Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>This has been a truly dreadful performer year to date. The shares are off 40% and have underperformed Topix by 35%. The recent sell off is due to short term “noise”. They shares now yield 3.5% (based on a dividend of Y70, which we believe is safe and will be maintained next year), the company trades at just below book and on this year’s earnings forecast (which admittedly will miss slightly), it is on 12x.</p>

This has been a truly dreadful performer year to date. The shares are off 40% and have underperformed Topix by 35%. The recent sell off is due to short term “noise”. They shares now yield 3.5% (based on a dividend of Y70, which we believe is safe and will be maintained next year), the company trades at just below book and on this year’s earnings forecast (which admittedly will miss slightly), it is on 12x.

Lixil (5938) Way Oversold on Misplaced Short Term Issues, Earnings Set to Recover Here-On.

Lixil Group

Lixil (5938) Way Oversold on Misplaced Short Term Issues, Earnings Set to Recover Here-On.