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.

Equity Bottom-Up

Sanyo Engineering & Construc / Equity Bottom-Up

<ul><li>In late May, Kinden Corp. (1944) announced a takeover of Kodensha (1948) at a massive premium.</li><li>Kodensha was trading around ¥2,500 per share in late 2025, then more than doubled before a Nikkei article came out in January 2026 suggesting that Mitsubishi Electric would sell its 50% stake in the company.</li><li>By then, the stock was trading around ¥6,500. Kinden then announced it would take the company private at ¥11,501 per share. </li></ul>

In late May, Kinden Corp. (1944) announced a takeover of Kodensha (1948) at a massive premium.Kodensha was trading around ¥2,500 per share in late 2025, then more than doubled before a Nikkei article came out in January 2026 suggesting that Mitsubishi Electric would sell its 50% stake in the company.By then, the stock was trading around ¥6,500. Kinden then announced it would take the company private at ¥11,501 per share. 

Two Near Net-Net Japanese Electrical Contractors at ~3.5x EV/EBIT with Industry Tailwinds

Japan

Sanyo Engineering & Construction Inc. is a mechanical and electrical engineering firm.  The Company constructs indoor wiring and power transmission lines. Sanyo Engineering also installs air conditioning, water supply, and sewage facilities in buildings and plants.  Additionally, the Company manufactures and sells mechanical devices.

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Sanyo Engineering & Construc (1960 JP)

Two Near Net-Net Japanese Electrical Contractors at ~3.5x EV/EBIT with Industry Tailwinds

n late May, Kinden Corp. (1944) announced a takeover of Kodensha (1948) at a massive premium. Kodensha was trading around ¥2,500 per share in late...

Altay Capital

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