Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>This is the result of the “merger” of 6 builders of homes for sale, houses that are sold with land typically to first time buyers and cost on average Y27m (and are thus mainly in suburban locations). The 6 dominate this segment of the market, in the Tokyo area the group has 35% market share (this year the group will build 41,190 houses).</p><p>Although this is a merger, in reality a holding company structure was set up and each still operates very much on its own. There is joint procurement and some…</p>

This is the result of the “merger” of 6 builders of homes for sale, houses that are sold with land typically to first time buyers and cost on average Y27m (and are thus mainly in suburban locations). The 6 dominate this segment of the market, in the Tokyo area the group has 35% market share (this year the group will build 41,190 houses).Although this is a merger, in reality a holding company structure was set up and each still operates very much on its own. There is joint procurement and some…

Iida Group Holdings

No Downside but Will They Change ?