Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Tsi Holdings (3608 JP) is a leading apparel company in Japan. Net cash was 45 billion yen at end of February 2025, representing 58% of its current market cap.</li>
<li>The company has an excellent record of increasing its BPS, reducing outstanding shares, and buying back shares. Valuations have become more attractive.</li>
<li>Its share price has had a nice pullback in the past three months (down 22% from its peak levels in February 2025). </li>
</ul>


Tsi Holdings (3608 JP) is a leading apparel company in Japan. Net cash was 45 billion yen at end of February 2025, representing 58% of its current market cap.
The company has an excellent record of increasing its BPS, reducing outstanding shares, and buying back shares. Valuations have become more attractive.
Its share price has had a nice pullback in the past three months (down 22% from its peak levels in February 2025). 


TSI Holdings: Strong Growth in BPS and Aggressive Record of Share Buybacks

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>TSI Holdings long managed to get away with half-hearted reforms because it was so rich.</li>
<li>Operating losses in 1H2024 and falls in sales at key brands have spurred the company to finally take real action, the last of the big apparel firms to do so.</li>
<li>The good news is that the business is so bulging with inefficiencies that it won't take much to boost income.</li>
</ul>


TSI Holdings long managed to get away with half-hearted reforms because it was so rich.
Operating losses in 1H2024 and falls in sales at key brands have spurred the company to finally take real action, the last of the big apparel firms to do so.
The good news is that the business is so bulging with inefficiencies that it won't take much to boost income.


TSI to Cull Brands and 20% of Staff and Deliver Real Profits – Finally

<ul>
<li>Some of Japan’s big apparel firms are making a comeback, and only some of the recent growth is coming from department stores.</li>
<li>Most of the revival is thanks to direct sales through e-commerce and stores, and the increasingly seamless links between them.</li>
<li>Onward Holdings is one of the leaders in this renaissance and is delivering the same profits as it used to with 30% higher sales.</li>
</ul>


Some of Japan’s big apparel firms are making a comeback, and only some of the recent growth is coming from department stores.
Most of the revival is thanks to direct sales through e-commerce and stores, and the increasingly seamless links between them.
Onward Holdings is one of the leaders in this renaissance and is delivering the same profits as it used to with 30% higher sales.


Onward on the March: More Profit from Japanese Apparel Firms

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In April 2022, I wrote about <a href="https://www.smartkarma.com/entities/tsi-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:19259:1" rel="noopener">Tsi Holdings (3608 JP)</a> saying in the first three bullet points it could double in two years. It doubled in one. </li>
<li>They bought back shares held by JDB in April 2022, then they launched another buyback program in January 2023, and completed it last month.</li>
<li>Now they have launched another to buy back 8.46% with a ToSTNeT-3 for half on Monday AM. The rest is expected on market through end-March 2024.</li>
</ul>


In April 2022, I wrote about Tsi Holdings (3608 JP) saying in the first three bullet points it could double in two years. It doubled in one. 
They bought back shares held by JDB in April 2022, then they launched another buyback program in January 2023, and completed it last month.
Now they have launched another to buy back 8.46% with a ToSTNeT-3 for half on Monday AM. The rest is expected on market through end-March 2024.


TSI Holdings (3608) - Yet Another Big Buyback; Still Good, Still Cheap, Now W/ Engagement Investors

<ul>
<li>FY2022 was the best year in a decade for Japan’s big apparel firms. Brands benefitted from the return to shops, particularly department stores.</li>
<li>Some of the leaders used the pandemic to make further progress in rationalisation, diversification and omnichannel, creating solid foundations for further growth in market share.</li>
<li>Sanyo Shokai finally made a profit but has stuck to what it knows, which may lead to problems once the rebound dividend wanes.</li>
</ul>


FY2022 was the best year in a decade for Japan’s big apparel firms. Brands benefitted from the return to shops, particularly department stores.
Some of the leaders used the pandemic to make further progress in rationalisation, diversification and omnichannel, creating solid foundations for further growth in market share.
Sanyo Shokai finally made a profit but has stuck to what it knows, which may lead to problems once the rebound dividend wanes.


Big Apparel Revival: Onward up Again, Sanyo Finally Makes a Profit

Japan

TSI Holdings Company Ltd. manufactures men's and women's clothing, and retails women's clothing.  The Company produces and sells coats, dresses, suits, sweaters, shirts, skirts, and pants.

Price Gauge
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Tsi Holdings (3608 JP)

TSI to Cull Brands and 20% of Staff and Deliver Real Profits – Finally

TSI Holdings finally taking real action after operating losses and sales declines, with potential for easy income boost due to multiple...

Michael Causton

Onward on the March: More Profit from Japanese Apparel Firms

Japan's apparel industry is experiencing a revival, driven by direct sales through e-commerce and stores, with Onward Holdings leading the way...

Michael Causton

TSI Holdings (3608) - Yet Another Big Buyback; Still Good, Still Cheap, Now W/ Engagement Investors

Tsi Holdings (3608 JP) is +140% in 18mos. It's still cheap at <0.5x book and 80+% of market cap is non-operating net financial assets. H1 earnings...

Travis Lundy

Big Apparel Revival: Onward up Again, Sanyo Finally Makes a Profit

Japanese are buying clothing again which should boost even the major apparel firms but some are performing better than others, notably Onward and...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSI Holdings: Strong Growth in BPS and Aggressive Record of Share Buybacks

Tsi Holdings is a leading apparel company in Japan. Net cash is 58% of market cap. It has an excellent record of buying back shares. Recent pull...

Douglas Kim

TSI to Cull Brands and 20% of Staff and Deliver Real Profits – Finally

​TSI Holdings finally taking real action after operating losses and sales declines, with potential for easy income boost due to multiple...

Michael Causton

Onward on the March: More Profit from Japanese Apparel Firms

​Japan's apparel industry is experiencing a revival, driven by direct sales through e-commerce and stores, with Onward Holdings leading the way...

Michael Causton

TSI Holdings (3608) - Yet Another Big Buyback; Still Good, Still Cheap, Now W/ Engagement Investors

​Tsi Holdings (3608 JP) is +140% in 18mos. It's still cheap at <0.5x book and 80+% of market cap is non-operating net financial assets. H1 earnings...

Travis Lundy

Big Apparel Revival: Onward up Again, Sanyo Finally Makes a Profit

Japanese are buying clothing again which should boost even the major apparel firms but some are performing better than others, notably Onward and...

Michael Causton

TSI Holdings finally taking real action after operating losses and sales declines, with potential for easy income boost due to multiple...

Japan's apparel industry is experiencing a revival, driven by direct sales through e-commerce and stores, with Onward Holdings leading the way...

Tsi Holdings (3608 JP) is +140% in 18mos. It's still cheap at <0.5x book and 80+% of market cap is non-operating net financial assets. H1 earnings...