Opened a small position in Kawasumi Laboratories. KL manufactures and sells medical devices relating to hemodialysis, blood banking, infusion therapy etc. The devices are mainly of a more simple and disposable nature.
It’s not wide moat medtech business, but more of a commodity market. However, the company has a very low valuation, is trading below NCAV and have a strong balance sheet. The company has been profitable during the last years, although poor margins as with most Japanese net-nets. Dividends looks ok and the company performed a 5% share repurchase last year.
Entered at ~0.63 of NCAV or 660¥.
|Market cap||14 400 M¥ (126 MUSD)|
|Total cash||15 501 M¥|
|Total liabilities||5 637 M¥|