𝛼SK or Searchbullish
Applied Co. (TYO 3020): A Cash-Rich Japanese PC/HPC Company at ~1.5x EV/EBIT...
SUMMARY
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.
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- Applied Co. (TYO 3020): A Cash-Rich Japanese PC/HPC Company at ~1.5x EV/EBIT...07 Sep 2026
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