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.

Thematic (Sector/Industry)

<ul><li>Dynam Japan is the largest operator of Pachinko halls in Japan.</li><li>The company has been profitable for the past15 years, though profits have been in decline.</li><li>Their halls are mostly located in suburban areas with less competition, but they do have some in big cities. </li></ul>

Dynam Japan is the largest operator of Pachinko halls in Japan.The company has been profitable for the past15 years, though profits have been in decline.Their halls are mostly located in suburban areas with less competition, but they do have some in big cities. 

Updated Thoughts on Some of My Biggest Positions In The Cheap Japanese Basket and Some New Positions

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Equity Bottom-Up

<ul><li>Morita Holdings is Japan’s dominant fire-truck manufacturer, holding roughly 57-60% of the domestic market and close to 90% of the aerial ladder-truck segment</li><li>Founded in 1907 by Shōsaku Morita as a fire-pump maker and built into a nationwide-service, certification-protected niche monopoly against a much smaller #2 competitor, Nikki Co.</li><li>The moat is genuine and multi-decade — safety certification, a product-liability track record, and nationwide parts/service infrastructure a new entrant couldn’t replicate in thirty years.</li></ul>

Morita Holdings is Japan’s dominant fire-truck manufacturer, holding roughly 57-60% of the domestic market and close to 90% of the aerial ladder-truck segmentFounded in 1907 by Shōsaku Morita as a fire-pump maker and built into a nationwide-service, certification-protected niche monopoly against a much smaller #2 competitor, Nikki Co.The moat is genuine and multi-decade — safety certification, a product-liability track record, and nationwide parts/service infrastructure a new entrant couldn’t replicate in thirty years.

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Integral is a leading Japanese private equity firm with JPY400 billion in assets, focusing on mid-cap investments of $100-$150 million.</li><li>The firm has a strong track record with 27% gross IRR and 2.8x gross MOIC since 2010, and its latest Fund IV was oversubscribed at JPY250 billion.</li><li>Following a public offering in September 2023, Integral's shares are trading at JPY2700, appearing undervalued with a P/E of 5.5x and expected solid performance in 2025.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Integral is a leading Japanese private equity firm with JPY400 billion in assets, focusing on mid-cap investments of $100-$150 million.The firm has a strong track record with 27% gross IRR and 2.8x gross MOIC since 2010, and its latest Fund IV was oversubscribed at JPY250 billion.Following a public offering in September 2023, Integral's shares are trading at JPY2700, appearing undervalued with a P/E of 5.5x and expected solid performance in 2025.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Integral Kk (5842:JP) - Thursday, Jun 19, 2025

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Hillhouse's Rava buys majority stake in Dash Living with $150M investment plan, expanding its presence in the real estate market. </li><li>Ex-Macquarie exec Robson to advise on ESR privatisation, bringing expertise and strategic guidance to the process. </li><li>Daibiru Corp to acquire Sydney Tower from Investa Fund for $378M, showcasing strong investor interest in Australian real estate.</li></ul>

Hillhouse's Rava buys majority stake in Dash Living with $150M investment plan, expanding its presence in the real estate market. Ex-Macquarie exec Robson to advise on ESR privatisation, bringing expertise and strategic guidance to the process. Daibiru Corp to acquire Sydney Tower from Investa Fund for $378M, showcasing strong investor interest in Australian real estate.

Asia Real Estate Tracker (01-Apr-2025): Hillhouse's Rava invests $150M in Dash Living.

Japan

Integral Corporation operates as an independent private equity fund. The Company invests in both the public and private markets and in common stock, convertible preferred shares, convertible bonds and stock options. Integral also provides management and financial consulting related to equity investment activities.

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Integral (5842 JP)

Updated Thoughts on Some of My Biggest Positions In The Cheap Japanese Basket and Some New Positions

Dynam Japan is the largest operator of Pachinko halls in Japan. The company has been profitable for the past15 years, though profits have been in...

Altay Capital

Monday Delight: 07/09/2026

Morita Holdings is Japan’s dominant fire-truck manufacturer, holding roughly 57-60% of the domestic market and close to 90% of the aerial...

Contrarian Cashflows

Integral Kk (5842:JP) - Thursday, Jun 19, 2025

Integral, a leading Japanese private equity firm with JPY400 billion in assets, excels in mid-cap investments, boasting strong returns and an...

Value Investors Club (VIC)

Asia Real Estate Tracker (01-Apr-2025): Hillhouse's Rava invests $150M in Dash Living.

Rava invests $150M in Dash Living, Robson advises on ESR privatisation, Daibiru buys Sydney Tower for $378M, Integral Real Estate acquires 10...

Asia Real Estate Tracker

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