Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<ul>
<li>As a leading Japanese electrical retailer with large shops in prime central sites, BIC has benefited from the influx of tourism into Japan. The restructuring of the recently acquired Kojima (a more suburban electrical retailer with smaller sized shops) is now almost complete and thus the benefits of this should start to feed through to profits.</li>
<li>8/16 sales were worse than expected given a slow consumption market in Japan, unfavourable summer weather and weak digital camera and PC sales. BUT…</li>
</ul>


As a leading Japanese electrical retailer with large shops in prime central sites, BIC has benefited from the influx of tourism into Japan. The restructuring of the recently acquired Kojima (a more suburban electrical retailer with smaller sized shops) is now almost complete and thus the benefits of this should start to feed through to profits.
8/16 sales were worse than expected given a slow consumption market in Japan, unfavourable summer weather and weak digital camera and PC sales. BUT…


BIC Remains Oversold, 8/17 Forecasts Are Conservative and the Valuation Is Hardly Demanding.

Bic Camera Inc

BIC Remains Oversold, 8/17 Forecasts Are Conservative and the Valuation Is Hardly Demanding.