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Jeremy Raper and Eric Schleien discuss the Japanese Value Stock: Shinoken

To listen to the full episode, click here: https://ericschleien.com/podcast/jere...


Shinoken (Tokyo listed, 8909)

Small cap Japanese part real estate developer, part RE management/recurring revenue stream business unfairly sold down last year t0 4x EPS due to temporary dislocation just in the development segment
Business has since stabilized and RE development likely returns to growth next year; the recurring rev segments are still growing strongly
Business has rerated to 6.5x EPS but fair value on a sum of the parts basis is closer to 11x EPS, so still a near double
Aligned management (30% ownership), do occasional buybacks, pay a decent div
Japanese small cap with v limited English disclosures so not for everyone!

Full writeup here: https://rapercapital.com/2019/08/19/s...