I think it functions much like the Morizumi in that the cutting and threading operations are separate, not combined like the Phil Wood machine.
The advantage of this is that you can cut a spoke in the threaded portion and the dies will pick up the original threads. My Morizumi will reliably rethread spokes when shortened by as little as two mm.
I would be interested to know if the Kowa also has this capability.
If you do a lot of spoke threading, you might want to consider mounting some kind of counter on it. I wish I had done that when I first bought it thirteen and a half years ago.
I intended to do it, even bought a little mechanical counter shortly after I bought the machine, but didn't get around to it until 10 years later.
I estimate I put somewhere around 50,000 spokes through it before I finally got around to mounting it.
In the 3 1/2 years since mounting the counter, I have put over 15,000 spokes through it.