Cheap on Book (0.7x) & Yield 2.2%. Earnings Should Recover to 2/18. Happy to Hold the Shares for Now

Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>These shares are cheap on book (0.7x) and yield 2.2%. The company, the result of the merger in mid-2011 between Tokyo Style and Sanei International, has spent much of the last few years restructuring. It has closed unprofitable stores and reduced the number of brands it offers. This process is now largely over. It now has 34 brands vs. 61 in 2012 and of these, 19 have seen year on year sales growth this year vs. 11 last year. Its top 10 brands now account for about 60% of total sales. E-commerce…</p>

These shares are cheap on book (0.7x) and yield 2.2%. The company, the result of the merger in mid-2011 between Tokyo Style and Sanei International, has spent much of the last few years restructuring. It has closed unprofitable stores and reduced the number of brands it offers. This process is now largely over. It now has 34 brands vs. 61 in 2012 and of these, 19 have seen year on year sales growth this year vs. 11 last year. Its top 10 brands now account for about 60% of total sales. E-commerce…

TSI (3608) Cheap and Restructuring Is Now Over.

Tsi Holdings

TSI (3608) Cheap and Restructuring Is Now Over.