Takasago Tekko (5458): A Profitable ¥3.3bn Nanocap near Net-Net

143 Views15 May 2026 09:16

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SUMMARY

Takasago Tekko (TYO 5458) is practically a net-net (and is one if you include investments) trading at ~9.5x LTM earnings (7.7x NTM) and has rental real estate worth ¥3.8 billion (more than the entire market cap) using the company’s own fair value disclosure.
The story gets interesting when we consider the massive Itabashi Factory Land (36,009 sqm in Itabashi-ku Tokyo) which sits on the balance sheet at ¥2 million ($12,800 USD) but is conservatively worth ¥8 billion ($51 million).
This is likely worth much more based on comps I found but we’ll use ¥8 billion to be safe. The facility was likely acquired around 1937, which is why it’s carried at near nothing.

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