Jiro Yasu presented his in-depth investment thesis on EM Systems (Tokyo: 4820) at Asian Investing Summit 2015.
- Largest software provider for dispensing pharmacies in Japan, 30% market share. EM entered clinic software market in
- 2011. EM has a large office building in Shin‐Osaka.
- EM’s building in Osaka could worth 66% to 100% of EM’s market cap.
- EM’s core business is a high-quality business and should be valued higher multiple.
- EM has been gaining market share by acquiring smaller competitors.
- Clinic software business has not been profitable. We expect the loss will get smaller in the coming years.
Separately, Jiro Yasu presented an update on the Japanese animation industry.
About the instructor:
Jiro Yasu has more than 15 years of investment experience in the Japanese equity markets including at Varecs Partners, First Eagle Investment Management and Daiwa Securities America. As the Representative Director of Varecs Partners, Jiro spearheads the investment firm’s efforts to identify mid-sized listed Japanese companies where corporate value can be realized for all stakeholders by working together with management. Jiro holds a BA in economics with a specialty in econometrics from Keio University.
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