I made a new name a top 5 position recently. A bit bigger company at ~$450m. TOC (TYO 8841). Netting out NCAV+Inv Securities (¥40b), market values the co at ~¥24b. For 24b JPY you get the following properties in Tokyo (See pics). They own a bunch of buildings in Tokyo and lease them out.

Stock price today is ¥666. in 2007 the founding family offered ¥800 in a buyout. A third party DaVinci Advisors offered ¥1,100 then bumped their bid to ¥1,300 in a hostile bid. Not enough folks tendered so they failed. This was in 2007. BVPS has since grown from ¥470 to ¥1,136. This is a pretty low vol name too.

Great writeup on SmartKarma about them by Travis Lundy. CEO died recently (January) and will need to settle inheritence tax by November. Could serve as a catalyst.