Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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Equity Bottom-Up

<ul><li>Crops Corporation (9428) is a Nagoya-based conglomerate best known as KDDI’s largest au/UQ Mobile retail agency in the Chubu region, but the segment that actually drives profit is a restaurant-property sub-leasing arbitrage business (Innovation Holdings/Tempo Innovation), generating 43% of operating profit from just 26% of revenue.</li><li>KDDI itself holds a 20.32% equity-method stake with board representation, alongside staffing, building-maintenance, and overseas BPO units.</li><li>The company seems to steadily compound revenues and profits and once you strip out the asset write-off from a small Vietnamese subsidiary, it seems to trade very cheaply on just over 7x earnings.</li></ul>

Crops Corporation (9428) is a Nagoya-based conglomerate best known as KDDI’s largest au/UQ Mobile retail agency in the Chubu region, but the segment that actually drives profit is a restaurant-property sub-leasing arbitrage business (Innovation Holdings/Tempo Innovation), generating 43% of operating profit from just 26% of revenue.KDDI itself holds a 20.32% equity-method stake with board representation, alongside staffing, building-maintenance, and overseas BPO units.The company seems to steadily compound revenues and profits and once you strip out the asset write-off from a small Vietnamese subsidiary, it seems to trade very cheaply on just over 7x earnings.

Japan

CROPS CORPORATION is a mobile telecommunication service subscription agency. The Company sells KDDI's brand mobile phones, au mobile phones, in the Tokai area.  Crops Corp also operates personnel placement services.

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Crops Corp (9428 JP)

Monday Delight: 21/09/2026

Crops Corporation (9428) is a Nagoya-based conglomerate best known as KDDI’s largest au/UQ Mobile retail agency in the Chubu region, but the...

Contrarian Cashflows

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