Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Michael Allen is a representative director of Azabu Research, an independent research company focused on turnaround situations in the Japanese stock market. He has covered Japanese stocks for more than 30 years in both sell-side and buy-side roles and is fluent in both written and spoken Japanese.  He holds a degree in international studies from the University of Pacific, and certificates in corporate governance from both the Board Director Training Institute of Japan and the Wharton School of Business.

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

Equity Bottom-Up

<ul>
<li>Miura has underperformed Topix by 51% since peaking in March 2021, despite cash flow CAGR that was 14% higher than that of Topix during the same period.</li>
<li>Valuation models suggest Miura is deeply undervalued, with fair value estimates 55% above current price even in conservative scenarios, and upside as high as 117% in the best case.</li>
<li>Catalysts include a potential blow-out Q3 and a burgeoning cash hoard that could fuel substantial share buybacks if no further suitable acquisitions targets arise.</li>
</ul>


Miura has underperformed Topix by 51% since peaking in March 2021, despite cash flow CAGR that was 14% higher than that of Topix during the same period.
Valuation models suggest Miura is deeply undervalued, with fair value estimates 55% above current price even in conservative scenarios, and upside as high as 117% in the best case.
Catalysts include a potential blow-out Q3 and a burgeoning cash hoard that could fuel substantial share buybacks if no further suitable acquisitions targets arise.


미우라(6005): 폭발적인 현금 흐름, 폭락하는 주가

Miura Co Ltd

미우라(6005): 폭발적인 현금 흐름, 폭락하는 주가