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[@AltayCapital](/creator/twitter/AltayCapital)
"@teddy_okuyama @Basteph_ Trading at a discount to NAV now. The business model doesn't work when it trdes below NAV. Issuing shares to buy BTC now is dilutive"  
[X Link](https://x.com/AltayCapital/status/1979017166214021543) [@AltayCapital](/creator/x/AltayCapital) 2025-10-17T02:50Z 13K followers, XXX engagements


"@teddy_okuyama @Basteph_ Yes there are some tax advantages to owning it via metaplanet vs direct but you lose control entirely. I suspect this trades lower"  
[X Link](https://x.com/AltayCapital/status/1979017816205353427) [@AltayCapital](/creator/x/AltayCapital) 2025-10-17T02:53Z 13K followers, XXX engagements


"@teddy_okuyama @Basteph_ I'm not sure I buy this. Selling covered calls aren't a free lunch. If bitcoin rockets they get called. You sell your upside"  
[X Link](https://x.com/AltayCapital/status/1979032678121816126) [@AltayCapital](/creator/x/AltayCapital) 2025-10-17T03:52Z 13K followers, XXX engagements


"@ClarkSquareCap No shareholder returns 0.9x p/b. I remain neutral/slightly bearish. Problem with a name like this is that they could easily blow all their net cash on a random acquisition. IR said they were looking to make an acquisition a couple years ago"  
[X Link](https://x.com/AltayCapital/status/1979081139093475436) [@AltayCapital](/creator/x/AltayCapital) 2025-10-17T07:04Z 13K followers, XXX engagements


"@japan_guru_x Remember how big the discounts were for BTC closed end funds If we get to those levels then these treasury companies make sense otherwise just buy the underlying imo"  
[X Link](https://x.com/AltayCapital/status/1979176871062573341) [@AltayCapital](/creator/x/AltayCapital) 2025-10-17T13:25Z 13K followers, XXX engagements


"I find Tobu Railway (TYO 9001) pretty cheap. They own the Tokyo Skytree tower + mall beneath it. Book value is about 80b JPY. At a X% cap this is around 300b JPY. This is a trophy asset prob worth 2-3 cap. Hotel assets doing well too. Tourism beneficiary. P/E: 10x P/B: 0.9x"  
[X Link](https://x.com/AltayCapital/status/1980147530043433236) [@AltayCapital](/creator/x/AltayCapital) 2025-10-20T05:42Z 13.2K followers, 11.5K engagements


"They could easily sell half or XX% to black stone or another asset manager and use proceeds to return cash or anything else. One of these companies sold a trophy office in Tokyo for a few billion earlier this year and stock has rocketed higher"  
[X Link](https://x.com/AltayCapital/status/1980149471817437641) [@AltayCapital](/creator/x/AltayCapital) 2025-10-20T05:49Z 13.2K followers, 2992 engagements


"@CacheThatCheque I own like XXXX% of this company with my $33k ish position. It's an absolutely tiny co. Smallest co I own and way too small for most folks to get into and I wouldn't buy more given just how tiny it is"  
[X Link](https://x.com/AltayCapital/status/1979923855645741306) [@AltayCapital](/creator/x/AltayCapital) 2025-10-19T14:53Z 13.2K followers, XXX engagements


"Seibu holdings another rail operator stock went vertical after selling a trophy asset. They used some of proceeds to repurchase shares. Like X% buyback iirc"  
[X Link](https://x.com/AltayCapital/status/1980175963280548018) [@AltayCapital](/creator/x/AltayCapital) 2025-10-20T07:35Z 13.2K followers, 2323 engagements


"Hikari Tsushin increasing their stake in a company is a good vote of confidence. One of the better performers in my basket is Narasaki Sangyo (8085) which is up X% on Hikari increasing stake from XXXX% to 14.6%. Not a net-net but if you count investments it is"  
[X Link](https://x.com/AltayCapital/status/1948536522787225922) [@AltayCapital](/creator/x/AltayCapital) 2025-07-25T00:11Z 13.1K followers, 3684 engagements


"What's the bull case for Aeon Co (TYO 8267) It's Japan's largest retailer that owns everything from supermarkets to shopping malls to drug stores. BVPS down since 2025 flat dividend (sub 1%) 90x P/E 4x book. Why would anyone be excited to own this"  
[X Link](https://x.com/AltayCapital/status/1948545807562801468) [@AltayCapital](/creator/x/AltayCapital) 2025-07-25T00:48Z 13.1K followers, 6065 engagements


"Hikari Tsushin (9435) is buying out Zappallas (3770). Not surprising given they bought a massive stake earlier this year. They're paying XXXXXX per share of Hikari Tsushin per Zappallas (428 per share vs closing price of 387)"  
[X Link](https://x.com/AltayCapital/status/1948647162877018463) [@AltayCapital](/creator/x/AltayCapital) 2025-07-25T07:31Z 13.1K followers, 5005 engagements


"What baffles me is how certain fintwit punters remain that the judge made the 'wrong' decision on $SAVE and that the case was objectively a slam dunk decision the other way. There is so much hubris and lack of self reflection. Smart lawyers were on opposite sides of the argument. Even non involved legal experts had conflicting views but the fintwit punters are certain that the judges are 'only human' and made a 'mistake'. These legal arb situations are complex and rarely is there ever a clear cut objective truth. It isn't physics"  
[X Link](https://x.com/AltayCapital/status/1961906886456025497) [@AltayCapital](/creator/x/AltayCapital) 2025-08-30T21:40Z 13K followers, 18.7K engagements


"@tradingrust This was considered a possibility but it looks like they aim to codify it into the Corporate Governance Code in mid '26. This makes it more substantive now. It's a tailwind along with TSE reforms. Things move slowly in Japan"  
[X Link](https://x.com/AltayCapital/status/1979714452074397937) [@AltayCapital](/creator/x/AltayCapital) 2025-10-19T01:01Z 13.1K followers, XXX engagements


"In Tokyo and I'm seeing a lot of this nanocap's carts being used by small businesses and delivery people. This is far from a sexy business but it's almost a double net net. Also realized recently HIKARI TSUSHIN (9435) owns 7.48%"  
[X Link](https://x.com/AltayCapital/status/1749278897496354981) [@AltayCapital](/creator/x/AltayCapital) 2024-01-22T03:52Z 13.1K followers, 34.2K engagements


"Another Hikari Tsushin name (they own 7.3%). Posted about it in late '23 and it's up a bit over XXX% so far. It's grown to an double basket size position. Despite not being as cheap as before I'm holdong onto this one. A lot of Hikari Tsushin names have done very well"  
[X Link](https://x.com/AltayCapital/status/1951099949934059687) [@AltayCapital](/creator/x/AltayCapital) 2025-08-01T01:57Z 13.1K followers, 4453 engagements


"This is a cheap name that has basically gone nowhere (owned for X yrs). Biz is meh. Hikari Tsushin has added to it in June XX 2025 and October 2024. They own XXXXX% (Counting just top XX shareholders). UH partners X not in top XX and owns another 0.44%. Illiquid name"  
[X Link](https://x.com/AltayCapital/status/1952223817394446456) [@AltayCapital](/creator/x/AltayCapital) 2025-08-04T04:23Z 13.1K followers, 5957 engagements


"So many weird Japanese small caps. Zappallas (TYO 3770) for example is a $40m mcap Fortune Telling as a Service company. No joke. Uber model for fortune telling + a physical store Shutting down unprofitable U.S. biz and buying back stock. Turnaround working 10x op inc core biz"  
[X Link](https://x.com/AltayCapital/status/1775314418014011716) [@AltayCapital](/creator/x/AltayCapital) 2024-04-03T00:08Z 13.2K followers, 48.6K engagements


"Amazing things happen when a company finds religion on shareholder returns. Sankyo is an excellent example It's also in an unloved industry"  
[X Link](https://x.com/AltayCapital/status/1932595697108553805) [@AltayCapital](/creator/x/AltayCapital) 2025-06-11T00:28Z 13.2K followers, 39.1K engagements


"Another Hikari Tsushin name I own is Japan Oil Transportation (TYO 9074). It's not a net-net but very cheap (and illiquid). Hikari owns XXXX% Mcap: XX billion ($68m USD) P/E: XXX Dividend: XXX% FCF is significantly higher than net income. FCF was XXX billion for FY25"  
[X Link](https://x.com/AltayCapital/status/1945669814594519191) [@AltayCapital](/creator/x/AltayCapital) 2025-07-17T02:20Z 13.2K followers, 10.9K engagements


"Masacap has been right about cable internet companies for YEARS. All of fintwit was super bullish $CHTR and $CABO. These names made the entire fintwit podcast circuit many times. Reality was that fixed wireless is a real competitor. He was one of the few vocal bears"  
[X Link](https://x.com/AltayCapital/status/1951049586501624313) [@AltayCapital](/creator/x/AltayCapital) 2025-07-31T22:37Z 13.1K followers, 13.8K engagements


"IBKR is a #2 shareholder with 8.54%. I'm a tiny portion of that. This is a basket size position not a high conviction bet. Rarely do you see IBKR as such a high %. Hikari Tsushin can't be excited about core biz but they prob would love to get that cash to invest. Maybe something like what they did with 3770 (stock for stock buyout) but problem with that thinking is 3770 was capital light and way less employees. So not sure that's in the cards here. Also no clear path of 50%+ holding for htem like had with 3770"  
[X Link](https://x.com/AltayCapital/status/1952224482376175867) [@AltayCapital](/creator/x/AltayCapital) 2025-08-04T04:26Z 13.2K followers, 2324 engagements


"@himichaelhe @japan_guru_x Wow. Big runs on those. Hankyu Hanshin did well today which I own"  
[X Link](https://x.com/AltayCapital/status/1978707992817156137) [@AltayCapital](/creator/x/AltayCapital) 2025-10-16T06:22Z 13.2K followers, XXX engagements


"Big news. Corporate governance code in Japan being updated for the first time in X years. Listed companies will be REQYURED to explain whether they are using their cash appropriately and not just hoarding it. They must provide explanations to shareholders"  
[X Link](https://x.com/AltayCapital/status/1979558843500859680) [@AltayCapital](/creator/x/AltayCapital) 2025-10-18T14:43Z 13.2K followers, 43.1K engagements


"@Vulpescap Collect your dividend which is almost 3x greater than cost to borrow. Tailwinds today are TSE reforms and upcoming corp governance code changes regarding cash hoarding. Beyond that no obvious catalyst. If there was you would be able to buy it at net net valuation"  
[X Link](https://x.com/AltayCapital/status/1980139111253221649) [@AltayCapital](/creator/x/AltayCapital) 2025-10-20T05:08Z 13.2K followers, XXX engagements


"@WelfareCapLLC @CapStructKing @taobanker IMO no. If you want exposure to cheap Japan prob best to just buy Hikari Tsushin stock. If you can't then tbh $ORR etf has almost half ish worth of Japan exposure last I checked and they were all incredibly cheap"  
[X Link](https://x.com/AltayCapital/status/1980140803633914020) [@AltayCapital](/creator/x/AltayCapital) 2025-10-20T05:15Z 13.2K followers, XXX engagements


"@Billypasdemates I own 9042 as well. Fair value vs book value disclosure in annual report shows massive unrealized gains. It's stupid cheap"  
[X Link](https://x.com/AltayCapital/status/1980177970531819932) [@AltayCapital](/creator/x/AltayCapital) 2025-10-20T07:43Z 13.2K followers, XXX engagements


"@puppyeh1 @ClarkSquareCap Have you looked at Sanken Electric (6707) Effissimo owns XX% and Oasis owns 8%. They own XX% of ALGM in the U.S. I bought a small position a few days ago but haven't done any work on it yet. Originally saw it here:"  
[X Link](https://x.com/AltayCapital/status/1800749321618612634) [@AltayCapital](/creator/x/AltayCapital) 2024-06-12T04:37Z 13.2K followers, 7229 engagements


"This doesn't necessarily mean dividends+buybacks but doing ANYTHING with the cash horde is seen as a positive. See 7887 which spent their mcap on an EU acquisition which looked bad to me but stock zoomed higher"  
[X Link](https://x.com/AltayCapital/status/1979559584558961009) [@AltayCapital](/creator/x/AltayCapital) 2025-10-18T14:45Z 13.2K followers, 4805 engagements


"Capital returns are improving. At differing paces by company. Keio committed to returning XX% of profits to shareholders. XX% ish via dividends rest via buybacks. Market hasn't rewarded them yet but consistent buybacks will reduce float and drive prices higher. See seibu. Even XX% buyback on rails can lead to huge price increases"  
[X Link](https://x.com/AltayCapital/status/1980177508483088858) [@AltayCapital](/creator/x/AltayCapital) 2025-10-20T07:41Z 13.2K followers, XXX engagements


"@TheLongHappy lmao. This thing is tiny and illiquid im not even looking at day to day moves on it. I'm sitting on the same shares I've had for a while now. Happy to collect my dividend while waiting for something to happen eventually"  
[X Link](https://x.com/AltayCapital/status/1980301545339310273) [@AltayCapital](/creator/x/AltayCapital) 2025-10-20T15:54Z 13.2K followers, XXX engagements

[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

@AltayCapital "@teddy_okuyama @Basteph_ Trading at a discount to NAV now. The business model doesn't work when it trdes below NAV. Issuing shares to buy BTC now is dilutive"
X Link @AltayCapital 2025-10-17T02:50Z 13K followers, XXX engagements

"@teddy_okuyama @Basteph_ Yes there are some tax advantages to owning it via metaplanet vs direct but you lose control entirely. I suspect this trades lower"
X Link @AltayCapital 2025-10-17T02:53Z 13K followers, XXX engagements

"@teddy_okuyama @Basteph_ I'm not sure I buy this. Selling covered calls aren't a free lunch. If bitcoin rockets they get called. You sell your upside"
X Link @AltayCapital 2025-10-17T03:52Z 13K followers, XXX engagements

"@ClarkSquareCap No shareholder returns 0.9x p/b. I remain neutral/slightly bearish. Problem with a name like this is that they could easily blow all their net cash on a random acquisition. IR said they were looking to make an acquisition a couple years ago"
X Link @AltayCapital 2025-10-17T07:04Z 13K followers, XXX engagements

"@japan_guru_x Remember how big the discounts were for BTC closed end funds If we get to those levels then these treasury companies make sense otherwise just buy the underlying imo"
X Link @AltayCapital 2025-10-17T13:25Z 13K followers, XXX engagements

"I find Tobu Railway (TYO 9001) pretty cheap. They own the Tokyo Skytree tower + mall beneath it. Book value is about 80b JPY. At a X% cap this is around 300b JPY. This is a trophy asset prob worth 2-3 cap. Hotel assets doing well too. Tourism beneficiary. P/E: 10x P/B: 0.9x"
X Link @AltayCapital 2025-10-20T05:42Z 13.2K followers, 11.5K engagements

"They could easily sell half or XX% to black stone or another asset manager and use proceeds to return cash or anything else. One of these companies sold a trophy office in Tokyo for a few billion earlier this year and stock has rocketed higher"
X Link @AltayCapital 2025-10-20T05:49Z 13.2K followers, 2992 engagements

"@CacheThatCheque I own like XXXX% of this company with my $33k ish position. It's an absolutely tiny co. Smallest co I own and way too small for most folks to get into and I wouldn't buy more given just how tiny it is"
X Link @AltayCapital 2025-10-19T14:53Z 13.2K followers, XXX engagements

"Seibu holdings another rail operator stock went vertical after selling a trophy asset. They used some of proceeds to repurchase shares. Like X% buyback iirc"
X Link @AltayCapital 2025-10-20T07:35Z 13.2K followers, 2323 engagements

"Hikari Tsushin increasing their stake in a company is a good vote of confidence. One of the better performers in my basket is Narasaki Sangyo (8085) which is up X% on Hikari increasing stake from XXXX% to 14.6%. Not a net-net but if you count investments it is"
X Link @AltayCapital 2025-07-25T00:11Z 13.1K followers, 3684 engagements

"What's the bull case for Aeon Co (TYO 8267) It's Japan's largest retailer that owns everything from supermarkets to shopping malls to drug stores. BVPS down since 2025 flat dividend (sub 1%) 90x P/E 4x book. Why would anyone be excited to own this"
X Link @AltayCapital 2025-07-25T00:48Z 13.1K followers, 6065 engagements

"Hikari Tsushin (9435) is buying out Zappallas (3770). Not surprising given they bought a massive stake earlier this year. They're paying XXXXXX per share of Hikari Tsushin per Zappallas (428 per share vs closing price of 387)"
X Link @AltayCapital 2025-07-25T07:31Z 13.1K followers, 5005 engagements

"What baffles me is how certain fintwit punters remain that the judge made the 'wrong' decision on $SAVE and that the case was objectively a slam dunk decision the other way. There is so much hubris and lack of self reflection. Smart lawyers were on opposite sides of the argument. Even non involved legal experts had conflicting views but the fintwit punters are certain that the judges are 'only human' and made a 'mistake'. These legal arb situations are complex and rarely is there ever a clear cut objective truth. It isn't physics"
X Link @AltayCapital 2025-08-30T21:40Z 13K followers, 18.7K engagements

"@tradingrust This was considered a possibility but it looks like they aim to codify it into the Corporate Governance Code in mid '26. This makes it more substantive now. It's a tailwind along with TSE reforms. Things move slowly in Japan"
X Link @AltayCapital 2025-10-19T01:01Z 13.1K followers, XXX engagements

"In Tokyo and I'm seeing a lot of this nanocap's carts being used by small businesses and delivery people. This is far from a sexy business but it's almost a double net net. Also realized recently HIKARI TSUSHIN (9435) owns 7.48%"
X Link @AltayCapital 2024-01-22T03:52Z 13.1K followers, 34.2K engagements

"Another Hikari Tsushin name (they own 7.3%). Posted about it in late '23 and it's up a bit over XXX% so far. It's grown to an double basket size position. Despite not being as cheap as before I'm holdong onto this one. A lot of Hikari Tsushin names have done very well"
X Link @AltayCapital 2025-08-01T01:57Z 13.1K followers, 4453 engagements

"This is a cheap name that has basically gone nowhere (owned for X yrs). Biz is meh. Hikari Tsushin has added to it in June XX 2025 and October 2024. They own XXXXX% (Counting just top XX shareholders). UH partners X not in top XX and owns another 0.44%. Illiquid name"
X Link @AltayCapital 2025-08-04T04:23Z 13.1K followers, 5957 engagements

"So many weird Japanese small caps. Zappallas (TYO 3770) for example is a $40m mcap Fortune Telling as a Service company. No joke. Uber model for fortune telling + a physical store Shutting down unprofitable U.S. biz and buying back stock. Turnaround working 10x op inc core biz"
X Link @AltayCapital 2024-04-03T00:08Z 13.2K followers, 48.6K engagements

"Amazing things happen when a company finds religion on shareholder returns. Sankyo is an excellent example It's also in an unloved industry"
X Link @AltayCapital 2025-06-11T00:28Z 13.2K followers, 39.1K engagements

"Another Hikari Tsushin name I own is Japan Oil Transportation (TYO 9074). It's not a net-net but very cheap (and illiquid). Hikari owns XXXX% Mcap: XX billion ($68m USD) P/E: XXX Dividend: XXX% FCF is significantly higher than net income. FCF was XXX billion for FY25"
X Link @AltayCapital 2025-07-17T02:20Z 13.2K followers, 10.9K engagements

"Masacap has been right about cable internet companies for YEARS. All of fintwit was super bullish $CHTR and $CABO. These names made the entire fintwit podcast circuit many times. Reality was that fixed wireless is a real competitor. He was one of the few vocal bears"
X Link @AltayCapital 2025-07-31T22:37Z 13.1K followers, 13.8K engagements

"IBKR is a #2 shareholder with 8.54%. I'm a tiny portion of that. This is a basket size position not a high conviction bet. Rarely do you see IBKR as such a high %. Hikari Tsushin can't be excited about core biz but they prob would love to get that cash to invest. Maybe something like what they did with 3770 (stock for stock buyout) but problem with that thinking is 3770 was capital light and way less employees. So not sure that's in the cards here. Also no clear path of 50%+ holding for htem like had with 3770"
X Link @AltayCapital 2025-08-04T04:26Z 13.2K followers, 2324 engagements

"@himichaelhe @japan_guru_x Wow. Big runs on those. Hankyu Hanshin did well today which I own"
X Link @AltayCapital 2025-10-16T06:22Z 13.2K followers, XXX engagements

"Big news. Corporate governance code in Japan being updated for the first time in X years. Listed companies will be REQYURED to explain whether they are using their cash appropriately and not just hoarding it. They must provide explanations to shareholders"
X Link @AltayCapital 2025-10-18T14:43Z 13.2K followers, 43.1K engagements

"@Vulpescap Collect your dividend which is almost 3x greater than cost to borrow. Tailwinds today are TSE reforms and upcoming corp governance code changes regarding cash hoarding. Beyond that no obvious catalyst. If there was you would be able to buy it at net net valuation"
X Link @AltayCapital 2025-10-20T05:08Z 13.2K followers, XXX engagements

"@WelfareCapLLC @CapStructKing @taobanker IMO no. If you want exposure to cheap Japan prob best to just buy Hikari Tsushin stock. If you can't then tbh $ORR etf has almost half ish worth of Japan exposure last I checked and they were all incredibly cheap"
X Link @AltayCapital 2025-10-20T05:15Z 13.2K followers, XXX engagements

"@Billypasdemates I own 9042 as well. Fair value vs book value disclosure in annual report shows massive unrealized gains. It's stupid cheap"
X Link @AltayCapital 2025-10-20T07:43Z 13.2K followers, XXX engagements

"@puppyeh1 @ClarkSquareCap Have you looked at Sanken Electric (6707) Effissimo owns XX% and Oasis owns 8%. They own XX% of ALGM in the U.S. I bought a small position a few days ago but haven't done any work on it yet. Originally saw it here:"
X Link @AltayCapital 2024-06-12T04:37Z 13.2K followers, 7229 engagements

"This doesn't necessarily mean dividends+buybacks but doing ANYTHING with the cash horde is seen as a positive. See 7887 which spent their mcap on an EU acquisition which looked bad to me but stock zoomed higher"
X Link @AltayCapital 2025-10-18T14:45Z 13.2K followers, 4805 engagements

"Capital returns are improving. At differing paces by company. Keio committed to returning XX% of profits to shareholders. XX% ish via dividends rest via buybacks. Market hasn't rewarded them yet but consistent buybacks will reduce float and drive prices higher. See seibu. Even XX% buyback on rails can lead to huge price increases"
X Link @AltayCapital 2025-10-20T07:41Z 13.2K followers, XXX engagements

"@TheLongHappy lmao. This thing is tiny and illiquid im not even looking at day to day moves on it. I'm sitting on the same shares I've had for a while now. Happy to collect my dividend while waiting for something to happen eventually"
X Link @AltayCapital 2025-10-20T15:54Z 13.2K followers, XXX engagements

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/creator/twitter::1501322545491968000/posts