Independent Research on Japan’s Small & Mid Caps

AutoServer: Asset-Light Auto Platform At A Discount

B2B Used-Car Trading Platform (ASNET) · Market cap ≈ ¥20.9bn (US$133m) · FY25 ended Dec 2025 · Prices as of 30 Oct 2026 · Updated for Q3 results (11 Nov 2026) Adhik Ramanathan, CFA · adhik@navaresearch.com Disclaimer: This research is intended solely for professional and institutional investors (in Japan, registered investment

Ryobi: Japan's Leading Auto Die Caster at 0.5× Book

Aluminum Die Casting for Autos · Market cap ≈ ¥79.4bn · FY25 ended Dec 2025 · Prices as of 10 Nov 2026 · November 2026 Adhik Ramanathan, CFA · adhik@navaresearch.com Disclaimer: This research is intended solely for professional and institutional investors (in Japan, registered investment management businesses and trust banks acting for institutional