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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (29425)	12/27/2007 11:30:58 AM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 78710

CAJ imo fairly valued, I would not buy it here. RICOY ROE sucks even will all the leverage it has. ITOCY and SSUMY financial data is not readily available and I don't think well enough about these companies to dig hard for it. Let's put another way: with a lot of values appearing right now in US market, why I should go and try to understand foreign conglomerates that don't even report their financial numbers in USA? It's a real question, not a rhetorical one. You say that they are benefiting from Asia buildup, but is that a guess or do you have facts to substantiate it? The second question: except of oil, I believe everything else in heavy construction / machinery, etc. is still cyclical. Are you sure you are not buying at the (Chinese) top? Actually, if anything, I would be looking at USA manufacturing right now, since I agree with Buffett: with dollar at record lows, US industrials should have a ball.

To: Spekulatius who wrote (29425)	11/18/2009 11:44:42 PM
From: Spekulatius	Respond to of 78710

Itochu - ITOCY. Japanese trading house with a raw material/energy bias. itochu.co.jp quote.tse.or.jp Looks like it's trading below book, 6x 2009 earnings and about 8x 2010. 2010 is probably the bottom year. Lot's of debt, but they do trade finance which is sort of a banking function albeit with lower risk. They did have negligible delinquencies so far in this business. overall, balance sheet is slowly improving. A value by many metrics but probably a value trap. I think it's looking interesting. They certainly have exposure to an economic recovery in Asia. I have been watching these Japanese trading houses and they seem to do the right thing restructuring their operations albeit very slowly.Opinions welcome!