Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>Since the start of the year, these shares have been a dreadful performer (as have the other ball bearing makers), both in absolute terms (-38%) and on a relative basis (underperformed TOPIX by 30%). This is now overdone and we would buy the shares here on a 3-6 month view. They are cheap and we do not believe the outlook for the operating environment is as bad as the market perceives it to be. Clearly things will slow after a good run but in our view the market is looking for a collapse in…</p>

Since the start of the year, these shares have been a dreadful performer (as have the other ball bearing makers), both in absolute terms (-38%) and on a relative basis (underperformed TOPIX by 30%). This is now overdone and we would buy the shares here on a 3-6 month view. They are cheap and we do not believe the outlook for the operating environment is as bad as the market perceives it to be. Clearly things will slow after a good run but in our view the market is looking for a collapse in…

NSK (6471) Now Is the Time to Revisit These Shares

NSK Ltd

NSK (6471) Now Is the Time to Revisit These Shares