but sees a 23% decline in profit, highlighting the challenges faced by the company in a competitive market. Trend Micro warns of AI security risks and 'grandma prompt' threat at the AI Expo 2025. Uni-President Group strengthens e-commerce presence through strategic acquisitions and investments in Yahoo Taiwan and PChome Online.</li></ul>

DeepSeek app revolutionizes smart vehicles with advanced technology for a seamless driving experience and enhanced safety features.Primarius enhances EDA consolidation in China through the acquisition of Actt, accelerating innovation and growth in the semiconductor industry.SMIC experiences record revenue growth in 2024, but sees a 23% decline in profit, highlighting the challenges faced by the company in a competitive market. Trend Micro warns of AI security risks and 'grandma prompt' threat at the AI Expo 2025. Uni-President Group strengthens e-commerce presence through strategic acquisitions and investments in Yahoo Taiwan and PChome Online.

Tech Supply Chain Tracker (29-Mar-2025): Smart cars use DeepSeek apps.

Japan

Trend Micro Incorporated develops and markets anti-virus computer software and internet security software.  The Company also sells its products in the United States, Europe, and Asia.

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Trend Micro Inc (4704 JP)

Monday Delight: 31/08/2026

Toumei is a Yokkaichi-founded (1997) reseller of NTT’s fiber broadband and JEPX-sourced wholesale electricity to Japanese SMEs, sold almost...

Contrarian Cashflows

Tech Supply Chain Tracker (29-Mar-2025): Smart cars use DeepSeek apps.

DeepSeek app enhances smart vehicle capabilities. Primarius accelerates EDA consolidation with Actt acquisition in China while SMIC's profit...

Tech Supply Chain Tracker

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