Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>This is a good long term buy. 3/17 results slightly exceeded forecasts. This year’s forecasts, too, should prove conservative. Operating profit is forecast at Y102bn but we think closer to Y105bn is probably. The business in our view will continue to see steady profits growth over the next few years. Their mid-term plan looks reasonable, possibly conservative. The shares are on 14x 3/18 earnings. We are happy to stick with this name on a long term basis. This is a great company.</p><p>High performance…</p>

This is a good long term buy. 3/17 results slightly exceeded forecasts. This year’s forecasts, too, should prove conservative. Operating profit is forecast at Y102bn but we think closer to Y105bn is probably. The business in our view will continue to see steady profits growth over the next few years. Their mid-term plan looks reasonable, possibly conservative. The shares are on 14x 3/18 earnings. We are happy to stick with this name on a long term basis. This is a great company.High performance…

Sekisui Chemical (4204) Stay with This Name