Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>After a very good year to 12/15 when the company benefitted from a large number of Chinese tourist spending in Japan, 12/16 sales fell 33% to Y62.7bn as inbound numbers slowed but more importantly as the Chinese authorities tightened import controls and increased taxes (often doubling) on certain items. This took place in April-May of last year and since then sales have fallen as customer numbers and spend both have declined. Last year the company reported an operating loss of Y1bn after a…</p>

After a very good year to 12/15 when the company benefitted from a large number of Chinese tourist spending in Japan, 12/16 sales fell 33% to Y62.7bn as inbound numbers slowed but more importantly as the Chinese authorities tightened import controls and increased taxes (often doubling) on certain items. This took place in April-May of last year and since then sales have fallen as customer numbers and spend both have declined. Last year the company reported an operating loss of Y1bn after a…

Laox (8202) Business Still Tough but 12/18 Will Be Much Better, Shares Very Cheap.

Laox Co Ltd

Laox (8202) Business Still Tough but 12/18 Will Be Much Better, Shares Very Cheap.