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）は短期銘柄の誤った売りで大幅に売られ過ぎだが、今後は利益が回復する見込み。

Lixil Group

LIXIL（5938）は短期銘柄の誤った売りで大幅に売られ過ぎだが、今後は利益が回復する見込み。