Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

Toshiba Plant Systems & Services / Equity Bottom-Up

Toshiba Plant Systems & Services (1983 JP)

<p>This is 51.4% owed by Toshiba (it was 60% owned until Toshiba sold a stake unannounced about a year ago) and given Toshiba’s problems this shareholding is far from stable, Toshiba will announce more details of its strategy on February 14<sup>th</sup>. As far as Toshiba Plant’s business is concerned, there are two divisions – infrastructure and industrial systems (45% of sales) and power systems (55% of sales). Overseas sales, mainly thermal power, will account for 20% of sales and going forward is the…</p>

This is 51.4% owed by Toshiba (it was 60% owned until Toshiba sold a stake unannounced about a year ago) and given Toshiba’s problems this shareholding is far from stable, Toshiba will announce more details of its strategy on February 14th. As far as Toshiba Plant’s business is concerned, there are two divisions – infrastructure and industrial systems (45% of sales) and power systems (55% of sales). Overseas sales, mainly thermal power, will account for 20% of sales and going forward is the…

Cheap, with Some Growth but Parent's Position Is a Concern near Term.