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Mallard Research

@MallardResearch

Looking for intrinsic value. Check out my substack for deep dives. Not investment advice.

mallardresearch.substack.com/p/medicine-counter-japans-dominant
Joined April 2024
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Sato Food Industries - $2824.T P/(NCAV+IS): 59% P/BV: 47% Negative EV
Mallard Research (@MallardResearch) profile pictureMallard Research@MallardResearch18 Feb 2025
New writeup out now! This time, I cover a stable & profitable Japanese net-net with a 150% of market cap covered by cash & securities. I expect profitability to improve from here, driving returns. TSE reforms are the cherry on top! 🇯🇵 Link in comments/bio
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The AI prescription reader by Hikari Tsushin Subsidiary, Kusurino Madoguchi $5592.JP
Image from Made in Japan 🇯🇵 (@InvestInJapan)
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One of the key elements of the $PESI thesis is its location just a few miles from the Hanford site. However, if the below cost of transporting LAW is accurate and permissions are sorted, it’s not really much of a moat. Small position, so I am trying to find holes in the thesis.
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The combo of existing permits + 6M gal capacity + 100.8k gal/week surge capability + being next door might be good enough though.
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Me looking at a Korean net-net trading below NCAV but hasn’t moved since the dinosaurs
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Mallard Research retweeted
Andy (@evfcfaddict) profile picture
Andy@evfcfaddictSep 28
Medical Facilities $DR.TO shares outstanding 5y chart (yes that`s -48%)
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Mallard Research retweeted
New Low Observer (@NewLowObserver) profile picture
New Low Observer@NewLowObserverSep 5
September 3, 2025: "There is rumbling underneath the surface in Japan. The foundation of which is the reforms at the TSE." 2814.T #Nikkei225 Thanks to @stoked_on_waves & @MallardResearch
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New Low Observer (@NewLowObserver) profile pictureNew Low Observer@NewLowObserver3 Sep 2025
"TSE reforms are the cherry on top!" There is rumbling underneath the surface in Japan. The foundation of which is the reforms at the TSE. 2814.T #Nikkei225 Thanks to @stoked_on_waves
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My first attempt at looking at Korean net-net's. For deep value connoisseurs only.
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substack.com/home/post/p-212…
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Up around ~70% since publication. On Friday they announced a 2-1 split and an expansion of their shareholder benefits program. We have seen both increased profits and shareholder returns which has helped the stock re-rate.
Mallard Research (@MallardResearch) profile pictureMallard Research@MallardResearch18 Feb 2025
New writeup out now! This time, I cover a stable & profitable Japanese net-net with a 150% of market cap covered by cash & securities. I expect profitability to improve from here, driving returns. TSE reforms are the cherry on top! 🇯🇵 Link in comments/bio
Image from Mallard Research (@MallardResearch)
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Obviously, not as cheap anymore and shareholders outside of Japan do not benefit from the digital coffee vouchers.
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Time to go net-net hunting in Korea
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Posted decent earnings today, up +12%. Will post a detailed overview this weekend.
Mallard Research (@MallardResearch) profile pictureMallard Research@MallardResearchAug 13
$5592.T operates Japan’s 🇯🇵 largest pharmacy reservation platform. • 34% EBIT CAGR • Network effects • Recurring revenue & high margins • Hikari Tsushin owns 40% • Proven management team Trading at a 40% discount to peers likely due to forced selling. Link in bio
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Mallard Research retweeted
Mallard Research (@MallardResearch) profile picture
Mallard Research@MallardResearchAug 13
$5592.T operates Japan’s 🇯🇵 largest pharmacy reservation platform. • 34% EBIT CAGR • Network effects • Recurring revenue & high margins • Hikari Tsushin owns 40% • Proven management team Trading at a 40% discount to peers likely due to forced selling. Link in bio
Image from Mallard Research (@MallardResearch)
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$5592.T operates Japan’s 🇯🇵 largest pharmacy reservation platform. • 34% EBIT CAGR • Network effects • Recurring revenue & high margins • Hikari Tsushin owns 40% • Proven management team Trading at a 40% discount to peers likely due to forced selling. Link in bio
Image from Mallard Research (@MallardResearch)
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mallardresearch.substack.com…
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After a year-long hiatus, I’ll publish a new deep dive tommorow! This stock came up on my Magic Formula screener recently. High growth, recurring revenue, network effects & favourable macro tailwinds. @InvestInJapan One of my favourite authors here has written a 2-pager on it.
Made in Japan 🇯🇵 (@InvestInJapan) profile pictureMade in Japan 🇯🇵
@InvestInJapan30 Jun 2025
By far my laziest idea. Some reasons I thought this Jocky bet $5592.JP was interesting 🧵 - Network Effects - Scale Benefits - Shareholder value+ IRR Focus - Disciplined M&A for Healthcare Software = Potential $CSU like strategy? - 20%+ Earnings growth projected but this could be sandbagging ??
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Earnings will be coming out this week so the goal is to finish editing by then 😅
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Biggest mistakes this Q Making $EVC only a 1% position Selling $TEA.AX due to macro noise Not buying $DBO.TO < 0.7 due to macro noise
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Value investing is finding a Herman Miller Aeron chair next to a dumpster.
Lee Roach (@leevalueroach) profile pictureLee Roach
@leevalueroachMar 30
If you’ve never climbed into a dumpster to find something to sell, you’re not a deep value investor. You’re just a guy who likes cheap P/E ratios
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Me to the world leaders after buying European chemical and construction stocks:
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