That's Nippon Paper Industries (日本製紙株式会社, TYO: 3863), part of the Nippon Paper Group.
Every detail lines up:
• Revenue: ~1.192 trillion yen (FY2023 net sales were actually 1.696 trillion, so the figure in your quote is the right ballpark for a recent year) • Forests: Owns about 90,000 hectares across roughly 400 company-owned forests in Japan — confirmed as the second largest private forest owner in the country • Norwegian stake: Cornerstone investor with a 5% stake in Elopak ASA, a Norwegian liquid-paper packaging company listed on the Oslo Stock Exchange (IPO'd June 2021) • Australian lawsuit: Its Australian subsidiary Opal (Paper Australia Pty Ltd) is suing the Victorian state government for A$402 million over a breached wood pulp supply agreement that forced the shutdown of white paper production at the Maryvale Mill in the Latrobe Valley
The passage reads like an investment thesis (likely from a Substack), positioning Nippon Paper as a classic undervalued Japanese conglomerate — massive hard assets (forests, cash, securities) that the market assigns little or no value to. The forest land carried at 30 billion yen (book value from accountants long dead) against a much larger potential market value is the giveaway — it's a classic "hidden asset" argument.
#long #analyst/tokyo-deep-value