Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

This is effectively a one product company (OEM speakers) and with one really big client (Apple), who caused it problems to 3/17 given a change in the spec of its iphone headphone connector (and resulted in two downward revisions). These problems are now behind the company and this year profits will be up over 3x on last year’s depressed levels. Operating profit was revised up from Y6bn to Y9.5bn after the release of 9 month results given a strong recovery in business with Apple. Longer term the…

This is effectively a one product company (OEM speakers) and with one really big client (Apple), who caused it problems to 3/17 given a change in the spec of its iphone headphone connector (and resulted in two downward revisions). These problems are now behind the company and this year profits will be up over 3x on last year’s depressed levels. Operating profit was revised up from Y6bn to Y9.5bn after the release of 9 month results given a strong recovery in business with Apple. Longer term the…

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

We initially screened for names that do not have a lot of cash relative to their short-term debt. We then went a step further and limited the universe to names that have bonds/loans coming due in the next 3 years. <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank Group Corp (9984 JP)</a> is the largest names to make the list. Softbank's Short-term debt to cash ratio (%) is 221%. Softbank has ¥1.5tn in cash &amp; short-term investments, compared to ¥3.9tn in short-term debt. <h2>Screen Criteria</h2><ol>
<li>Mkt-cap greater than ¥50bn</li>
<li>Short-term Debt to Cash is…</li>
</ol>

We initially screened for names that do not have a lot of cash relative to their short-term debt. We then went a step further and limited the universe to names that have bonds/loans coming due in the next 3 years. Softbank Group Corp (9984 JP) is the largest names to make the list. Softbank's Short-term debt to cash ratio (%) is 221%. Softbank has ¥1.5tn in cash &amp; short-term investments, compared to ¥3.9tn in short-term debt. Screen Criteria
Mkt-cap greater than ¥50bn
Short-term Debt to Cash is…


Names with Bonds Coming Due and Not a Lot of Cash...

This is effectively a one product company (OEM speakers) and with one really big client (Apple), who has caused it problems this year and resulted in two downward revisions. These problems now seem to be behind the company and next year could see profits jump 3 times from this year’s depressed levels. Longer term the company is trying to focus more on its automobile business, where it is indeed strong. Given this, the fact that the shares are below book (0.8x), yield 2% and have been a dreadful…

This is effectively a one product company (OEM speakers) and with one really big client (Apple), who has caused it problems this year and resulted in two downward revisions. These problems now seem to be behind the company and next year could see profits jump 3 times from this year’s depressed levels. Longer term the company is trying to focus more on its automobile business, where it is indeed strong. Given this, the fact that the shares are below book (0.8x), yield 2% and have been a dreadful…

Oversold on Apple Woes This Year, Next Year a Big Recovery and Shares Are Cheap.

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Event-Driven

Given that the iPhone 7 is expected to be pretty similar to the iPhone 6s, it is not surprising that the Japanese stock market has generally shown more interest in 2017's anticipated OLED / Glass offering. However, as more and more snippets about the iPhone 7 hit the rumour mills, the Japanese stock market is beginning to think that the iPhone 7 may prove to be rather more important for Japanese companies than originally thought.Perhaps the most important story circulating is that Apple is to…

Given that the iPhone 7 is expected to be pretty similar to the iPhone 6s, it is not surprising that the Japanese stock market has generally shown more interest in 2017's anticipated OLED / Glass offering. However, as more and more snippets about the iPhone 7 hit the rumour mills, the Japanese stock market is beginning to think that the iPhone 7 may prove to be rather more important for Japanese companies than originally thought.Perhaps the most important story circulating is that Apple is to…

IPhone 7 Implications for Japanese Stocks

Japan

Foster Electric Company, Limited manufactures and sells electric products and parts including speaker systems, audio amplifiers, headphones, and microphones. The Company specializes in OEM (Original Equipment Manufacture).

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