BULL POINTS:
â– Exposure to fast growing emerging economies
â– Highly cash generative, net cash in the bank
■Cost savings of £30m in 2011
â– Focus on premium car brands
BEAR POINTS:
â– Supply chain problems in Japan
â– Weak markets in UK, Europe and Singapore
IC TIP:
Buy
at
359p
The retail sector is testing the wits of investors. The companies that you'd expect to do well in tough times - the relatively mature and therefore defensive food retailers or the low-value, high-volume clothing retailers - are struggling. But those exposed to the housing market, like DIY retailers, or to selling high-value one-off purchases, such as cars, are holding their own.