Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

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.

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

<ul>
<li>Asagami Corporation (TYO 9311) owns 3 warehouses on Tokyo Harbor with land carried on its books at ¥7.9 billion.</li>
<li>These properties alone are likely worth closer to ¥29.5 billion.</li>
<li>These assets account for less than half of the company’s land assets, but are worth multiples of the current market cap of just ¥7.16B.</li>
</ul>


Asagami Corporation (TYO 9311) owns 3 warehouses on Tokyo Harbor with land carried on its books at ¥7.9 billion.
These properties alone are likely worth closer to ¥29.5 billion.
These assets account for less than half of the company’s land assets, but are worth multiples of the current market cap of just ¥7.16B.


Asagami Corporation - Example of Widespread Undervaluation of Land on Japanese Balance Sheets