Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>These shares are not well covered and there are potential gains on some really interesting investments which will list soon that are not reflected in the share price. Most notably its 64% stake in Ipet could result in unrealised gains of about Y8bn which is not insignificant when compared to its market cap of Y24bn. LTS (6560) will also list soon (December) and there will be decent capital gains here as well. Meanwhile, Ipet itself is potentially a very interesting longer term growth story…</p>

These shares are not well covered and there are potential gains on some really interesting investments which will list soon that are not reflected in the share price. Most notably its 64% stake in Ipet could result in unrealised gains of about Y8bn which is not insignificant when compared to its market cap of Y24bn. LTS (6560) will also list soon (December) and there will be decent capital gains here as well. Meanwhile, Ipet itself is potentially a very interesting longer term growth story…

Dream Incubator (4310) Expect a Re-Rating as Gains Are Realised from Upcoming IPOs