Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

Takamatsu Construction / Equity Bottom-Up

<p>This is a small general contractor founded in 1917 and still 58% owned by the Takamatsu family. It is a very conservatively run company and has never been suckered into bubble related projects. It has net cash of some Y70bn on the balance sheet and has grown recently by buying distressed assets such as Aoki Construction a few years ago. At Takamatsu itself the company focuses on building 4 to 14 storey reinforced concrete apartment blocks in central Tokyo, Osaka and Nagoya for landowners wanting…</p>

This is a small general contractor founded in 1917 and still 58% owned by the Takamatsu family. It is a very conservatively run company and has never been suckered into bubble related projects. It has net cash of some Y70bn on the balance sheet and has grown recently by buying distressed assets such as Aoki Construction a few years ago. At Takamatsu itself the company focuses on building 4 to 14 storey reinforced concrete apartment blocks in central Tokyo, Osaka and Nagoya for landowners wanting…

Takamatsu (1762), a Great Business but Fairly Valued