Recent Share Price: ¥2,200
Accounting: Japanese Accounting Standards
Fiscal Year: Mar. 31st
Market Cap: ¥8.8 billion ($81 million)
Industry: Basic Materials / Construction Material Wholesale
Marufuji Sheet Piling Co., Ltd. is a wholesaler of construction materials. They sell, store and transport items such as, steel sheet piles, steel plates, H-shaped steel, architectural steel processed products and reinforced soil wall products.
It operates through the following divisions: Sales, Factory, and Transportation.
| JPY (in Million) | 2017 | % | 2018 | % |
| Materials | 14,819 | 44.7% | 15,140 | 45.9% |
| Construction | 8,861 | 26.7% | 8,336 | 25.3% |
| Leasing | 3,829 | 11.5% | 3,769 | 11.4% |
| Transportation Contract | 3,009 | 9.1% | 3,112 | 9.4% |
| Processing Consignment | 2,637 | 8% | 2,590 | 7.9% |
The company was founded by Ryozo Fujimori in 1926 and is headquartered in Tokyo, Japan.
Their largest customer is Kajima Corporation, (one of oldest and largest constrution companies in Japan), which represented a little over 15% and 10% of total revenue in 2017 and 2018, respectively.
The company has two pieces of investment property on their books (¥1.5 billion) which they do not use in normal operations. One (land only) in the Kanagawa Prefecture and the other (land and building) in Fukushima Prefecture. Company also has ¥1 billion in LT Investments.
The Tokyo Olympics (2020) is putting added doubts in the near-term prospects, as investors may be concerned with possible lack of new projects. Low insider ownership is another concern.
In 2017, did a 1:10 reverse split. In 2018, bought back shares and put in treasury.
In the end, too cheap to ignore.
Financials
Disclosure: We own shares in Marufuji Sheet Piling Co Ltd (8046:TYO