Fukushima Industries (6420) – 8th January 2016(2,298Words, INITIATION)
Consistency & conservatism: NEW Positive
Summary: The company’s impressive earnings delivery since 2009, including 10 upward revisions to full year earnings, has been matched strong share price performance. But on 10x 3/18 earnings its rating remains undemanding given its consistency & conservatism. We conclude the stock is undervalued & initiate with a Positive rating.