Was wondering if Yamada's aftermarket sales/services has been growing. The conventional model is that aftermarket tends to be high margin, recurring revenue. Any thoughts on that?
It had stayed pretty much at around 12% of sales over the last 10 years. So it does not explain wider margin over time. Aftersales has increased with sales.
Did my first deep dive into a Japanese company, Shoei Co., last year, and another one, As One, is in the pipeline. I’m pretty amazed by how many great micro and small caps there are.
Great write-up buddy. High quality conpany at a great price. Nice addition to my japanesesmall cap value portfolio that I started with you 6-7 years ago
Yes Yamada is great.. largest after Nintendo in Japan. I still own Tenryu from back then.. but got impatient with the double net net melting ice cube kikukawa...Any other name I should revisit?
Thanks for the very interesting Yamada pitch. I am looking forward to the series because I have no Japan allocation now but guess there are some things to do there given how the country is changing.
Yes forgot to mention that cross ownership and P/B below 1 are red flag now from the authorities so we should expect higher payout ratio on dividends buyback selling of cross ownership in the next few years which should trigger renewed interest from foreign investor and so on.
Yep. Bill Brewster had an interesting podcast on Japan with Ryan O'Connor with a particular focus on Nintendo - and these aspects were mentioned aswell. Well worth your time if you have not listened yet.
Ryan O'Connor I like the way he thought. I listen to him again after you mentioned. Ya the culture thing changing is key - peer pressure among c suites. The strategic cross ownership is the thing I am not sure. On position I own Tenryu is a champion of cross ownership.. it own like 1/3 of it's market cap in it's largest customers Makita. I will publish on Tenryu at sone point part of the 10. Nintendo is a old position and my largest position in Japan. From all criteria .. Lt growth margins cash operating yield it's the best ... Pokemon rant from Ryan is kind of insignificant compare to the amazing switch platform results and the very likely switch 2 ..
Thanks for the writeup.
Was wondering if Yamada's aftermarket sales/services has been growing. The conventional model is that aftermarket tends to be high margin, recurring revenue. Any thoughts on that?
It had stayed pretty much at around 12% of sales over the last 10 years. So it does not explain wider margin over time. Aftersales has increased with sales.
Great write-up! But dose the company have English version reports? I only found Japanese version.
Nope. You have to use a tool like google translate. Latest results is out EPS 801Yen.
Thanks a lot!
Thanks for sharing🙏 Great write-up👍 As I started researching the Japanese market for some hidden gems, it's definitely a very interesting one.
I will add a link to the analysis in RhinoInsight's upcoming Friday Roundup today.
Thank you for sharing ! Yamada is in my top 4 Japanese stocks still sub 15.. but significant for a new position.
Did my first deep dive into a Japanese company, Shoei Co., last year, and another one, As One, is in the pipeline. I’m pretty amazed by how many great micro and small caps there are.
Great write-up buddy. High quality conpany at a great price. Nice addition to my japanesesmall cap value portfolio that I started with you 6-7 years ago
Yes Yamada is great.. largest after Nintendo in Japan. I still own Tenryu from back then.. but got impatient with the double net net melting ice cube kikukawa...Any other name I should revisit?
Thanks for the very interesting Yamada pitch. I am looking forward to the series because I have no Japan allocation now but guess there are some things to do there given how the country is changing.
Yes forgot to mention that cross ownership and P/B below 1 are red flag now from the authorities so we should expect higher payout ratio on dividends buyback selling of cross ownership in the next few years which should trigger renewed interest from foreign investor and so on.
Yep. Bill Brewster had an interesting podcast on Japan with Ryan O'Connor with a particular focus on Nintendo - and these aspects were mentioned aswell. Well worth your time if you have not listened yet.
Ryan O'Connor I like the way he thought. I listen to him again after you mentioned. Ya the culture thing changing is key - peer pressure among c suites. The strategic cross ownership is the thing I am not sure. On position I own Tenryu is a champion of cross ownership.. it own like 1/3 of it's market cap in it's largest customers Makita. I will publish on Tenryu at sone point part of the 10. Nintendo is a old position and my largest position in Japan. From all criteria .. Lt growth margins cash operating yield it's the best ... Pokemon rant from Ryan is kind of insignificant compare to the amazing switch platform results and the very likely switch 2 ..
Sorry if im being stupid here but how is cash/share 2187 but cash+investments/share is only 1872?
I should have stated net cash+LT investment : where net cash = cash - debt - while the first one is only cash