Monthly Wrap

Dear readers,

This month's wrap features two interesting sub-sectors in Japan, 100-yen shops and engineer staffing. Watts (2735) is arguably the cheapest in its peer 100-yen group and we have identified several decent growth opportunities. Technopro (6028) has been achieving double digit revenue growth as demand for IT engineers is buoyant.

From our sponsored research, we have an initiation on RVH (6786) and an update from Ai Holdings (3076). RVH is one of the top hair removal salons aiming to grow via M&A and alliances. RVH acquires businesses (customers and brands) at low cost from struggling companies to create synergies with existing businesses and expand into new areas. Ai Holdings is a joint holding company with eight business segments. While the segments have little in common, all operate in niche markets with limited competition, allowing them to maintain high profit margins.

What’s changed since last month?

We added four new names to the pipeline over the past month.

Our pipeline now includes Aeon Fantasy (4343), an operator of indoor theme parks and amusement facilities inside of shopping centers. The play parks are primarily for children under 12 years old. The firm is part of the Aeon Group with 66% owned by Aeon Co.

We also added Infocom (4348), Sansei Landik (3277), and Synchro Food (3963) in the past month.



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