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Portfolio update September 2025

A weak month for the portfolio, but with three deep dives published, plenty to think about.

Michael Fritzell Oct 2, 2025

This newsletter is now on Ghost

Summary: Asian Century Stocks has moved from Substack to another platform called Ghost. You don't have to do

Michael Fritzell Oct 1, 2025

Deep-dives

Bermaz Auto (BAUTO MK)

Ongoing Mazda product refresh and EV tax exemption expiry while 5x P/E

Michael Fritzell Sep 30, 2025

Japan

50 articles

Logizard (4391 JP)

Japan

Logizard (4391 JP)

Leading Japan warehouse management SaaS at 1.0x EV/Sales

Michael Fritzell Sep 7, 2025

Mercari (4385 JP)

Japan

Mercari (4385 JP)

Japan’s leading C2C trading app at 14x P/E with margin uplift potential

Michael Fritzell Aug 17, 2025

AeroEdge (7409 JP)

Japan

AeroEdge (7409 JP)

A Japanese version of Precision Castparts at 12x 2027e P/E

Michael Fritzell Jul 27, 2025

Hikari Tsushin's portfolio

Deep-dives

Hikari Tsushin's portfolio

Estimated reading time: 16 minutes

Michael Fritzell Jul 13, 2025

Kawai Musical Instruments (7952 JP)

Japan

Kawai Musical Instruments (7952 JP)

Top piano brand at 0.5x book with a new CEO and a 16% long-term ROE target

Michael Fritzell May 25, 2025

Anicom (8715 JP)

Japan

Anicom (8715 JP)

Japanese pet insurance company with secular growth at 13x P/E

Michael Fritzell Apr 27, 2025

Nippon Parking Development (2353 JP)

Japan

Nippon Parking Development (2353 JP)

Irreplaceable assets with +12% historical EPS CAGR at 13x P/E

Michael Fritzell Apr 13, 2025

Japan's top 2024 IPOs

Japan

Japan's top 2024 IPOs

Estimated reading time: 16 minutes

Michael Fritzell Feb 23, 2025

Poper (5134 JP)

Japan

Poper (5134 JP)

Japanese cram school SaaS service at 1.7x EV/Sales

Michael Fritzell Feb 16, 2025

Subaru (7270 JP) － 2025 update

Japan

Subaru (7270 JP) － 2025 update

Estimated reading time: 18 minutes

Michael Fritzell Jan 26, 2025

JD.com (JD US)

Japan

JD.com (JD US)

Trusted online retailer trading at a 9x P/E with a coming margin inflection

Michael Fritzell Jan 19, 2025

BASE Inc (4477 JP)

Japan

BASE Inc (4477 JP)

“Shopify of Japan” at 0.8x EV/Sales

Michael Fritzell Jan 11, 2025