Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>This year’s operating profit forecast of Y71.3bn is conservative. The consensus is for Y80bn which we suspect is too high. Management concede that assuming the Kabarai issue is now behind them, the operating environment is such that profits growth will be pedestrian at best (3-5% at the operating level) over the next few years. The resumption in dividend payments may help sentiment but as the shares are on 3x book, we see better alternatives elsewhere in this space.</p><p>3/17 saw the company take a…</p>

This year’s operating profit forecast of Y71.3bn is conservative. The consensus is for Y80bn which we suspect is too high. Management concede that assuming the Kabarai issue is now behind them, the operating environment is such that profits growth will be pedestrian at best (3-5% at the operating level) over the next few years. The resumption in dividend payments may help sentiment but as the shares are on 3x book, we see better alternatives elsewhere in this space.3/17 saw the company take a…

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.

<p>With a couple weeks left before year-end Earnings Season really starts up there is still time for companies to adjust their full-year guidance. We went back over the last 7 years to find which companies historical wait until the last minute to adjust numbers. To eliminate noise we only screened for Net Income guidance changes greater than absolute 10%.</p><h2>Screen Criteria</h2><ol>
<li>Earnings Results were always announced in May (Do want to pick up any rollovers)</li>
<li>Only March year-end names</li>
<li>The guidance change is…</li>
</ol>

With a couple weeks left before year-end Earnings Season really starts up there is still time for companies to adjust their full-year guidance. We went back over the last 7 years to find which companies historical wait until the last minute to adjust numbers. To eliminate noise we only screened for Net Income guidance changes greater than absolute 10%.Screen Criteria
Earnings Results were always announced in May (Do want to pick up any rollovers)
Only March year-end names
The guidance change is…


Which Companies in Japan Revise Guidance in April....

Japan

ACOM CO., LTD is a consumer financing company.  The Company provides financial services such as secured/unsecured loans and consumer installment credits.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Acom Co Ltd (8572 JP)

Acom (8572) - All in the Price for Now

This year’s operating profit forecast of Y71.3bn is conservative. The consensus is for Y80bn which we suspect is too high. Management concede that...

Pearl Hill Advisors

Which Companies in Japan Revise Guidance in April....

With a couple weeks left before year-end Earnings Season really starts up there is still time for companies to adjust their full-year guidance. We...

Custom Products Group

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)