Comments on: 5 big Japanese Graham net nets

By: Robert Pio Molloy

Robert Pio Molloy — Wed, 10 Feb 2010 18:10:44 +0000

It’s interesting that Amada should be mentioned.

I remember Peter Cundhill talking about them in a video that’s been posted by the Richard Ivey Business School – http://www.bengrahaminvesting.ca/Resources/Video_Presentations/Cundill.htm

That video is nearly five years old now, so I wouldn’t go holding my breath about value being recognised in Japan anytime soon!

By: William Mitchell

William Mitchell — Wed, 10 Feb 2010 16:14:21 +0000

But in these 5 cases at least, management appears to do the right thing consistently, whatever the shareholder rights situation.

By: Jules

Jules — Wed, 10 Feb 2010 13:38:24 +0000

Another one: Nippon Game Card (stock code: 6261)

By: rich

rich — Wed, 10 Feb 2010 12:59:16 +0000

the “weak shareholder rights” and corporate governance issues continue to be real issues in Japan. there is no path to control to force the companies to liquidate unlike the US or other jurisdictions so you are reliant on Japanese managements to do the right thing which is highly problematic.

By: Jamie

Jamie — Wed, 10 Feb 2010 07:25:02 +0000

I read the report – not totally clear how Grice calculated his liquidation value from it, as I recall.
There are actually a ton of NCAV stocks still trading below $1bn but mainly micro-cap names, on regional bourses, with super low liquidity.
Check out chofu seisakusho or shingakukai – shingakukai actually trades at a discount not just to NCAV but to cash and ST securities.