commencing coverage, page-4

I became a FAN a couple of years ago. The thing is, furniture is now a disposable consumer product like mobile phones or kitchens.
FAN do it very well, although there is a bit more competition around than there was 2 years ago.
I visit their stores pretty regularly and they have been going through a rough patch. Who hasn't in any retail?
But they have an Asian partnership which I think will bring them good benefits and their management is sound.
I will continue to hold & build.