#3 October 2024 (9428.T)

We still consider market as highly overvalued. Our estimation of SPY fair price is 331 USD (cca 43% lower than current price).

Crops Corp.

Intrinsic value:     2300-2700 JPY

Purchasing price: 976 JPY

Cash on hand:     840 JPY/share

Total debt:           298 JPY/share