Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>The main business is dull and going nowhere for now. Petroleum products account for 76% of sales (but 40% of 1H operating profit) and of this 50% is gasoline for automobiles, which is going down. In fact demand in Japan for all petroleum products is falling as alternative energy sources are found. There is excess capacity and the government is encouraging reducing capacity in the industry. While demand will gently decline, revenue and profits will, inevitably, be influenced by the forex and…</p>

The main business is dull and going nowhere for now. Petroleum products account for 76% of sales (but 40% of 1H operating profit) and of this 50% is gasoline for automobiles, which is going down. In fact demand in Japan for all petroleum products is falling as alternative energy sources are found. There is excess capacity and the government is encouraging reducing capacity in the industry. While demand will gently decline, revenue and profits will, inevitably, be influenced by the forex and…

Avoid This but Thematically We Can See Why It Could Run on OLED's and Merger with Shell Back On.

Idemitsu Kosan

Avoid This but Thematically We Can See Why It Could Run on OLED's and Merger with Shell Back On.