Independent research on Japanese SMID & growth equities. 13 yrs in software verification (Veriserve/SCSK), then 6 yrs in corporate strategy at Deloitte.

Tokyo
Joined March 2023
JPARCVUE retweeted
Mebuki Financial Group, Inc. (7167): TTM ROA rose from 0.15% to 0.44%. Analysis by separating the interest rate effect from the own efforts in numbers jparcvue.substack.com/p/mebu…
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JPARCVUE retweeted
MANI,INC. (7730) FY2026 Full Year Earnings (Sep.1, 2025 - Aug. 2026) Analysis jparcvue.substack.com/p/mani…
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JPARCVUE retweeted
なんだか停滞してるな、って時は必ず見直す 大好きな言葉。
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MANI,INC. (7730) FY2026 Full Year Earnings (Sep.1, 2025 - Aug. 2026) Analysis jparcvue.substack.com/p/mani…
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「努力と根性というといまは敬遠されがちですが、何がいけないのか僕には分かりません」 中日ドラゴンズの監督に就任した工藤公康さん。 現役時代はピッチャーとして224もの勝星を重ね、11度の日本一に貢献。 さらに監督としても7年間でチームを5度日本一へと導いた工藤公康さん。 しかし意外にも、プロ入り当初は周りとの差に落ち込む日々が続いたといいます。 そんな工藤さんが頭角を現すきっかけになったのが、入団3年目、アメリカのマイナー・リーグへの留学でした。 マイナーの選手たちは収入が少なく、粗末な食事に耐え、使い古したグローブを使う、という過酷な環境にもかかわらず、皆、死に物狂いで頑張っている。 どの選手も「俺はこんなところで終わる人間じゃない」と、自分の可能性を全く疑うことなく挑戦を続けている姿に、衝撃を受けたと言います。 自分の甘さを大いに反省し、帰国後、周りがサボろうが、遊びに行こうがそっちのけで、ひたすら練習を続けた工藤さん。 その結果、3か月で球速が10キロも上がり、そこから自分を変えていくことができたと振り返っています。 そうした体験を踏まえ、工藤さんが語る言葉には、「努力」と「根性」を敬遠しがちな現代人に重要な示唆を与えてくれます ↓ 「努力と根性というといまは敬遠されがちですが、何がいけないのか僕には分かりません。 『俺は誰よりも努力した』と思えるくらい練習に耐え抜いてこそ、マウンドの上で自信を持って投げられます。 こういう姿勢に欠ける選手は、どんなに素質があってもプロでやっていくのは難しいでしょう。 努力と根性は最高の言葉だと僕は思います」 📕実行こそが道を開く—— #工藤公康 さんと、 手術成功率98・7%を誇る小児心臓外科医・ #高橋幸宏 さんの対談は 「HP・WEBchichi」でチェック✅️👇️ chichi.co.jp/info/chichi/pic… #工藤監督 #工藤さん #中日 #ドラゴンズ #中日ドラゴンズ
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この人の話し方ってマジで強さを感じる!! 誰にも憧れた人がいない監督はマジで強そう!!!
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JPARCVUE retweeted
この怖さが頼もしすぎる
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Mebuki Financial Group, Inc. (7167): TTM ROA rose from 0.15% to 0.44%. Analysis by separating the interest rate effect from the own efforts in numbers jparcvue.substack.com/p/mebu…
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substack.com/@jparcvue/note/… Mebuki Financial Group (7167) earnings trend The chart shows core profit, net income and ROE on a trailing twelve month basis. The period runs from FY2018 Q1 to FY2026 Q1. Core profit went from 68.7 billion yen to 128.4 billion yen Net income went from 44.5 billion yen to 96.4 billion yen ROE went from 4.96% to 8.65% ROE hit lows of 3.13% in FY2020 Q3 and 3.16% in FY2023 Q2. The latest figure is 8.65%. Note that the fiscal year starts in April. ROE is net income for the past twelve months divided by net assets at period end. Core profit is for the two banks combined, Joyo Bank and Ashikaga Bank. Net income is consolidated. I plan to publish an article on Mebuki Financial Group (7167) on Thursday, October 15, Japan time.
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Sansan's quarterly revenue growth in perspective... my view is that Freee's business is significantly more moaty
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JPARCVUE retweeted
Sansan (4443): Q1 Earnings FY2026 (June 1, 2026 to August 31, 2026) jparcvue.substack.com/p/sans…
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Sansan (4443): Q1 Earnings FY2026 (June 1, 2026 to August 31, 2026) jparcvue.substack.com/p/sans…
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JPARCVUE retweeted
The average daily trading value in Japanese stocks was 10.27 trillion yen from January to September 2026. 2023 4.11 trillion yen 2024 5.40 trillion yen 2025 6.21 trillion yen January to September 2026 was 10.27 trillion yen The 2026 level is about 2.5 times the 2023 level. The Nikkei 225 closed 2023 at 33,464 yen. On October 6, 2026, it closed at 70,684 yen, above the 70,000 level. Both stock prices and trading value are now at much higher levels than before. substack.com/profile/5108507…
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JPARCVUE retweeted
substack.com/@jparcvue/note/… NISA (Nippon Individual Savings Account) is a Japanese program that makes investment gains and dividends from stocks and funds tax free. I think there is still room for more accounts. The government aims to reach 34 million NISA accounts by the end of 2027. At the end of 2025, there were 28.21 million Accounts equal about 27% of the population aged 20 and over 36.6% of accounts made no purchase at all in 2025 (about 10.45 million accounts) Accounts grew from 8.25 million in 2014 to 28.21 million at the end of 2025 Room remains for more accounts to use this tax benefit. I think this can be one factor that supports Japanese stocks.
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JPARCVUE retweeted
substack.com/@jparcvue/note/… Japanese households could be long term buyers of Japanese stocks. I lined up the flow of funds data from 2000. Cash and deposits held by Japanese households grew from ¥759 trillion in 2000 to ¥1,132 trillion at the end of June 2026 Over the same period, the share of stocks, investment trusts and bonds in their financial assets rose from 14.4% to 28.5% The government has set a target to raise this share to 40% by 2040 If it reaches 40%, the gap is about ¥290 trillion (estimated from total financial assets at the end of June 2026) The cash share is 44.9%, the lowest since 2000. Still, nearly half is held in cash I think steady buying demand can support the stock market. Source: Bank of Japan, Flow of Funds Accounts
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JPARCVUE retweeted
substack.com/@jparcvue/note/… 586A constituents, stock price changes over about three months Here are the stock price changes of the 20 constituents of the NEXT FUNDS Nikkei Entertainment & Content Stock Index ETF (586A), from July 14 to October 9, 2026. 17 stocks rose and 3 fell The largest gains were Bandai Namco Holdings (7832) up 39.5%, Capcom (9697) up 31.6%, and Sega Sammy Holdings (6460) up 30.7%
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JPARCVUE retweeted
substack.com/@jparcvue/note/… The US Treasury “Fear Gauge” and the Stock Market The MOVE index, which measures expected bond market volatility, jumped from late September and reached the 110s in early October. It has since eased to around 98. The VIX, which measures expected stock market volatility, is near 15. The two markets show different levels of caution.
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