Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>Daito Trust operates in a market that should continue to grow. It builds small apartments for landowners (usually 2 floors with 7-8 units in each) and guarantees the rent (there are tax advantages here for land lords). With some 80,000 customers owning a combined 150,000 buildings (each with an average of 7-8 units), Daito Trust is the largest operator in this space with a 15% market share. It is also the purest play. Daiwa House and Sekisui House also operate in this market with 12% and 9% of…</p>

Daito Trust operates in a market that should continue to grow. It builds small apartments for landowners (usually 2 floors with 7-8 units in each) and guarantees the rent (there are tax advantages here for land lords). With some 80,000 customers owning a combined 150,000 buildings (each with an average of 7-8 units), Daito Trust is the largest operator in this space with a 15% market share. It is also the purest play. Daiwa House and Sekisui House also operate in this market with 12% and 9% of…

Daito Trust Construct

Still a Good Long Term Buy