Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<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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52-week Range	0.00 - 0.00
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Tsi Holdings (3608 JP)

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

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52-week Range

Market Cap (USDm)

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