Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Thematic (Sector/Industry)

<ul>
<li>Our 2020 valuation caution held: the three leaders lost 10–77% of market value while TOPIX more than doubled, and M&amp;A Research Institute repeated the cycle faster.</li>
<li>The deeper error was classification: sell-side brokers mine a finite stock of successor-less owners, each served once, yet traded at compounder multiples of 50–90×.</li>
<li>Japan is solving succession faster than assumed, mostly without brokers; the winners will convert extraction profits into repeatable businesses before the ore thins.</li>
</ul>


Our 2020 valuation caution held: the three leaders lost 10–77% of market value while TOPIX more than doubled, and M&amp;A Research Institute repeated the cycle faster.
The deeper error was classification: sell-side brokers mine a finite stock of successor-less owners, each served once, yet traded at compounder multiples of 50–90×.
Japan is solving succession faster than assumed, mostly without brokers; the winners will convert extraction profits into repeatable businesses before the ore thins.


Miners, Not Compounders: Japan's SME M&A Brokers Six Years On

<ul>
<li>Nihon M&amp;A Center - healthy growth, booming ventures, solid economic moat; </li>
<li>Kakaku.com Inc. - growth momentum has yet to gather;</li>
<li>oRo Co. - resilient growth, continuous shareholder value creation on track.</li>
</ul>


Nihon M&amp;A Center - healthy growth, booming ventures, solid economic moat; 
Kakaku.com Inc. - growth momentum has yet to gather;
oRo Co. - resilient growth, continuous shareholder value creation on track.


Our Takeaways From The Recent Results - Nihon M&A Center, Kakaku.com Inc., ORO Co.

<ul>
<li>The market has been so diligently hitting new highs this year, which may surprise many investors and annoy some like us;</li>
<li>Of course, there is nothing we can do about this, while, on the positive side, we do know what to buy in case of a more favorable market condition;</li>
<li>We put together our wish list for the new year containing top picks that we dream of buying a lot of when their valuations have turned south vastly.</li>
</ul>


The market has been so diligently hitting new highs this year, which may surprise many investors and annoy some like us;
Of course, there is nothing we can do about this, while, on the positive side, we do know what to buy in case of a more favorable market condition;
We put together our wish list for the new year containing top picks that we dream of buying a lot of when their valuations have turned south vastly.


<ul>
<li>One of our previous articles briefly touched upon the M&amp;A market for Japanese SMEs;</li>
<li>Given the promising prospect of the space, we would like to explore and compare the top three players;</li>
<li>Our evaluation is conducted from both business fundamentals and share valuation perspectives.</li>
</ul>


One of our previous articles briefly touched upon the M&amp;A market for Japanese SMEs;
Given the promising prospect of the space, we would like to explore and compare the top three players;
Our evaluation is conducted from both business fundamentals and share valuation perspectives.


A Deeper Look into Japan's SME M&A Advisory Boutiques

<ul>
<li>The Japanese SME segment is filled with its unique structural challenges, which provides opportunities for "pick and shovel" suppliers;</li>
<li>Many of these SME backers (including oRo, which we covered previously) have generated tremendous shareholder value in the past and may continue to do so while addressing clients' key pain points alongside multiple long-term tailwinds.</li>
</ul>


The Japanese SME segment is filled with its unique structural challenges, which provides opportunities for "pick and shovel" suppliers;
Many of these SME backers (including oRo, which we covered previously) have generated tremendous shareholder value in the past and may continue to do so while addressing clients' key pain points alongside multiple long-term tailwinds.


Japan

M&A Capital Partners Co., Ltd. is an M&A advisory firm. The Company provides advisory service in M&A due diligence, business strategy, corporate regeneration, capital increase strategy to support owners of small and medium companies with business succession.

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M&A Capital Partners (6080 JP)

Miners, Not Compounders: Japan's SME M&A Brokers Six Years On

Japan's SME M&A brokers were priced as compounders but run like miners: each seller transacts once, and Japan is depleting its succession ore body...

Urbem Capital

Our Takeaways From The Recent Results - Nihon M&A Center, Kakaku.com Inc., ORO Co.

Three high-quality Japanese companies on our "Investable Universe" list reported their respective recent-quarter results over the past couple of...

Urbem Capital

Our Wish List for 2021

We put together our wish list for 2021 containing top picks that we dream of buying a lot of when their valuations can turn south vastly.

Urbem Capital

A Deeper Look into Japan's SME M&A Advisory Boutiques

It is not difficult to understand the promising prospect of the space, driven by a combination of multiple structural shifts in the country: e.g.,...

Urbem Capital

Top Picks: Two More Japanese SME Backers

The Japanese SME segment is filled with its unique structural challenges, which provides opportunities for "pick and shovel" suppliers.

Urbem Capital

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