I've been an owner and fan of komehyo since around the 350 level when it was trading 6x Pe and looked like a nice sleepy value play with moderate growth prospects. The company is an operator of high end used goods shops with some prime real estate in areas like shinjuku. Walking around a shop is pretty mundane, although the inventory of Louis Vuitton handbags is truly shocking.
Recently the stock has been on fire and is on the brink of crossing the 1000 mark. January sales were strong at up 30% or so, but then again there have been some new store openings and this is aggregate rather than sss data.
I can't help but think he single biggest reason for the rerate was the ipo of rival kaitori okoku 3181 where the stock trades at 14x Pe.
I am looking to exit my position shortly once momentum looks to have run its course but will be sad to part with such a dear friend.
Given the strong slate of ipos this year there may be some fertile hunting grounds. Oisix looks interesting considering rock fields is also already a listed entity.
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