JII Deep Dive
Long-form research connecting policy, industry structure, capital markets, and the companies in between.
We read public information through an investor’s lens, mapping how Japanese companies earn, allocate capital, and compound. Compounders connects discovery, research, monitoring, and company access in one place.
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文化シヤッター株式会社
Bunka Shutter is Japan's #2 maker of shutters and steel doors, earning a high-margin annuity servicing its installed base. Dalton Investments is pressing an activist campaign for the ¥38bn of net cash and securities — 27.5% of its market value — behind a stock at 6.5x OP.
KPPグループホールディングス株式会社
KPP Group Holdings is Japan's largest paper wholesaler — it buys paper from mills like Oji and Nippon Paper and resells it worldwide, holding the inventory and credit in between. On July 21, 2026 the board doubled its buyback frame to ¥7.2bn and set 3.0m shares for cancellation.
ロードスターキャピタル株式会社
Buys mid-size Tokyo office buildings that are half empty, badly managed or tangled in rights; repairs, lets and sells them, and holds the rest for rent. On 2026-07-01 it handed shareholders 0.2 shares each out of treasury, lifting the payout ratio to 21.7%.
藤田観光株式会社
Fujita Kanko runs WHG, a rented chain of 34 business hotels, alongside two estates it owns in Tokyo and Hakone; guests pay nightly and the chain pays rent. On February 10, 2026 the private-equity firm NSSK bought 25.00% from DOWA at ¥2,603 and signed a hotel-acquisition alliance.
空港施設株式会社
The landlord inside the fence at Haneda — offices, hangars and airport utilities leased to the JAL and ANA groups, which each own 21.3% of it. In FY3/26 it posted record profits, doubled the dividend to ¥42, bought back and cancelled shares, and moved to TSE Standard.
株式会社あらた
ARATA is Japan's second-largest wholesaler of daily necessities, cosmetics and pet supplies; it buys from about 1,100 makers and delivers daily to roughly 3,370 retailers on a spread of about 1.3%. On May 14, 2026 it guided FY3/27 profit lower while launching a 2030 margin-recovery plan.
塩水港精糖株式会社
Ensuiko Sugar Refining is a 120-year-old sugar refiner that outsources production to shared-industry joint ventures and sells the gut-health brand Oligo no Okage. On May 8, 2026 it reported a record year but guided next-year profit down 21% — with ¥11.2bn of securities behind a ¥12.4bn market cap.
岩谷産業株式会社
Japan's biggest household- and industrial-gas merchant and the only end-to-end handler of liquid hydrogen. A cash-generative LPG and gas base funds a hydrogen bet and a state-backed push into critical minerals. Operating profit is at a cyclical low; the case rests on optionality, not deep value.
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Long-form research connecting policy, industry structure, capital markets, and the companies in between.
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