Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>These shares have been a dreadful performer recently. Since it was revealed in May 2018 that some of its buildings maybe in breach of the law on building standards, the shares are off 45%. Since the start of the year they have underperformed TOPIX by 25%. They now trade on 10x this year’s earnings (company forecast), yield 3.7% and trade at just below book.</p><p>The building violation law relates to the fact that walls separating apartments were not constructed properly and therefore did not comply…</p>

These shares have been a dreadful performer recently. Since it was revealed in May 2018 that some of its buildings maybe in breach of the law on building standards, the shares are off 45%. Since the start of the year they have underperformed TOPIX by 25%. They now trade on 10x this year’s earnings (company forecast), yield 3.7% and trade at just below book.The building violation law relates to the fact that walls separating apartments were not constructed properly and therefore did not comply…

Leo Palace (8848) Too Cheap Now, Selling Overdone

Leopalace21 Corp

Leo Palace (8848) Too Cheap Now, Selling Overdone