Ce texte fait partie de la série proposée par notre ami-chroniqueur Laurent Muller.
Même si nous ne partageons pas tout-à-fait les mêmes principes d’investissement, nous nous sommes trouvés énormément de points communs et les raisonnements développés par Laurent nous ont paru marqués par le sceau du bon sens.
Il nous a semblé intéressant de vous faire profiter de ces raisonnements et c’est la raison pour laquelle Laurent tiendra, sur ce blog et à intervalles réguliers, une chronique présentant ses principes d’investissement.
Ce sera l’occasion de débattre avec l’équipe des daubasses mais aussi avec vous, ami( e) lecteur(trice) des sujets qui seront développés par notre ami.
Début octobre 2014, j’ai effectué une recherche d’opportunités d’investissement sur marché actions japonais, comme le nombre d’opportunités sur marchés US et UE semblait plus limité. J’ai trouvé un nombre important d’opportunités potentielles sur ce marché, comparativement aux autres marchés cités, ce à quoi je ne m’attendais pas a priori.
J’ai effectué une sélection de 17 entreprises, qui me paraissaient intéressantes, du point de vue de la divergence prix / valeur, certaines étant même bénéficiaires, en plus de la décote sur actifs tangibles. Je suis actuellement actionnaire de ces entreprises (sauf de la première de la liste, qui a fait l’objet d’une OPA).
Mises en garde
Ne lisant pas le japonais, je n’ai malheureusement pas pu étudier les rapports financiers de ces entreprises mais simplement les données financières annuelles disponibles sur le site Business Week avec toutes les approximations / erreurs que cette approche peut comporter (notamment d’encodage, comme j’en ai moi-même constaté sur d’autres titres). Je n’ai donc pas étudié les éléments suivants, en particulier:
* Business model * Structure du capital * Nombre et répartition des clients * CA local / international * Rapports trimestriels * Autres nouvelles * Flottant * Maturité de la dette * Programme de rachat d’actions * Dilution potentielle * Management * Problèmes judiciaires éventuels * Engagements hors bilan * Etc…
Par ailleurs, le marché japonais présente des spécificités, accentuant encore le niveau de risque :
- Evolution de la parité EUR / JPY (penser à se couvrir contre le risque de change, le cas échéant)
- Risques sismiques
- Population décroissante
- Poids de la dette publique
- Eventuelles différences dans les normes comptables
- Distance
Les données ci-dessous correspondent à la situation à la mi-octobre 2014. Le prix de certains titres ayant évolué significativement depuis cette date, il convient d’actualiser les calculs en fonction des cours actuels.
Sélection d’actions
3599
https://www.google.com/finance?q=Co-Cos … wwPhj4D4DA
Description: Co-Cos Nobuoka Co., Ltd. engages in planning, manufacturing, and selling uniforms and work supplies in Japan. The company sells its products to companies and government agencies, home improvement sector, and other workshops. Co-Cos Nobuoka Co., Ltd. was founded in 1901 and is headquartered in Fukuyama, Japan.
Capitalisation boursière: 3.32 B
Revenus
CA: 14.146 B
Revenu opérationnel: 0.560 B
Revenu net: 0.489 B
Bilan
Total de l’actif: 16.092 B
Actifs courants: 10.990 B (dont 4.076 B de stocks)
Immobilisations corporelles: 3.559 B
Investissements long terme: 1.474 B
Dettes: 5.121 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 0.362 B
CapEx (moyenne des 4 dernières années): 0.117 B
Ratios
Revenu opérationnel / CA: 3.96 %
Revenu net / CA: 3.46 %
P/E: 6.8 P/B: 0.30
Dettes / Total du passif: 31.8 %
Stocks / Actifs courants: 37.1 %
(Actifs courants – Dettes) / Capitalisation boursière: 1.77
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 2.84
Cash-flow opérationnel / CA : 2.56 %
CapEx / Cash-flow opérationnel: 32.3 %
7877
https://www.google.com/finance?q=TYO%3A … wAOf-IH4BQ
Description: Eidaikako Co., Ltd. manufactures, imports, and exports synthetic resin sheets. It offers synthetic resin molded articles, including interior and exterior parts for household appliances, residential interior and exterior building materials, interior and exterior parts for office furniture, vehicle floor mats, bath lids, kitchen supplies, pipe hangers, door frames, decking, piping cosmetic covers, window frames, plastic bamboos, wiring cosmetic covers, IC containers, IC trays, terminal block covers, lens covers for copy and fax machines, aircraft members, slide member escalators, elevators, etc. The company was founded in 1949 and is headquartered in Osaka, Japan.
Capitalisation boursière: 1.9 B
Revenus
CA: 6.331 B
Revenu opérationnel: 0.147 B
Revenu net: 0.191 B
Bilan
Total de l’actif: 7.876 B
Actifs courants: 4.890 B (dont 1.455 B de stocks)
Immobilisations corporelles: 2.482 B
Investissements long terme: 0.271 B
Dettes: 1.919 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 0.312 B
CapEx (moyenne des 4 dernières années): 0.092 B
Ratios
Revenu opérationnel / CA: 2.32 %
Revenu net / CA: 3.02 %
P/E: 9.9
P/B: 0.32
Dettes / Total du passif: 24.4 %
Stocks / Actifs courants: 29.8 %
(Actifs courants – Dettes) / Capitalisation boursière: 1.56
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 2.87
Cash-flow opérationnel / CA : 4.92 %
CapEx / Cash-flow opérationnel: 29.5 %
1906
https://www.google.com/finance?q=TYO%3A … wAPJjoCIDQ
Description: Hosoda Corporation engages in urban development, renovation, housing, and other seismic diagnosis activities in wooden detached house business in Japan. The company is also involved in commercial housing projects, corporate orders building, and remodeling and leasing businesses. It provides its services primarily in Tokyo, Kanagawa, Saitama, Chiba, Ibaraki, Fukushima, and Miyagi. Hosoda Corporation was founded in 1947 and is headquartered in Tokyo, Japan.
Capitalisation boursière: 2.3 B
Revenus
CA: 19.714 B
Revenu opérationnel: 0.667 B
Revenu net: 0.312 B
Bilan
Total de l’actif: 17.106 B
Actifs courants: 15.263 B (dont 13.109 B de stocks)
Immobilisations corporelles: 1.026 B
Investissements long terme: 0.689 B
Dettes: 11.635 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 0.399 B
CapEx (moyenne des 4 dernières années): 0.019 B
Ratios
Revenu opérationnel / CA: 3.38 %
Revenu net / CA: 1.58 %
P/E: 7.37
P/B: 0.42
Dettes / Total du passif: 68 %
Stocks / Actifs courants: 85.9 %
(Actifs courants – Dettes) / Capitalisation boursière: 1.58
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 2.02
Cash-flow opérationnel / CA : 2.02
CapEx / Cash-flow opérationnel: 4.76 %
5983
https://www.google.com/finance?q=Iwabuc … wAODiYCwCg
Description: Iwabuchi Corporation provides overhead lines for power, communication, signal, broadcasting, rail and electrical, and hardware industries in Japan. The company offers distribution line related products; information communication and telephone related products; broadband wireless disaster prevention related products; traffic signals, signs, schools, and sports facilities related products; concrete poles; and recycling products. It also provides synthetic resin electrical insulators; and electrical connection equipment. Iwabuchi Corporation was founded in 1950 and is headquartered in Matsudo, Japan.
Capitalisation boursière: 5.4 B
Revenus
CA: 10.709 B
Revenu opérationnel: 1.195 B
Revenu net: 0.689
Bilan
Total de l’actif: 17.952 B
Actifs courants: 10.192 B (dont 1.972 B de stocks)
Immobilisations corporelles: 6.088 B
Investissements long terme: 1.452 B
Dettes: 3.452 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 1.050 B
CapEx (moyenne des 4 dernières années): 0.467 B
Ratios
Revenu opérationnel / CA: 11.2 %
Revenu net / CA: 6.4 %
P/E: 7.84
P/B: 0.37
Dettes / Total du passif: 19.2 %
Stocks / Actifs courants: 19.3 %
(Actifs courants – Dettes) / Capitalisation boursière: 1.25
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 2.38
Cash-flow opérationnel / CA : 9.8 %
CapEx / Cash-flow opérationnel: 44.5 %
7565
https://www.google.com/finance?q=TYO%3A … wAO8qICgBg
Description: Mansei Corporation provides electronics technology products in Japan. The company is engaged in the provision of support services for the development and maintenance of electronic devices and multimedia systems; and sale of video and information machines. It also provides semiconductor products, such as high-density memory, one-chip micro computers, gate arrays, ASICs, etc.; and software for system design and development. In addition, the company provides computers for FA, flexible production systems, related control units, CAD/CAM systems NC, robots for industrial use, etc.; and operates a training school. Further, it offers industrial automation machinery; industrial components and equipment, which include drive control units, controllers, power distribution units, and rotary machines; various transport machines, such as elevators and escalators for buildings, condominiums, and public facilities; and equipment for shops, as well as housing related products. Mansei Corporation was founded in 1947 and is headquartered in Osaka, Japan.
Capitalisation boursière: 2.7 B
Revenus
CA: 20.406 B Revenu opérationnel: 0.536 B
Revenu net: 0.378 B
Bilan
Total de l’actif: 14.728 B
Actifs courants: 12.806 B (dont 0.582 B de stocks)
Immobilisations corporelles: 0.378 B
Investissements long terme: 1.477 B
Dettes: 6.827 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 0.152 B
CapEx (moyenne des 4 dernières années): 0.034 B
Ratios
Revenu opérationnel / CA: 2.63 %
Revenu net / CA: 1.85 %
P/E: 7.14
P/B: 0.34 Dettes / Total du passif: 46 %
Stocks / Actifs courants: 4.5 %
(Actifs courants – Dettes) / Capitalisation boursière: 2.21
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 2.35
Cash-flow opérationnel / CA : 0.74 %
CapEx / Cash-flow opérationnel: 22 %
7901
https://www.google.com/finance?q=TYO%3A … wQOB74HYBw
Description: Matsumoto Inc. is engaged in general commercial printing services in Japan. It prints albums, photo galleries, catalogs, posters, calendars, tickets, letterheads, brochures, leaflets, illustrations, and booklets. The company is also involved in wedding business, as well as in various color printing and bookbinding activities. The company was founded in 1932 and is headquartered in Kitakyushu, Japan.
Capitalisation boursière: 0.972 B
Revenus
CA: 2.796 B
Revenu opérationnel: 0.062 B
Revenu net: 0.071 B
Bilan
Total de l’actif: 4.629 B
Actifs courants: 2.407 B (dont 0.081 B de stocks)
Immobilisations corporelles: 1.840 B
Investissements long terme: 0.361 B
Dettes: 1.022 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 0.274 B
CapEx (moyenne des 4 dernières années): 0.164 B
Ratios
Revenu opérationnel / CA: 2.22 %
Revenu net / CA: 2.54 %
P/E: 13.7
P/B: 0.27
Dettes / Total du passif: 22 %
Stocks / Actifs courants: 3.4 %
(Actifs courants – Dettes) / Capitalisation boursière: 1.42
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 3.32
Cash-flow opérationnel / CA : 9.8 %
CapEx / Cash-flow opérationnel: 60 %
7887
https://www.google.com/finance?q=Nankai … wQOehoHwAg
Description: Nankai Plywood Co., Ltd. engages in the manufacture and the sale of construction interior materials in Japan. It offers storage materials, floor materials, stairs, ceiling materials, and other joinery, as well as provides made to ordered products. Nankai Plywood Co., Ltd. was founded in 1942 and is headquartered in Takamatsu, Japan.
Capitalisation boursière: 4.2 B
Revenus
CA: 14.542 B
Revenu opérationnel: 1.144 B
Revenu net: 0.787 B
Bilan
Total de l’actif: 19.756 B
Actifs courants: 10.927 B (dont 3.739 B de stocks)
Immobilisations corporelles: 6.005 B
Investissements long terme: 2.252 B
Dettes: 2.884 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 0.444 B
CapEx (moyenne des 4 dernières années): 0.301 B
Ratios
Revenu opérationnel / CA: 7.9 %
Revenu net / CA: 5.4 %
P/E: 5.34
P/B: 0.25
Dettes / Total du passif: 15 %
Stocks / Actifs courants: 25.1 %
(Actifs courants – Dettes) / Capitalisation boursière: 1.92
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 3.34
Cash-flow opérationnel / CA : 3.05 %
CapEx / Cash-flow opérationnel: 68 %
7399
https://www.google.com/finance?q=Nansin … wAODiYCwCg
Description: Nansin Co., Ltd. designs, develops, and manufactures wheels, casters, and related products. Its products include casters, logistics equipment, plastic products, die cast products, and industrial rubbers. The company is headquartered in Tokyo, Japan.
Capitalisation boursière: 3.2 B
Revenus
CA: 8.811 B
Revenu opérationnel: 0.825 B
Revenu net: 1.017 B
Bilan
Total de l’actif: 12.597 B
Actifs courants: 6.886 B (dont 1.695 B de stocks)
Immobilisations corporelles: 4.927 B
Investissements long terme: 0.584 B
Dettes: 4.561 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 0.847 B
CapEx (moyenne des 4 dernières années): 0.041 B
Ratios
Revenu opérationnel / CA: 9.36 %
Revenu net / CA: 11.54 %
P/E: 3.15
P/B: 0.40
Dettes / Total du passif: 36 %
Stocks / Actifs courants: 24.6 %
(Actifs courants – Dettes) / Capitalisation boursière: 0.73
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 2.27
Cash-flow opérationnel / CA : 9.61 %
CapEx / Cash-flow opérationnel: 4.84 %
6930
https://www.google.com/finance?q=TYO%3A … mUwQOxt4Aw
Description: Nippon Antenna Co., Ltd. manufactures and sells antennas and related large-scale systems primarily in Japan. The company provides antennas and receivers for terrestrial digital broadcasting; CATV equipment; satellite receiving systems; satellite communications receivers and various electronic equipment for TV reception; TV, communications, and marine antennas; filter/duplexers; and portable phone/PHS antennas. It also offers telecommunications installation and engineering services. The company was founded in 1953 and is headquartered in Tokyo, Japan.
Capitalisation boursière: 9.2 B
Revenus
CA: 20.034 B
Revenu opérationnel: 1.333 B
Revenu net: 0.856 B
Bilan
Total de l’actif: 27.159 B
Actifs courants: 21.532 B (dont 2.264 B de stocks)
Immobilisations corporelles: 2.810 B
Investissements long terme: 2.356 B
Dettes: 4.819 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 1.060 B
CapEx (moyenne des 4 dernières années): 0.521 B
Ratios
Revenu opérationnel / CA: 6.65 %
Revenu net / CA: 4.27 %
P/E: 10.75
P/B: 0.41
Dettes / Total du passif: 18 %
Stocks / Actifs courants: 10.5 %
(Actifs courants – Dettes) / Capitalisation boursière: 1.82
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 2.12
Cash-flow opérationnel / CA : 5.29 %
CapEx / Cash-flow opérationnel: 49 %
2117
https://www.google.com/finance?q=TYO%3A … wQOehoHwAg
Description: Nissin Sugar Manufacturing Co., Ltd. is engaged in refining and marketing sugar. The company also produces and sells sugar processed goods; and manages DO SPORTS PLAZA, a sports and fitness club. Its products include household pouch, millet sugar/calcium sugar, cup sugar, low calorie functional sweetener, sugar cubes, coffee sugar, gomme syrup, brown sugar/black honey/sugar, frost sugar confectionery, powdered sugar, rock candy/fruit liquor, fructose/fruit sugar, cup oligo, and products for business use. The company was formerly known as Nissin Sugar Manufacturing Holdings, Inc. and changed its name to Nissin Sugar Manufacturing Co., Ltd. in April 2013. Nissin Sugar Manufacturing Co., Ltd. was founded in 1950 and is headquartered in Tokyo, Japan.
Capitalisation boursière: 17.8 B
Revenus
CA: 51.878 B
Revenu opérationnel: 2.882 B
Revenu net: 1.931 B
Bilan
Total de l’actif: 56.880 B
Actifs courants: 27.323 B (dont 5.344 B de stocks)
Immobilisations corporelles: 13.381 B
Investissements long terme: 15.309 B
Dettes: 10.393 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 3.067 B
CapEx (moyenne des 4 dernières années): 0.288 B
Ratios
Revenu opérationnel / CA: 5.56 %
Revenu net / CA: 3.72 %
P/E: 9.22
P/B: 0.38
Dettes / Total du passif: 18.3 %
Stocks / Actifs courants: 19.6 %
(Actifs courants – Dettes) / Capitalisation boursière: 0.95
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 1.7
Cash-flow opérationnel / CA : 5.9 %
CapEx / Cash-flow opérationnel: 9.4 %
4033
https://www.google.com/finance?q=TYO%3A … wQOehoHwAg
Description: Nittofc Co., Ltd., together with subsidiaries, develops, manufactures, and sells chemical fertilizers and soil improvement materials. The company offers liquid, superphosphate, and blended fertilizers; and other chemicals. It also rents warehouses, stores, office buildings, and parking lots, as well as operates hotels that provide accommodation, seminars, meetings, and conferences. The company was founded in 1952 and is headquartered in Nagoya, Japan.
Capitalisation boursière: 18.5 B
Revenus
CA: 18.436 B
Revenu opérationnel: 2.113 B
Revenu net: 1.906 B
Bilan
Total de l’actif: 44.583 B
Actifs courants: 21.568 B (dont 4,672 B de stocks)
Immobilisations corporelles: 17.723 B
Investissements long terme: 4.693 B
Dettes: 5.489 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 2.144 B
CapEx (moyenne des 4 dernières années): 0.748 B
Ratios
Revenu opérationnel / CA: 11.46 %
Revenu net / CA: 10.34 %
P/E: 9.7
P/B: 0.47
Dettes / Total du passif: 12.3 %
Stocks / Actifs courants: 21.7 %
(Actifs courants – Dettes) / Capitalisation boursière: 0.87
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 1.83
Cash-flow opérationnel / CA : 11.2 %
CapEx / Cash-flow opérationnel: 35 %
6882
https://www.google.com/finance?q=TYO%3A … wwPhj4D4DA
Description: Sansha Electric Manufacturing Co., Ltd. manufactures and sells electric equipment, medical equipment, and semiconductor and its applied equipment in Japan and internationally. It provides semiconductor products, including discrete products comprising triac, thyristor, rectifier diode, and fast recovery diode products; and power modules, such as triac, thyristor, rectifier diode, fast recovery diode, soft recovery diode, and SBD products. The company also offers power supply products for metal surface treatment; grid connected photovoltaic central inverters; uninterrupted power sources; DcPower supplies/charging apparatus; electrical regulators; welding machines; and retrification devices. In addition, it is involved in the installation of machinery and equipment, electric wiring, and piping activities. The company was founded in 1933 and is headquartered in Osaka, Japan.
Capitalisation boursière: 7.0 B
Revenus
CA: 23.279 B
Revenu opérationnel: 2.493 B
Revenu net: 1.651 B
Bilan
Total de l’actif: 27.602 B
Actifs courants: 19.609 B (dont 4.213 B de stocks)
Immobilisations corporelles: 7.233 B
Investissements long terme: 0.179 B
Dettes: 10.847 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 1.865 B
CapEx (moyenne des 4 dernières années): 0.716 B
Ratios
Revenu opérationnel / CA: 10.7 %
Revenu net / CA: 7.1 %
P/E: 4.24
P/B: 0.42
Dettes / Total du passif: 39 %
Stocks / Actifs courants: 21.5 %
(Actifs courants – Dettes) / Capitalisation boursière: 1.25
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 2.29
Cash-flow opérationnel / CA : 8.0 %
CapEx / Cash-flow opérationnel: 38 %
1960
https://www.google.com/finance?q=TYO%3A … wQOB74HYBw
Description: Sanyo Engineering & Construction Inc. is primarily engaged in the electric facility construction business in Asia. The company is involved in the design and construction of electrical and instrumentation equipment in various buildings and production facilities, and environment-related and private finance initiative businesses; and air conditioning and ventilation equipment, and fire extinguishing equipment, as well as water supply, drainage, and sanitary equipment in various facilities and environment-related businesses, such as eco multi heat pump systems and ESCO.
It also renovates electric, air conditioning, and sanitary equipment in various facilities, as well as handles environment related business, including energy saving, eco multi heat pump systems, and ESCO. In addition, the company is engaged in electric power transmission works, electric power generation and substation works, underground line works, electric power distribution works, and wind-power generation equipment works, as well as technical development and applied products development.
Further, it is involved in the information and communication related works comprising iron communication tower works, steel pipe pole works, mobile phone base station works, and communication station house equipment works; and design and construction of optical fiber and metal communication line networks. Additionally, the company offers a range of services from project order receipt to design, construction, and maintenance of overseas electrical and mechanical equipment works.
It also offers fluorescent pull-out operation bars, gap-type defective insulator detectors, voltage detectors, and central monitoring and control systems; designs and fabricates high and low voltage distribution panels, power panels, control panels, and safety grounding tools for overhead electric lines; and is engaged in painting, interior finishing, and survey works. The company was founded in 1937 and is headquartered in Tokyo, Japan.
Capitalisation boursière: 10.4 B
Revenus
CA: 38.019 B
Revenu opérationnel: 1.090 B
Revenu net: 1.225 B
Bilan
Total de l’actif: 40.985 B
Actifs courants: 27.541 B (dont 0.262 B de stocks)
Immobilisations corporelles: 5.717 B
Investissements long terme: 7.672 B
Dettes: 11.762 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 0.556 B
CapEx (moyenne des 4 dernières années): 0.239 B
Ratios
Revenu opérationnel / CA: 2.87 %
Revenu net / CA: 3.22 %
P/E: 8.5
P/B: 0.36
Dettes / Total du passif: 29 %
Stocks / Actifs courants: 0.95 %
(Actifs courants – Dettes) / Capitalisation boursière: 1.52
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 3.20
Cash-flow opérationnel / CA : 1.46 %
CapEx / Cash-flow opérationnel: 43 %
7420
https://www.google.com/finance?q=TYO%3A … mUwQOxt4Aw
Description: Satori Electric Co., Ltd., through its subsidiaries, engages in the distribution of integrated circuits (ICs), discrete semiconductors, general electronic components, and electronic equipment in Japan and internationally. It offers semiconductors, electronic components, optical and electric cables/devices, system solutions, wireless solutions, embedded solutions, control equipment and components, factory automation systems, and displays and monitors. The company is also involved in the development and production of information control systems and switching devices; design of microprocessors and application specific ICs; and provision of production management consulting services. Satori Electric Co., Ltd. was founded in 1947 and is headquartered in Tokyo, Japan.
Capitalisation boursière: 12.3 B
Revenus
CA: 129.302 B
Revenu opérationnel: 1.582 B
Revenu net: 1.339 B
Bilan
Total de l’actif: 61.509 B
Actifs courants: 51.854 B (dont 8.572 B de stocks)
Immobilisations corporelles: 4.352 B
Investissements long terme: 3.119 B
Dettes: 32.026 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 2.216 B
CapEx (moyenne des 4 dernières années): 0.090 B
Ratios
Revenu opérationnel / CA: 1.22 %
Revenu net / CA: 1.04 %
P/E: 9.19
P/B: 0.42
Dettes / Total du passif: 52 %
Stocks / Actifs courants: 16.5 %
(Actifs courants – Dettes) / Capitalisation boursière: 1.61
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 1.97
Cash-flow opérationnel / CA : 1.71 %
CapEx / Cash-flow opérationnel: 4.1 %
4234
https://www.google.com/finance?q=Sun+A. … wAPJjoCIDQ
Description: Sun A. Kaken Co., Ltd. manufactures and sells various plastic composite products, packaging materials, and industrial materials in Japan. It offers flexible packaging materials for food products, liquids, pharmaceuticals, and sundry goods industries. The company also provides functional materials, such as films to protect components in fields, including optœlectronics and multimedia devices from scratches, dust, and contamination during manufacture, shipping, and storage. In addition, it offers industrial materials, such as adhesive tapes used in the distribution industry and the home. Sun A. Kaken Co., Ltd. was founded in 1942 and is headquartered in Tokyo, Japan.
Capitalisation boursière: 5.6 B
Revenus
CA: 33.024 B
Revenu opérationnel: 1.171 B
Revenu net: 0.832 B
Bilan
Total de l’actif: 30.148 B
Actifs courants: 20.815 B (dont 3.531 B de stocks)
Immobilisations corporelles: 5.722 B
Investissements long terme: 3.586 B
Dettes: 14.455 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 1.650 B
CapEx (moyenne des 4 dernières années): 0.249 B
Ratios
Revenu opérationnel / CA: 3.55 %
Revenu net / CA: 2.52 %
P/E: 6.73
P/B: 0.36
Dettes / Total du passif: 48 %
Stocks / Actifs courants: 17.0 %
(Actifs courants – Dettes) / Capitalisation boursière: 1.14
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 2.16
Cash-flow opérationnel / CA : 5.0 %
CapEx / Cash-flow opérationnel: 15.1 %
1828
https://www.google.com/finance?q=TYO%3A … DCwAP0pIEo
Description: Tanabe Engineering Corporation is engaged in plant, electric, mechatronics, and heat treatment businesses in Japan. The company is involved in the design, fabrication, installation, and execution of environmental plants, liquid compounding equipment, liquid compound and medicine automation equipment, power generation plants, towers, and tanks, as well as provides maintenance and overhaul services. It also plans, manufactures, constructs, and sells photovoltaic systems; creates and installs DCS/instrumentation PLC systems; constructs overhead electric power transmission wire equipment; and provides electrical and instrumentation equipment work to organic and inorganic plants.
In addition, it designs and manufactures various automatic machines, including bending mold quenching lines and automatic supply equipment of bar for spring; tape automatic winding and binding equipment; medicine automation and special equipment; glass substrate visual inspection devices; and glass substrate and laminate paper separation and transportation devices.
Further, the company designs and manufactures heating, warming, and dryness equipment; continuous type heat furnace; and auto dosing furnace Westomat equipment. Tanabe Engineering Corporation was founded in 1969 and is headquartered in Jœtsu, Japan.
Capitalisation boursière: 3.8 B
Revenus
CA: 25.174 B
Revenu opérationnel: 0.889 B
Revenu net: 0.513 B
Bilan
Total de l’actif: 20.843 B
Actifs courants: 14.848 B (dont stocks de 0.671 B)
Immobilisations corporelles: 5.057 B
Investissements long terme: 0.480 B
Dettes: 10.454 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 0.957 B
CapEx (moyenne des 4 dernières années): 0.619 B
Ratios
Revenu opérationnel / CA: 3.53 %
Revenu net / CA: 2.04 %
P/E: 7.4
P/B: 0.37
Dettes / Total du passif: 50 %
Stocks / Actifs courants: 4.5 %
(Actifs courants – Dettes) / Capitalisation boursière: 1.16
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 2.49
Cash-flow opérationnel / CA : 3.8 %
CapEx / Cash-flow opérationnel: 65 %
6298
https://www.google.com/finance?q=TYO%3A … wAOI44GYDA
Description: Y.A.C. Co., Ltd. Provides various electronic equipment and products in Japan and internationally. Its Memory Disc division manufactures and sells hard disk related manufacturing equipment and infrared radiation heating devices and surface removers. It also offers burnishers, UV curing machines, hard disk conveyors, automatic machines, conveyor systems for semiconductors, clean room consumables, infrared radiation heaters, and heating assembly devices.
This division also provides conveyor, handling, and automatic machines.
The company’s Photovoltaics division develops, manufactures, and sells crystalline solar cell manufacturing equipment comprising solar water and cell manufacturing tools, and research and development tools. Its Plasma System division provides dry etching, dry ashing, desktop plasma ashing, and annealing furnace systems.
The company’s Field Emission Lamp division develops, manufactures, and sells electron emission sources for field emission lamps. This division provides field emission lamps and nano-diamond emitters for various applications, such as medical uses, sterilization, and electron sources, as well as for car lights. Its Semiconductor division manufactures and sells semiconductor related equipment, including various series of IC handlers.
The company’s Cleaning division develops, manufactures, and sells cleaning machines, such as shirt finishing systems, wool and uniform finishers, tumblers, bagging systems, and sorter products, as well as apparel equipment. This division serves apparel, laundry and dry cleaning, and linen supply industries. Y.A.C. Co., Ltd. was founded in 1973 and is headquartered in Akishima, Japan.
Capitalisation boursière: 5.7 B
Revenus
CA: 14.527 B
Revenu opérationnel: 0.428 B
Revenu net: 2.229 B
Bilan
Total de l’actif: 22.587 B
Actifs courants: 16.792 B (dont 2.739 B de stocks)
Immobilisations corporelles: 4.227 B
Investissements long terme: 1.246 B
Dettes: 5.122 B
Cash-flow
Cash-flow opérationnel (moyenne des 4 dernières années): 0.930 B
CapEx (moyenne des 4 dernières années): 0.039 B
Ratios
Revenu opérationnel / CA: 2.94 %
Revenu net / CA: 15.3 %
P/E « fictif »: 2.56 (éléments exceptionnels en 2013)
P/B: 0.33
Dettes / Total du passif: 23 %
Stocks / Actifs courants: 16.3 %
(Actifs courants – Dettes) / Capitalisation boursière: 2.05
(Actifs courants + immobilisations corporelles – Dettes) / Capitalisation boursière: 2.79
Cash-flow opérationnel / CA : 6.4 %
CapEx / Cash-flow opérationnel: 4.2 %
Conclusion
J’ai été positivement surpris, lors de mon étude du marché japonais, par le nombre d’opportunités potentielles, sur le papier. Néanmoins, l’accès à ce marché présente une dissymétrie d’information du fait de la barrière de la langue et des spécificités qui augmentent le niveau de risque en conséquence. Dans ce contexte, la prudence s’impose.
Cette liste est fournie à titre purement informatif et ne constitue en rien un conseil d’achat.
