Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>Fujitec makes and maintains elevators. Depending on region the company competes with the like of Mitsubishi, Hitachi, Toshiba, Otis, Kone and Schindler. About 38% of sales are in Japan, 40% in East Asia (mainly China), 13% in North America and 9% in South Asia. After-market (maintenance) sales account for 47% of the business with new installation 53%.</p><p>Last year to 3/17 orders fell 9% to Y175bn. Sales and operating profits fell 6% and 12% to Y167.4bn and Y12.7bn respectively. This was due to…</p>

Fujitec makes and maintains elevators. Depending on region the company competes with the like of Mitsubishi, Hitachi, Toshiba, Otis, Kone and Schindler. About 38% of sales are in Japan, 40% in East Asia (mainly China), 13% in North America and 9% in South Asia. After-market (maintenance) sales account for 47% of the business with new installation 53%.Last year to 3/17 orders fell 9% to Y175bn. Sales and operating profits fell 6% and 12% to Y167.4bn and Y12.7bn respectively. This was due to…

Fujitec (6406) Cheap and Downside Limited, but Not Much Growth. A Defensive Buy.

Fujitec Co Ltd

Fujitec (6406) Cheap and Downside Limited, but Not Much Growth. A Defensive Buy.