Takasago Tekko (5458): A Profitable ¥3.3bn Nanocap near net-net @ 7.7x ntm P/E With ¥3.8bn of Appraised Rental Real Estate and a 36,009 sqm Tokyo Factory Site Carried at ¥2m (But worth ¥8bn+)

Factory site located in prime logistics hub where a previous steel site were redeveloped into major logistics project. Land could be worth ¥16bn+. We assume ¥8bn to be conservative.