Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

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

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

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