Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>This is a small (market cap Y34bn) film production company, 42% of revenue comes from making ads, 21% from making its own films and/or TV programmes as well as dubbing and subtitle work and  25% from broadcasting (it owns differing stakes in 12 channels including the History Channel, Star Channel and the Playboy channel). In terms of profits, advertising and content are the key drivers but broadcasting should recover over the medium term. This year operating profit is forecast at Y2.9bn vs…</p>

This is a small (market cap Y34bn) film production company, 42% of revenue comes from making ads, 21% from making its own films and/or TV programmes as well as dubbing and subtitle work and  25% from broadcasting (it owns differing stakes in 12 channels including the History Channel, Star Channel and the Playboy channel). In terms of profits, advertising and content are the key drivers but broadcasting should recover over the medium term. This year operating profit is forecast at Y2.9bn vs…

Tohokushinsha (2329) - A Cheap Media Play

Tohokushinsha Film

Tohokushinsha (2329) - A Cheap Media Play