Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>These shares are cheap on book (0.7x) and yield 2.2%. The company, the result of the merger in mid-2011 between Tokyo Style and Sanei International, has spent much of the last few years restructuring. It has closed unprofitable stores and reduced the number of brands it offers. This process is now largely over. It now has 34 brands vs. 61 in 2012 and of these, 19 have seen year on year sales growth this year vs. 11 last year. Its top 10 brands now account for about 60% of total sales. E-commerce…</p>

These shares are cheap on book (0.7x) and yield 2.2%. The company, the result of the merger in mid-2011 between Tokyo Style and Sanei International, has spent much of the last few years restructuring. It has closed unprofitable stores and reduced the number of brands it offers. This process is now largely over. It now has 34 brands vs. 61 in 2012 and of these, 19 have seen year on year sales growth this year vs. 11 last year. Its top 10 brands now account for about 60% of total sales. E-commerce…

TSI (3608) Cheap and Restructuring Is Now Over.

<p>This is the holding company formed in mid-2011 out of Sanei International and Tokyo Style. Together they now form the third largest apparel company in Japan by sales and 80% of its customers are women, 25-45 range (but depending on brand). Since the holding company structure has been put in place, costs have been slashed, stores have been closed and brands cut. In 2/12 there were 2,694 outlets, many loss making. Now there are 1,428. They may fall a bit from here but by and large the cull is…</p>

This is the holding company formed in mid-2011 out of Sanei International and Tokyo Style. Together they now form the third largest apparel company in Japan by sales and 80% of its customers are women, 25-45 range (but depending on brand). Since the holding company structure has been put in place, costs have been slashed, stores have been closed and brands cut. In 2/12 there were 2,694 outlets, many loss making. Now there are 1,428. They may fall a bit from here but by and large the cull is…

Cheap on Book (0.7x) & Yield 2.2%. Earnings Should Recover to 2/18. Happy to Hold the Shares for Now

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.

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Tsi Holdings (3608 JP)

TSI (3608) Cheap and Restructuring Is Now Over.

These shares are cheap on book (0.7x) and yield 2.2%. The company, the result of the merger in mid-2011 between Tokyo Style and Sanei...

Pearl Hill Advisors

Cheap on Book (0.7x) & Yield 2.2%. Earnings Should Recover to 2/18. Happy to Hold the Shares for Now

This is the holding company formed in mid-2011 out of Sanei International and Tokyo Style. Together they now form the third largest apparel company...

Pearl Hill Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)