Nomura (9716) – 17th February 2015 (2,640Words, INITIATION)
Repeat customers: NEW Mixed
• A focus on profitable projects is improving margins & allowing the #1 display company to build share.
• Growing its management business to insulate against economic downturn is logical although risks remain.
• On 15x 2/17 earnings the stock is inexpensive but has performed strongly since 2012.