https://www.tangiblebargains.com/s/trade-noteshttps://substackcdn.com/image/fetch/$s_!8MQw!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04ca6638-ce51-49be-a7f5-98e39552ebd6_800x800.pnghttps://www.tangiblebargains.com/s/trade-notesSubstackWed, 30 Sep 2026 22:56:57 GMThttps://www.tangiblebargains.com/p/trade-note-600269-opening-2026-08-26https://www.tangiblebargains.com/p/trade-note-600269-opening-2026-08-26Sat, 29 Aug 2026 05:09:44 GMTThe execution

Action: BUY · 600269 Company: Jiangxi Ganyue Expressway Co., Ltd. · SHSE:600269 Executed: 26 August 2026, 02:00:41 (IBKR Flex reported time) Position: 800 shares · CN¥3.87 average price · CN¥3,096 execution value · 1 fill

Why I did it

This is a small China operating-company position bought at a substantial discount to filing-derived tangible book. The operating, concession, and capital-allocation risks remain part of the live thesis record.

What changes the view

The key review points are the payout ratio after the capex cycle, related-party pricing, and whether the discount proves structural rather than temporary.

Related research

Browse the Company Write-Ups → The individual 600269 write-up is forthcoming.

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]]>https://www.tangiblebargains.com/p/trade-note-2415-opening-2026-08-24https://www.tangiblebargains.com/p/trade-note-2415-opening-2026-08-24Sat, 29 Aug 2026 05:09:39 GMTThe execution

Action: BUY · 2415.T Company: Human Holdings Co., Ltd. · TSE:2415 Executed: 24 August 2026, 01:40:15 (IBKR Flex reported time) Position: 100 shares · ¥1,655 average price · ¥165,500 execution value · 1 fill

Why I did it

This is the first non-US operating-company position under the new account. The position is deliberately small while the Japanese disclosure and ownership work stays under review.

What changes the view

I will revisit the position as the ownership and disclosure work closes, and as the company’s tangible-book economics either confirm or weaken the re-rating case.

Related research

Read the full Human Holdings write-up →

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]]>https://www.tangiblebargains.com/p/trade-note-shoe-opening-2026-08-17https://www.tangiblebargains.com/p/trade-note-shoe-opening-2026-08-17Sat, 29 Aug 2026 05:09:29 GMTThe execution

Action: BUY · SHOE Company: Shoe Station Group Inc. Executed: 17 August 2026, 15:59:07–15:59:12 (IBKR Flex reported time) Position: 33 shares · $15.4913 blended price · $511.21 execution value · 4 fills

Why I did it

This was the first name to clear the full screen under this account. The stock was cheap against tangible book and eligible for the F-Score process. The balance sheet did more work in the decision than the growth story.

What changes the view

I will revisit the thesis if supplier concentration, the rebanner and capital-allocation failure, or earnings deterioration worsens materially.

Related research

Read the full Shoe Station Group write-up →

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