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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up? -- Ignore unavailable to you. Want to Upgrade?

To: borb who wrote (3237)	2/4/2003 4:30:29 PM
From: Crossy	Read Replies (2) \| Respond to of 3902

Borb & all hi again on the Japan Thread.. One of my old plays, NIEC (Nihon Inter) (Ticker: Tokyo: 6974.J) - currently trading near 280 Yen - is significantly moving upwards in the last few sessions. In 2002 it went from 100 Y to 360 Y. It implemented a significant restructuring and repositioning which I mentioned in some posts in 2002. Well, it now seems to have reaped the first fruits of its labour. Gross margin expansion, almost 20% more sales, profitability .. all here in the first half fiscal year 2003. They also added an English language session on their web based IR activities - niec.co.jp Download the interim financial report here: niec.co.jp Estimated FY2003 EPS are 18 Yen per share and FY2004 EPS (from Yahoo site) estimates are 35 Yen biz.yahoo.co.jp Consequently the stock left its downtrend and moved back up on surprising high volume: quote.yahoo.co.jp Valuation wise this is still cheap, Price/Book of 0.85 and Price/Sales of 0.37. International Rectifier of the US (NYSE: IRF) has a PSR of 1.75 with similar gross margins If my assumptions hold than fundmanentally NIEC (6974.J)should have room to at least reach the old high of 2002 very soon, total upward space intact until PSR of 1, around 700 Yen in a more friendly environment. The company is enjoying brisk demand in notebook & laptop mobile power management devices, thyristors & triacs for high voltage applications, FREDs and axial passivated SBG-diodes and power management ICs for digital consumer devices best rgrds CROSSY