🎌 Stock Focus : Tensho Electric 天昇電気工業 [6776]

 

As can be seen from the above snapshots, the plastic molding & automotive component maker's financials have improved tremendously over the last 30 years [ a legacy of when the company suffered big losses in the early 1990s], with capital adequacy rising from the teen %s to 47.4% & book has soared from ¥19 to ¥618 while operating cashflow has been healthy in the mid +¥2 billion range. NTA has thus risen a third in the last 3 years after halving to the mid ¥100 range post-2008. 

The company is coming off a record ¥74.30 EPS last year, which is projected to fall 80% back to 2022 levels & revenue is 29% lower than the '08 record: this is another stock of which I don't have a thorough understanding of the business, but relying almost exclusively on technical analysis [ showing a base occurring every 2-3 years with the latest being in 2025 ], anticipate a rise sometime between this year & 2027, perhaps culminating in a peak sometime early next year!

Furthermore, the top two shareholders hold a combined 47.3% of its 17.014 million shares outstanding, the low free-float perhaps explaining why the stock multiplied nearly 7-fold between 2002 low & the 2006 peak & more than 11-fold between its 2016 low & its 2019 peak. Top holder Sanko Realty 三甲不動産 has actually acquired 10,000 shares since 30 months ago despite already holding 33.5% & there is thus a not insignificant chance of a TOB or buyout offer within the next 2-3 years.

Another stock [ coincidentally with a nearly identical NTA to Tensho ] that was bought rashly after the euphoria of my first ever takeover experience in Japan, Toshiba's buyout of Nishishiba on Nov 13th 2019, today marks its 2nd day in the black after commissions despite being firmly in the red virtually throughout the last 75 months since purchase, thanks to an incomplete averaging down last year at a 35% discount to the ill-conceived entry. The maiden entry was goaded by overconfidence in earning what was then my biggest single win of  over ¥86,000 barely 17 months after my debut in the country. On hindsight, I didn't realize fully that Aigan 愛眼 was plagued by losses for most of the previous 11 years, but was stung by my narrowly missing its ascent from  ¥214 in Aug '17 to a stratospheric ¥861 within a few months, that I was happy to buy in at a price lower than its 2012 bottom:

No dividends since then, yet the forecast improvement of a turnaround from losses in '24 to a ¥7.7 EPS this year may foreshadow a similar turnaround to a ¥9.3 EPS in '18 from a (¥20.4) EPS in '17.  

Miracle Streak : Daiun 大運 is the 5th🎌in '26 & 118th🎌 since '17 after just 9 weeks ! {20th Feb '26}

 

With a name that I believe will embody my journey in 2026, Osakaport operator Daiun 大運 sails the record to 1,383 days in a row while bagging#5 in '26 & #118 since '17 ! Also, I re-enter Saylor Advertising 　セーラー広告 months after it became my Japanese Centurion & the 83rd score on 28th August last year, for a price 19.3% cheaper or ¥22,216.46 compared to my maiden but too-early entry in '25. However, I believe this time it's a better entry because the '"saucer bottom" is nearing completion !

🎌 Diary : How I Entered Molitec モリテック Steel on the Ground Floor

Another stock I'm eyeing :

C/B ratio has improved from 0.422 in '19 to 0.500 in '23 & 0.586 now, while net current assets has jumped from 1,297 to 1,618 while net net has dipped from 822 in '19 to 766.

Miracle Streak : Land & General strikes TWICE as #15/'26 on the 1st Market day after the Lunar New Year ! {19th Feb '26}

 

Profitable Japanese stocks:

Molitec Steel

Daiun

Kao

Almetax

Shinto

Kawai

TKS

Sansha E

Aigan

Mitsuboshi

 

Maybulk may have bottomed out for good:

Miracle Streak : MNRB Achieves a small Miracle on Lunar Year's Eve ! {16th Feb '26}

 

On the eve of the Lunar New Year, a small miracle: insurer MNRB finally delivers after deep paper losses since the last contribution 11 years ago, popping to near 19-year highs on great quarterly results. In Japan, recently purchased Molitec モリテック Steel rises smartly 19% above cost while even more recently purchased Kawai Musical 河合旋料 inches to 7% higher!

Miracle Streak : Black Horse Timberwell emerges to secure 1,380 for the Record ! {13th Feb '26}

 

Timberwell, which I didn't know was a takeover target until last night, thankfully, scores a hat-trick of takeovers since X'mas : after Sawafuji Electric 澤藤電機 & Guocoland M'sia...inching towards TRIPLING the old '17-'18 record run which lasted 46 months!

Miracle Streak : Bermaz Hat3ricks in a Fortnight months after 🎌 Mazda マツダ! {12th Feb '26}

 

Months after supplierMazda's contribution, Bermaz Auto achieves a hat-trick to drive the record forward with a quick 1-day trade [bought 80.5c yesterday - sold 84.5c today] that rewards a short-term hunch on the stock's direction!

Miracle Streak : KHInd Wins for the 1st time Ever to clinch 1,378 Days Successively ! {11th Feb '26}

 

The local home appliance maker debuts in my winners' circle for a maiden win after a fortuitous purchase at $1.33 last month from small holders dumping in desperation & with small buyers suddenly emerging at the day's highest bids, I unload 2/5ths onto these to reach 1,378 in a row!

So Appreciative of 206.35 Months of Rental Freedom!

 These savings have contributed immeasurably to my financial freedom journey, comprising at least $250,000 in extra capital that I have invested to the best of my ability, bringing 31 years of experience both sweet & bitter to bear upon my incrementally increasing effectiveness as a wealth manager. Together with realized market gains & other synchronistic sources of abundance, I have earned at least $1.25 million to buffer past, present & future expenditures.

A fitting reward after 160 months of enduring the rentier class while slavishly following the ultimately defeating cultural narrative!

Despite the undesirable market contrast last year that has flowed on into 2026, the surprisingly miraculous unbroken run of trading gains is heading towards 67 months, this longest marathon of will & magically divine orchestration, almost a third of the said duration of rental freedom ...my version of the miracle of loaves & fishes!

Miracle Streak : Post-takeover offer Guocoland M'sia gets sold again for $1.06...4 ticks below the lowball bid ! {10th Feb '26}

 

Takeover target Guocoland [M] is relied upon again today to extend the run that began from the originally scheduled start of the '20 Tokyo Summer Olympics until the current '26 Milan-Cortina Games & remains unbroken against stupendous odds!