The cheapest of Buffett's five Japanese holdings. A US tariff risk that may be mis-priced. And a 10GW power infrastructure portfolio that markets are largely ignoring.

Of Japan's Big Five sogo shosha, Marubeni Corporation is the one that attracts the least attention outside specialist circles — and that obscurity creates the valuation gap.

At ¥2,350 per share in May 2026, Marubeni trades at sub-9x forward earnings with a 3.5% dividend yield. That makes it the cheapest of the five on every standard metric. The discount versus Mitsubishi (10x) and Mitsui (9x) is almost entirely explained by one thing: grain tariff exposure via the Gavilon agribusiness in the US Midwest.

Our analysis suggests that tariff risk is real but partially overstated — and that the power infrastructure business hiding under Gavilon's noise is dramatically undervalued at current prices.

Two Very Different Businesses Under One Roof

Agribusiness: the tariff risk everyone is focused on.

Marubeni's agribusiness division is anchored by…