Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>Not much has changed since our November visit and 9 month results were in line with forecasts. Management say the Y15bn for the full year should be achieved but the consensus of Y15.6bn is probably too high. There will be further growth next year. It will continue to acquire solar assets up towards its target of 200MW and may eventually revise this number. Much of this will eventually be sold to its infrastructure fund. It is also looking to establish another REIT either next year or the year…</p>

Not much has changed since our November visit and 9 month results were in line with forecasts. Management say the Y15bn for the full year should be achieved but the consensus of Y15.6bn is probably too high. There will be further growth next year. It will continue to acquire solar assets up towards its target of 200MW and may eventually revise this number. Much of this will eventually be sold to its infrastructure fund. It is also looking to establish another REIT either next year or the year…

Japan

Takara Leben CO., LTD. develops and sells newly constructed condominiums mainly in Tokyo, Saitama, Chiba, and Kanagawa prefectures.  The Company also leases real estate properties such as apartments, condominiums, and office and commercial buildings.

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Takara Leben (8897 JP)

Growth Through Solar

Not much has changed since our November visit and 9 month results were in line with forecasts. Management say the Y15bn for the full year should be...

Pearl Hill Advisors

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