2025 Sohn Hong Kong: Palliser’s James Smith – This High-Quality Japanese Manufacturer Has 90% Upside

James Smith, Founder & CIO of Palliser Capital, presented an investment thesis at the 2025 Sohn Hong Kong Conference centered on a leading Japanese tire manufacturer listed in Japan. He highlights the stock as a "high-quality Japanese tire manufacturer" with strong operational performance and excellent returns on capital, specifically noting a Return on Invested Capital (ROIC) of 12% and Return on Equity (ROE) of 17%. Despite these strong fundamentals, the company, with a $3 billion market cap and $20 million daily volume, trades at a "significant discount to peers (around 30%)".

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