Peter, hi:
Yes, this link to Japan.co.rec was very recent. BTW if you really want to read a useless board on Yahoo, read the MO one...
As to NSANY financials: I see your points - I still have to study more in depth, but preliminary, I don't think that their debt situation is really bad. They seem to have reduced it a little last year in comparison to 03-31-96. Also, they obviously have constant need to mark their vast share holdings to market: Fuji Bank, etc.
I didn't manage to read the Annual Report in the library as intended today, but when I will, I will check what stock holdings they have and what their prices were as of 03.31.97 and 03.31.98, just to put their $300m charge as per recent press announcement/forecast revision into perspective. The good thing with these shares is whenever they come back, they will create nice hidden reserves. And while some Japanese cos. may be in trouble now, I don't think it's really the end of the world.
Also consider that NSANY has pulled back from losses in the early 90ies to moderate profits the last 2 years (I mean 97 and now 98), so their turnaround is working - and could be even better if market conditions were more favorable.
As I said, I'm not on top of all the details, but my impression so far is that NSANY is not that deeply in trouble. Also worth considering is that they are the no. 2 manufacturer in Japan, so it's not a marginal player.
Just rumbling here, see you later,
Thomas |
