Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

Focus on Smaller Cap Value Names

Long time value investor. Long/Short portfolio that’s always net long (between 30-80%). I have extensive experience in the video game industry as I founded a leading media company in the space, which I have since exited after an acquisition. Gaming companies only make up ~15% of my portfolio, but its a sector where I believe I have an edge. A newsletter about value investing! Mostly focus on smaller cap value names that aren't widely covered.

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<ul><li>Applied Co is a small cap regional Japanese PC retailer and IT provider with surprisingly good execution that’s moving into higher margin local AI deployments (HPC) and IT services.</li><li>Company-wide return on equity was 17.6% in FY26 despite carrying more than half its market cap in net cash.</li><li>FY23 and FY24 were historically bad years with 12.3% RoE while FY2016-FY2022 bounced around 17-20%. This is incredible for such an over capitalized business.</li></ul>

Applied Co is a small cap regional Japanese PC retailer and IT provider with surprisingly good execution that’s moving into higher margin local AI deployments (HPC) and IT services.Company-wide return on equity was 17.6% in FY26 despite carrying more than half its market cap in net cash.FY23 and FY24 were historically bad years with 12.3% RoE while FY2016-FY2022 bounced around 17-20%. This is incredible for such an over capitalized business.

Applied Co. (TYO 3020): A Cash-Rich Japanese PC/HPC Company at ~1.5x EV/EBIT...

Japan

Applied Co., Ltd. sells personal computers, its parts, and peripheral devices. The Company also manufactures its own brand personal computers, and provides technical support services.

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Applied Co Ltd (3020 JP)

Applied Co. (TYO 3020): A Cash-Rich Japanese PC/HPC Company at ~1.5x EV/EBIT...

Applied Co is a small cap regional Japanese PC retailer and IT provider with surprisingly good execution that’s moving into higher margin local AI...

Altay Capital

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