Clement Loh of Lion Rock Partners presented his in-depth investment thesis on Pan Pacific International Holdings (Japan: 7532) at Best Ideas 2021.

Thesis summary:

COVID has accelerated many of the prevailing trends in retailing, and we have seen closures and consolidation of physical stores in favor of e-commerce.

Yet, in Japan, a physical retail chain has grown from a small general store to one of the top retailers. The company is now on the cusp of embarking on an expansion into Asia and North America.

While other retailers struggled with lockdowns and lack of tourists, Pan Pacific International Holdings opened new outlets in Hong Kong and Singapore to large crowds and still set record operating profits for their last quarter (CQ3 2020).

Clement’s presentation explores what this company does differently and offers clues on what successful retailing may look like in the future.

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About the instructor:

Clement Loh is the Investment Manager of Lion Rock Partners, a private family fund based in Hong Kong. The fund applies the principles of value investing to seek out companies with competitive advantages selling at a reasonable price with a focus on emerging Asian markets and smaller companies. Clement holds a master’s degree in business administration from the University of Toronto and a degree in pharmacy. Prior to entering the investment profession, Clement worked in the pharmaceutical industry and is a non-practicing pharmacist. His interests include economics, strategy, science, education and history.

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