Shibaura Machine Co.,Ltd. (6104.T)

Shibaura Machine Co.,Ltd. (6104.T) — VMCI valuation read

Headline read on 6104.T: VMCI of 56/100 versus a Industrials sector median of 50. The 6-point above-median position is what makes Shibaura Machine Co.,Ltd. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 6104.T: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 6104.T: value (6104.T trades at 17.0x earnings, 6% below the Industrials median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Industrials median (10.0%)), and risk (net debt to EBITDA of -1.2x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Industrials 12.0x baseline.

6104.T fell 3.0% over the trailing 7 days, with a -11.7% read on a 30-day basis.