Rooftile maker Shinto (新東) DOUBLES the Stop High (Limit UP) JOY, rising ¥400 two successive days!

 

In after hours trading, it rises further by ¥220, holding open the possibility of hotly bullish price action next week! The IPO high was ¥3,250 in '01,exceeded briefly in the '22 ramp up to ¥3,475, which could be tested if this turns out to be one of those rare continuous ramping situations eg MT Genex & Nichidai in 2018.

Note that its book value is ¥4,650, which leaves room for upside since the Japan Exchange is virtually mandating ameliorative action [one of which is buybacks] by listed companies whose share prices are still below NTA. Corporate performance is mediocre, with revenue steadily declining from ¥7.5 billion in FY '01 to below ¥5 billion forecast in the latest year, with EPS down from a record ¥324.5 a few quarters subsequent to listing, to a high of ¥34.1 last year & a forecast of  ¥7.1 this coming year-end June '24, which makes its dividend quantum [ translating to 1.6% with the suddenly elevated price], which has remained unchanged since 23 years ago rather impressive! NTA was  ¥3,510 in '02, which equates to a third increase since listing. 

Capital adequacy ratio (an important financial metric in Japan ) has also improved from 35.5% in '01 to 52.2% now. Interesting also that 2 important major shareholders then and now have collectively increased their shareholdings slightly to over 15% from 14.8% then while the co. has bought back nearly 15% of its own shares, leaving a small 70% free-float of a ridiculously tiny share base of 831,682 shares, which is even less than the 1.45 million outstanding shares of Berkshire Hathaway, one of the smallest capitalized companies in the world today!

 *Disclaimer : I have owned Shinto shares since May 23rd '24