Tokyo-based Secom (TSE:9735, Financial) is a security services and surveillance systems company with operations in multiple jurisdictions across Asia and Australasia as well as in the UK, though it generates most of its revenue in Japan. While Secom participated in the general weakness in Japanese stocks during the quarter, we believe it maintains a strong core business. It recently consolidated subsidiary Secom Joshinetsu—a trend among Japanese companies as corporate governance continues to improve in the country—at a premium to its pre-announcement share price.
From the First Eagle Investment (Trades, Portfolio) Overseas Fund's second-quarter 2021 commentary.
