Tiemco Ltd (7501:TYO)

Recent Share Price: ¥621TMC---Tiemco

Est Market Cap: ¥2.1 billion ($19 million)

Accounting: Japanese Accounting Standards

Fiscal Year: November 30

Tiemco Ltd is engaged in the sale of fishing and outdoor products.

  • The Fishing Product segment provides lure fishing products, fly-fishing products, and other fishing products.
  • The Outdoor Product segment provides outdoor apparels under the brand Foxfire and other outdoor activity-related items.
    FY2017 Fishing Outdoor
    Sales  ¥883  ¥1,966
    COGS  ¥413  ¥1,124
    GM % 53% 43%

The company was founded in 1969 and is headquartered in Tokyo, Japan.

Insider Ownership

Shareholders Equities %
Sadahiko Sakai (Co-Founder), Chairman 520,000 15.60%
Seiichi Sakai (Co-Founder), CEO 173,000 5.18%
Yukiko Sakai  93,000 2.78%
Yaeko Sakai  93,000 2.78%
Owner Hooks Co., Ltd. 84,000 2.52%
Mitsubishi UFJ Financial Group, Inc. 55,000 1.65%
Shigeru Kobayashi 55,000 1.65%
Sumitomo Life Insurance Co. 50,000 1.50%

 

In Millions 11/30/15 11/30/16 11/30/17 2/28/18
Cash and Short-term Investments  ¥2,089  ¥2,120  ¥2,132  ¥2,036
(0.85 * Accounts Receivable)  ¥519  ¥476  ¥477  ¥351
(0.60 * Inventory)  ¥789  ¥900  ¥866  ¥741
(0.25 * Other Current)  ¥9  ¥9  ¥8  ¥12
Total Liabilities  ¥1,025  ¥884  ¥956  ¥855
Preferred Stock  ¥-  ¥-  ¥-  ¥-
NNWC  ¥2,381  ¥2,621  ¥2,527  ¥2,273
NCAV  ¥3,023  ¥3,332  ¥3,213  ¥3,179
NCAV + LT Investments  ¥3,484  ¥3,485  ¥3,478  ¥3,179
TBV  ¥4,861  ¥4,819  ¥4,785  ¥4,754
Enterprise Value  ¥470  ¥77  ¥(285)  ¥(270)
Retained Earnings  ¥446  ¥393  ¥340  ¥305
Dividends Paid  ¥(34)  ¥(30)  ¥(30)  ¥-
Sale or Purchase of Stock  ¥(187)  ¥-  ¥(0)  ¥-
Shares Outstanding  2,762,094  2,476,571  2,476,553  2,476,551
P / NNWC 62% 46% 59% 62%
P / NCAV 49% 36% 47% 48%
P / NCAV + LT Investments 42% 34% 43% 48%
P / TBV 30% 25% 31% 32%
NCAV Burn Rate -5.6% 10.2% -3.6% -1.1%
Debt / Equity 1.5% 1.1% 0.8% 0.0%
F-Score 4 5 6
FS-Score 4 5 7
Z-Score  1.2  2.0  2.1
Beneish M-Score  (3.9)
EV / EBITDA  N/A  1.43  (4.71)
EV / Operating Income (5yr)  (0.34)  (0.06)  0.20
EV / Operating Income (10yr)  0.23
EV / FCF (3yr)  (2.62)  (0.29)  3.25
EV / FCF (5yr)  (1.32)  (0.20)  1.18
EV / FCF (10yr)  2.11
EBITDA (FY)  ¥(1,295)  ¥54  ¥61
Operating Income (5yr)  ¥(1,366)  ¥(1,391)  ¥(1,402)
Operating Income (10yr)  ¥(1,265)
FCF (3yr)  ¥(179)  ¥(264)  ¥(88)
FCF (5yr)  ¥(355)  ¥(395)  ¥(242)
FCF (10yr)  ¥(135)

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Other

  • No stock options
  • Company Pension Plan
  • No related party transactions
  • Lease obligations appear reported

Write-Ups

  • Deep Value Ideas here
  • Cigarrfimpar here

Disclosure: We own shares in Tiemco Ltd (7501:TYO).

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Nippon Antenna Co Ltd (6930:TYO)

teaser_product11Recent Share Price: ¥788

Est Market Cap: ¥9.6 billion ($90 million)

Accounting: Japanese Accounting Standards

Fiscal Year: March 31

Nippon Antenna Co., Ltd. is principally engaged in the manufacturing and sale of transmission and reception products. The Company operates in two business segments.

  • The Transmission and Reception Products Manufacturing segment (77% Revenue)
    • engaged in the development, manufacturing, and sale of antennas and video communication electronics.
  • The Construction segment (23% Revenue)
    • engaged in the undertaking of various construction works including community antenna television (CATV) works, radio disturbance prevention works and satellite broadcast reception works.

The company was founded in 1953 and is headquartered in Tokyo, Japan.

Insider Ownership

Shareholders Number of Shares Held (Co.) Ratio (%)
Saya Takizawa 2,773,400 19.39
Co., Ltd. Resona Bank 610,300 4.27
Yutaka Takizawa (President) 494,000 3.45
Koichi Takizawa (Senior Manager) 396,000 2.77
Yokoyama SoSaburo 365,000 2.55
Mizuho Bank, Ltd. 339,264 2.37
Dai-ichi Life Insurance Company, Limited 337,000 2.36
Showa Leasing Co., Ltd. 336,000 2.35
Yuko Takizawa 327,900 2.29
THE BANK OF NEW YORK, NON-TREATY JASDEC ACCOUNT 320,200 2.24

Other

  • Has both a defined contribution and defined benefit pension plan.  Unfunded pension liabilities are estimated at ¥956 million ($9 million).
  • Lease obligations are at ¥38 million
  • No stock options
  • No related party transactions
In Millions 3/31/15 3/31/16 3/31/17 12/31/17
Cash and Short-term Investments  ¥11,531  ¥13,251  ¥13,049  ¥11,492
(0.85 * Accounts Receivable)  ¥4,463  ¥3,936  ¥3,563  ¥2,999
(0.60 * Inventory)  ¥1,365  ¥1,270  ¥1,166  ¥1,144
(0.25 * Other Current)  ¥128  ¥198  ¥122  ¥3,768
Total Liabilities  ¥3,838  ¥4,856  ¥4,726  ¥3,768
Preferred Stock  ¥-  ¥-  ¥-  ¥-
NNWC  ¥13,648  ¥13,798  ¥13,174  ¥11,866
NCAV  ¥15,728  ¥15,934  ¥14,946  ¥14,572
NCAV + LT Investments  ¥16,607  ¥16,827  ¥16,063  ¥15,717
TBV  ¥21,862  ¥21,386  ¥19,893  ¥19,485
Enterprise Value  ¥(1,361)  ¥(4,516)  ¥(2,681)  ¥(384)
Retained Earnings  ¥11,775  ¥11,622  ¥9,882  ¥9,466
Dividends Paid  ¥(334)  ¥(271)  ¥(263)  ¥-
Sale or Purchase of Stock  ¥-  ¥(199)  ¥(56)  ¥-
Shares Outstanding  12,927,072  12,783,626  12,519,316  12,507,487
P / NNWC 63% 54% 69% 78%
P / NCAV 55% 47% 61% 68%
P / NCAV + LT Investments 52% 45% 57% 63%
P / TBV 39% 35% 46% 51%
NCAV Burn Rate -5.9% 1.3% -6.2% -2.5%
Debt / Equity 0.2% 0.2% 0.1% 0.3%
F-Score 6 6 3
FS-Score 5 7 3
Z-Score  3.4  3.0  3.0
Beneish M-Score  (4.1)
EV / EBITDA  (1.98)  (8.27)  N/A
EV / Operating Income (5yr)  (0.28)  (1.84)  (2.82)
EV / Operating Income (10yr)  (0.37)
EV / FCF (3yr)  3.05  (4.79)  (3.81)
EV / FCF (5yr)  (1.11)  (3.88)  (2.26)
EV / FCF (10yr)  (0.29)
EBITDA (FY)  ¥689  ¥546  ¥(575)
Operating Income (5yr)  ¥4,783  ¥2,460  ¥951
Operating Income (10yr)  ¥7,225
FCF (3yr)  ¥(447)  ¥943  ¥704
FCF (5yr)  ¥1,225  ¥1,163  ¥1,187
FCF (10yr)  ¥9,257

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Disclosure: We own shares in Nippon Antenna Co Ltd (6930:TYO)