Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>70% of sales account for sports shoes and the company has clearly benefitted from the trend globally towards a more active lifestyle. Running shoe demand, led but Nike and Adidas, has seen phenomenal growth over recent years. At Asics, sales have risen from Y171bn to 3/06 (OP of Y16.4bn) to Y403bn expected to 12/16 (OP of Y23bn). Japan accounts for 25% of sales, EMEA 27% and Americas 28%.</p><p>In the Americas (mainly US and Brazil) the situation is worse than expected. Performance running shoes are…</p>

70% of sales account for sports shoes and the company has clearly benefitted from the trend globally towards a more active lifestyle. Running shoe demand, led but Nike and Adidas, has seen phenomenal growth over recent years. At Asics, sales have risen from Y171bn to 3/06 (OP of Y16.4bn) to Y403bn expected to 12/16 (OP of Y23bn). Japan accounts for 25% of sales, EMEA 27% and Americas 28%.In the Americas (mainly US and Brazil) the situation is worse than expected. Performance running shoes are…

Growth Is Slowing, the Shares Are Expensive (28x 12/17). No Reason to Own This Name.

ASICS Corp

Growth Is Slowing, the Shares Are Expensive (28x 12/17). No Reason to Own This Name.