Mimaki Engineering Co., Ltd. (TSE:6638) shares have had a really impressive month, gaining 26% after a shaky period beforehand. Notwithstanding the latest gain, the annual share price return of 7.2% isn’t as impressive.

Although its price has surged higher, given about half the companies in Japan have price-to-earnings ratios (or “P/E’s”) above 14x, you may still consider Mimaki Engineering as an attractive investment with its 7x P/E ratio. Nonetheless, we’d need to dig a little deeper to determine if there is a rational basis for the reduced P/E.

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With earnings growth that’s superior to most…