Furubayashi Shiko (TYO 3944) - A Deep Value Packaging Nanocap Trading at 9x P/E, 0.27x Book, and Well Below NCAV+Investments

Consistently Profitable but mediocre packaging business backed by under-marked land and a big securities portfolio, offset by an overpaid family chairman. Tiny ($16.4m mcap) and illiquid, but cheap