H2O (8242) - Department Store Sales Finally Recovering

Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

The shares are off 25% since January and have under performed TOPIX by 10%. They trade on just under 0.8x book and yield 2.3%.Operating profit this year is forecast to fall 19% to Y18.4bn (with Y4.7bn in the first half and Y13.7bn in the second) given costs relating to the opening of part of the refurbished Hanshin Umeda store. These are a one off and most will be taken in the first half, thus the reduced operating profit forecast.The company continues to benefit from inbound traffic, as well as…

The shares are off 25% since January and have under performed TOPIX by 10%. They trade on just under 0.8x book and yield 2.3%.Operating profit this year is forecast to fall 19% to Y18.4bn (with Y4.7bn in the first half and Y13.7bn in the second) given costs relating to the opening of part of the refurbished Hanshin Umeda store. These are a one off and most will be taken in the first half, thus the reduced operating profit forecast.The company continues to benefit from inbound traffic, as well as…

H20 (8242) Decent Quality Oversold Kansai Based Retail Name. BUY Here.

H2O Retailing

H20 (8242) Decent Quality Oversold Kansai Based Retail Name. BUY Here.