Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

This is not a bad business. There are some very good parts (carbon fibre and textiles for uniqlo for example) to this company and it is probably the best “textile” name to invest in. It is, however, a conglomerate with lots of parts moving in different directions, and perhaps should be valued as such. The Nikkei has recently flagged 1Q operating profits coming in about Y38bn, more or less as expected so we do expect any surprise, and the market knows the issues surrounding the slow carbon…

This is not a bad business. There are some very good parts (carbon fibre and textiles for uniqlo for example) to this company and it is probably the best “textile” name to invest in. It is, however, a conglomerate with lots of parts moving in different directions, and perhaps should be valued as such. The Nikkei has recently flagged 1Q operating profits coming in about Y38bn, more or less as expected so we do expect any surprise, and the market knows the issues surrounding the slow carbon…

Toray (3402) A Good Business but Not Overly Cheap

Toray Industries

Toray (3402) A Good Business but Not Overly Cheap