Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>50% of sales are rolling stock. The company, Nagoya based, is a leading maker in Japan. Indeed it has a 35% share in the cumulative number of bullet train made since they were introduced in 1964. It makes all types of trains for the Japanese market and has undertaken various projects overseas, notably in the US and Taiwan.  It also makes transport equipment and steel structures (22% of sales) and construction equipment, mainly pile drivers (22%).</p><p>By far the main contributor to earnings is the…</p>

50% of sales are rolling stock. The company, Nagoya based, is a leading maker in Japan. Indeed it has a 35% share in the cumulative number of bullet train made since they were introduced in 1964. It makes all types of trains for the Japanese market and has undertaken various projects overseas, notably in the US and Taiwan.  It also makes transport equipment and steel structures (22% of sales) and construction equipment, mainly pile drivers (22%).By far the main contributor to earnings is the…

Nippon Sharyo (7102) Poor Management but the Worst Is Probably Behind Them.

Japan

Sodick Co., Ltd. develops, manufactures, and sells electric machines and equipment.  The Company's product line includes computerized numerical control electrical discharge machine (EDM), super high precision wire cut EDM, CAD/CAM system for mold design and production, injection molding machine, and high speed manual drilling machine.

NITTOKU ENGINEERING CO., LTD. manufactures automatic winding machines, soldering and taping machines, and machinery for factory automation.  The Company specializes in fully-automatic machines for the comprehensive production of coils, transformers, and motors.  Nittoku Engineering also produces medical appliances, semiconductor devices, and integrated circuit (IC) cards.

Sansei Technologies, Inc. manufactures and provides maintenance services on stan dard elevators, bed elevators, freight elevators, residential elevators, theatre  stage mechanisms, orchestra elevators, sliding stages, stage wagons, revolving stages, and acoustic panels.  The Company also produces various rides for amusem ent parks.

Shinwa Co., Ltd. is a trading company handling industrial machinery and welding related products.  The Company also produces, sells, and maintains welded and processed products.  Shinwa has subsidiaries in England, the United States, and Thailand.

IHARA SCIENCE CORPORATION produces and sells high-pressure and special couplings such as valves and piping materials.  The Company also performs piping works.

NIPPON THOMPSON CO., LTD. manufactures needle roller bearings, linear motion rolling guides, and other mechatronics parts and equipment.  The Company's products are applied as components of machines such as machine tools and industrial robots.  Nippon Thompson exports to the United States and Europe.

Yamashin-Filter Corporation is a filter manufacturing and selling company. The Company focuses on filters for construction and agricultural machines, drive-train, fuel systems, and other filter-related products for industrial and precision machines.

NITTO KOHKI CO., LTD. manufactures and sells fluid couplings, machine tools, linear motion pumps, robots, balancers, and other industrial equipment.  The Company's products are mainly applied in the construction industry and are also exported to other parts of Asia and North America.

Seibu Electric & Machinery Co., Ltd. manufactures factory automation equipment including automated warehouses, pallet pickers, depalletizers, pallet changers, carts, sorters, and bucket feed systems.  The Company also produces industrial and precision equipment such as lathes, electric dischargers, actuators, winches, and valve controls.

NAKANO REFRIGERATORS CO., LTD. manufactures, wholesales, repairs, and maintains commercial freezers and refrigeration showcases.  The Company's products are used to encase foods such as vegetables, fruits, meat, ice cream, and other frozen foods.  Nakano Refrigerators, based in Tokyo, exports freezers and refrigeration showcases to China through its subsidiary.

COSCO SHIPPING International (Singapore) Co., Ltd. provides ship building and repairing and marine engineering services. The Company offers bulk, liquefied natural gas, and special purpose carriers, as well as oil tankers. COSCO SHIPPING International serves customers worldwide.

COSCO SHIPPING International (Singapore) (COS SP)

Coastal Contracts Berhad is an investment holding company.  The Company, through its subsidiaries, provides fabrication and sale of marine transportation vessels, property letting, ship repairs and maintenance, sub-contract services, vessel chartering, tugboat and barge transportation, equipment hiring, as well as barge hiring and leasing services.

Taewoong Co., Ltd. manufactures forged products required for heavy industry, such as shipbuilding, petrochemical plant use, and industrial machinery use. The Company's products include flanges, tube sheets, rings, shafts, and piston rods.

JVM CO., LTD. develops, manufactures, and maintains pharmaceutical automated system equipment.  The Company's main products include automatic tablet dispensing & packaging system (ATDPS), automatic medicine packing machines, tablet packaging papers, and tablet counting machines.

L.B. Foster Company manufactures, fabricates, and distributes rail and trackwork piling, highway products, earth wall systems, and tubular products.  The Company supplies its products to railroads, and to the mining and construction industries.  L.B. Foster also sells and rents steel piling and H-bearing pile for foundation and earth retention requirements.

Ningbo Donly Co., Ltd. develops and manufactures transmission equipment. The Company researches, develops, designs and produces various reducers, gear reducing motors, frequency converter motors, and micro motors.

Dalian Zhiyun Automation Co., Ltd. develops and manufactures automation equipment in relation to assembly and test line, press machine, leaking test machine and rollover conveyor. The Company also runs export and import business for commodity and technology.

Sinmag Equipment Corp trades food and chemical materials, food processing machines and different kind of food manufacturing machines.

S-Tech Corp produces and sales titanium alloy materials and products. The Company offers commercial application titanium round bars, medical application titanium round bars, special steel products and commercial application titanium screws. Its products are distributed in the domestic market and to America and Europe.

Hsin Yung Chien Co., Ltd. manufactures and markets fabric conveyor belts as well as other rubber products.

NIPPON SHARYO, LTD. manufactures locomotives, passenger and freight rail cars, specialized motor vehicles such as tankers, and its related equipment. The Company also produces industrial machinery, steel structures such as bridges and water gates, and industrial plants.

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Nippon Sharyo (7102 JP)

Nippon Sharyo (7102) Poor Management but the Worst Is Probably Behind Them.

50% of sales are rolling stock. The company, Nagoya based, is a leading maker in Japan. Indeed it has a 35% share in the cumulative number of...

Pearl Hill Advisors

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