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…

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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Foster Electric (6794 JP)

Foster Electric (6794) All Priced in Now

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...

Pearl Hill Advisors

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

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...

Pearl Hill Advisors

IPhone 7 Implications for Japanese Stocks

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...

Pelham Smithers Associates

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