Ricoh: Low-Return Business Profile Set To Remain (OTCMKTS:RICOF)

Ginza District in Tokyo

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Investment thesis

We reiterate our neutral rating on Ricoh Company, Ltd.’s (OTCPK:RICOF, OTCPK:RICOY) shares. Management is navigating a steady course for the business as it continues to transform into a digital services business, but

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