Chofu Seisakusho (TSE:5946, Financial) is a Japanese industrial company engaged primarily in the manufacture of hot-water boilers. Though its core business does not participate in a growing industry segment, shares of Chofu rose during the quarter as crisis-rattled investors were attracted to the net cash on its balance sheet and market price below that of its liquidation value.
From First Eagle Investment (Trades, Portfolio)'s Global Value Team first-quarter 2020 shareholder commentary.
