Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>The shares are cheap, the operating environment is improving, forecasts are conservative and profitability will improve over the next few years. We are happy to BUY here.</p><p>3/17 sales were flat yet operating profit fell from Y3bn in 3/16 to Y1.1bn. Y1.6bn of this decline was due to the stronger yen (Y120 to Y108) and their hedging strategy (they hedged too much early in the year when the yen was high). This year Nippon Thompson expects sales to rise 13% to Y50bn and operating profits to be Y3bn…</p>

The shares are cheap, the operating environment is improving, forecasts are conservative and profitability will improve over the next few years. We are happy to BUY here.3/17 sales were flat yet operating profit fell from Y3bn in 3/16 to Y1.1bn. Y1.6bn of this decline was due to the stronger yen (Y120 to Y108) and their hedging strategy (they hedged too much early in the year when the yen was high). This year Nippon Thompson expects sales to rise 13% to Y50bn and operating profits to be Y3bn…

Nippon Thompson (6480) Sales Momentum Still Very Good

Japan

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.

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Nippon Thompson (6480 JP)

Nippon Thompson (6480) Sales Momentum Still Very Good

The shares are cheap, the operating environment is improving, forecasts are conservative and profitability will improve over the next few years. We...

Pearl Hill Advisors

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