Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

Foreigners own 50% of this name. Although earnings have gone nowhere, and it looks like this will remain the case, the company is cash rich, has been cash flow positive, owns just under 10% in itself and trades at 0.65x book. As such it’s a buy for those with patience and who buy value. Unlocking this may take time, although management are aware of the need to improve returns to shareholders given the uninspiring market in which they operate.This is a furniture (30% of sales) and home centre…

Foreigners own 50% of this name. Although earnings have gone nowhere, and it looks like this will remain the case, the company is cash rich, has been cash flow positive, owns just under 10% in itself and trades at 0.65x book. As such it’s a buy for those with patience and who buy value. Unlocking this may take time, although management are aware of the need to improve returns to shareholders given the uninspiring market in which they operate.This is a furniture (30% of sales) and home centre…

Shimachu (8184) Very Cheap but Where Is It Going ?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<h2>The History</h2>In 2009, the private equity arm of <a href="https://www.smartkarma.com/entities/20668" target="_blank" data-smartkarma-citation="entities:20668:1">Mitsubishi Corp (8058 JP)</a> - called Marunouchi Capital - bought a 33.4% stake in <a href="https://www.smartkarma.com/entities/13616" target="_blank" data-smartkarma-citation="entities:13616:1">Joyful Honda Co Ltd (3191 JP)</a> - a Kanto-based home center operator - for about 20 billion yen. The company had sought the investment to grow out of its doldrums and expand prior to an IPO which was tentatively slated for 2013-2014. Joyful Honda is one the larger market cap stocks (at just under 200bn yen) in the home center operator sector. The above-mentioned IPO…

The HistoryIn 2009, the private equity arm of Mitsubishi Corp (8058 JP) - called Marunouchi Capital - bought a 33.4% stake in Joyful Honda Co Ltd (3191 JP) - a Kanto-based home center operator - for about 20 billion yen. The company had sought the investment to grow out of its doldrums and expand prior to an IPO which was tentatively slated for 2013-2014. Joyful Honda is one the larger market cap stocks (at just under 200bn yen) in the home center operator sector. The above-mentioned IPO…

Joyful Honda: HUGE Buyback TOB - Not Meant For You, and Still Rich

Japan

SHIMACHU CO., LTD. operates a furniture store chain and a home center chain based in Saitama Prefecture and the Tokyo metropolitan area.  The Company sells assembly required or Do-It-Yourself goods, household utensils, gardening tools, sporting goods, and leisure items.

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Shimachu Co Ltd (8184 JP)

Shimachu (8184) Very Cheap but Where Is It Going ?

Foreigners own 50% of this name. Although earnings have gone nowhere, and it looks like this will remain the case, the company is cash rich, has...

Pearl Hill Advisors

Joyful Honda: HUGE Buyback TOB - Not Meant For You, and Still Rich

The HistoryIn 2009, the private equity arm of Mitsubishi Corp (8058 JP) - called Marunouchi Capital - bought a 33.4% stake in Joyful Honda Co Ltd...

Travis Lundy

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