Adeka Corporation

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#1
Adeka Corporation (on Tokyo stock exchange) seems cheap quantitively. Has anyone looked into this stock?

It has the following three segments:
- Chemicals: about 75% of operating profit
- Food ingredients: about 10% of operating profit
- Fertilizer: about 8% of operating profit

It is part of the Furukawa group, and is listed in 1949. Over the past 10 years, revenue and NAV have roughly doubled while EPS has more than doubled.
It is currently net cash, and at today's price of around 2510 JPY, the PE is about 10, FCF yield (some of which belongs to minorities) averaged over last 2 years is around 8%, and dividend yield is around 3.8%. Trading at around 0.87 of book value.

They have a dividend policy of 40% of profit. Dividend withholding tax for non Japan residence is about 20%.

For a company that has growth significantly over 10 years and does not have much debt, currently valuation looks attractive compared to the Singapore companies I usually monitor. I do not know much about the qualitative aspects of this company, would appreciate if anyone can share more.
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