| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 3296.20 | 12 |
| Intrinsic value (DCF) | 974.96 | -67 |
| Graham-Dodd Method | 2172.70 | -26 |
| Graham Formula | 4393.01 | 50 |
Restar Holdings Corporation (3156.T) is a leading Japanese electronics trading company specializing in semiconductors, electronic components, and system engineering services. Headquartered in Tokyo, the company operates globally, providing procurement solutions, reliability testing, and technology services. Restar also engages in the EMS (Electronics Manufacturing Services) business, system equipment distribution, and renewable energy production. With a diversified portfolio that includes vegetable factory operations and power supply solutions, Restar plays a crucial role in Japan's semiconductor and technology supply chain. The company, founded in 2009, has established itself as a key intermediary in the electronics industry, connecting manufacturers with end-users while supporting innovation in energy and agriculture. Its strong market presence in Japan and expanding international footprint make it a significant player in the global semiconductor distribution sector.
Restar Holdings presents a stable investment opportunity with moderate growth potential in Japan's semiconductor and electronics distribution sector. The company's diversified business model, spanning components trading, EMS, and renewable energy, provides resilience against market volatility. With a market cap of ¥65.4 billion and a low beta of 0.229, Restar offers defensive positioning in the tech sector. However, investors should note the company's high debt-to-equity ratio (¥118.3 billion total debt) and thin net margins (1.37% on ¥512.5 billion revenue). The ¥120 dividend per share represents an attractive yield, supported by positive operating cash flow of ¥15.7 billion. While not a high-growth play, Restar's established distribution network and steady cash flows may appeal to income-focused investors in the Japanese market.
Restar Holdings operates in the competitive Japanese semiconductor distribution market, where its key advantages include an extensive supplier network, technical expertise in reliability testing, and diversified service offerings. The company differentiates itself through vertical integration - combining component distribution with EMS and system engineering capabilities. However, as a mid-sized player, Restar lacks the global scale of larger multinational distributors. Its focus on the Japanese market provides local expertise but limits international growth potential compared to global peers. The company's foray into renewable energy and vegetable factories demonstrates strategic diversification beyond core electronics distribution. Restar's financial position shows stability (¥39.9 billion cash reserves) but constrained profitability (1.4% net margin), suggesting competitive pressures in its core trading business. The company's value proposition lies in its technical support services and domestic market knowledge rather than price competitiveness. Going forward, Restar's ability to maintain supplier relationships amid semiconductor shortages and expand its higher-margin engineering services will be crucial for competitive positioning.