Michael Fritzell from Asian Century Stocks on T. Hasegawa
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Michael Fritzell, founder of Asian Century Stocks, goes through his thesis on T. Hasegawa. T. Hasegawa trades at a huge discount to its domestic peers like IFF despite similar or better growth and margins, and Michael thinks some recent changes and shareholder pressure could set the company up to rerate.
Michael's T. Hasegawa write up: https://www.asiancenturystocks.com/p/deep-dive-2022-8-t-hasegawa?s=w
Chapters
0:00 Intro
2:25 T. Hasegawa overview
6:45 Why fragrance and flavors are so sticky
9:35 T. Hasegawa's small cost to large value
15:25 What is Michael seeing that the market is missing in T. Hasegawa
17:30 Are continued lockdowns a risk to the business?
19:00 What do you need to believe for T. Hasegawa to continue to grow?
20:55 Why will T. Hasegawa realize value from their Chinese investments?
22:40 Is T. Hasegawa the classic Japanese value trap?
26:45 Are acquisitions a good capital allocation decision here?
32:50 T. Hasegawa closing thoughts
34:30 What countries does Michael think are most attractive currently?