Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p style="text-align: justify;"><span lang="EN-SG">Results to 12/16 where better than expected and for 12/17 the company is going for 13% operating profits growth (Y60bn). This will probably prove conservative. Its longer term plan is for pre-tax profits of Y85bn by 2023 compared to Y57bn expected this year. Unlike other real estate companies, Hulic does have a good track record of growing profits annually and is thus priced at a premium to Japan’s other real estate names (except perhaps Mitsubishi Estate); it is trading at perhaps 1.5x NAV and</span>…</p>

Results to 12/16 where better than expected and for 12/17 the company is going for 13% operating profits growth (Y60bn). This will probably prove conservative. Its longer term plan is for pre-tax profits of Y85bn by 2023 compared to Y57bn expected this year. Unlike other real estate companies, Hulic does have a good track record of growing profits annually and is thus priced at a premium to Japan’s other real estate names (except perhaps Mitsubishi Estate); it is trading at perhaps 1.5x NAV and…

Continued Growth in the Real Estate Sector

Hulic Co Ltd

Continued Growth in the Real Estate Sector