DOCSLIB.ORG

Tokyu Construction / 1720

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Tokyu Construction / 1720 Tokyu Construction / 1720 COVERAGE INITIATED ON: 2020.05.21 LAST UPDATE: 2020.11.09 Shared Research Inc. has produced this report by request from the company discussed in the report. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, and neutral analysis. In order to highlight any biases, we clearly attribute our data and findings. We will always present opinions from company management as such. Our views are ours where stated. We do not try to convince or influence, only inform. We appreciate your suggestions and feedback. Write to us at [email protected] or find us on Bloomberg. Research Coverage Report by Shared Research Inc. Tokyu Construction / 1720 RCoverage LAST UPDATE: 2020.11.09 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp INDEX How to read a Shared Research report: This report begins with the trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the business section later in the report. Executive summary ----------------------------------------------------------------------------------------------------------------------------------- 3 Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 6 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 7 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------ 7 Trends and outlook ----------------------------------------------------------------------------------------------------------------------------------- 8 Quarterly trends and results ----------------------------------------------------------------------------------------------------------------------------------- 8 Management strategy ----------------------------------------------------------------------------------------------------------------------------- 19 Business ------------------------------------------------------------------------------------------------------------------------------------------------ 24 Business description -------------------------------------------------------------------------------------------------------------------------------------------- 24 Market and value chain---------------------------------------------------------------------------------------------------------------------------- 35 Construction market in Japan ------------------------------------------------------------------------------------------------------------------------------- 35 Main competitors ----------------------------------------------------------------------------------------------------------------------------------------------- 40 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------------------------ 49 Notable projects ------------------------------------------------------------------------------------------------------------------------------------- 51 Historical performance and financial statements ------------------------------------------------------------------------------------------ 57 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 57 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 58 Cash flow statement -------------------------------------------------------------------------------------------------------------------------------------------- 59 Historical performance ---------------------------------------------------------------------------------------------------------------------------------------- 60 Other information ---------------------------------------------------------------------------------------------------------------------------------- 66 History -------------------------------------------------------------------------------------------------------------------------------------------------------------- 66 News and topics ------------------------------------------------------------------------------------------------------------------------------------------------- 70 Corporate governance and top management --------------------------------------------------------------------------------------------------------- 71 Dividend policy -------------------------------------------------------------------------------------------------------------------------------------------------- 72 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 73 Employees --------------------------------------------------------------------------------------------------------------------------------------------------------- 73 Profile ---------------------------------------------------------------------------------------------------------------------------------------------------------------- 73 02/74 Tokyu Construction / 1720 RCoverage LAST UPDATE: 2020.11.09 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp Executive summary Business overview ◤ Tokyu Construction is a second-tier general contractor (see paragraph below). A member of the Tokyu Group, Tokyu Construction is an equity-method affiliate of Tokyu Corporation (TSE1: 9005), which owns a 15.1% stake in the company. Most revenue comes from private-sector construction projects. In FY03/20, the Building Construction segment accounted for 71.9% of revenue. The Civil Engineering segment, which includes railway construction, accounted for 27.5%, and the Real Estate segment provided 0.6%. Nearly 20% of construction orders come from other companies in the Tokyu Group. Tokyu Construction focuses on areas along Tokyu train lines, from the southwestern part of Tokyo’s 23 wards to northern Yokohama. ◤ A general contractor is a construction company that accepts all-in contracts for building construction and civil engineering work. After receiving such contracts from companies or government/municipal bodies, general contractors subcontract work to specialized construction companies (subcontractors), managing the overall process. The scale of business is large; revenues from individual projects may run from billions to tens of billions of JPY. Construction periods on office building, railway, or roadway projects typically last from one to three years. Private-sector construction tends to be vulnerable to fluctuations in the operating environment. Public-sector projects tend to be more stable, with government entities continuing to place orders even in economically difficult times. The Japanese construction industry has been growing in recent years, benefiting from increased investment in construction, notably for business related to the Tokyo Olympics. Once this private-sector demand slows down, the company expects general contractors to prioritize relatively solid demand involving public-sector and overseas projects, and expansion of non-building construction business. ◤ Tokyu Construction’s revenue CAGR has been 4.2% over the past five years, buoyed by rapid growth in private-sector construction projects (including redevelopment in Tokyo’s Shibuya district). By comparison, CAGR for the top 18 general contractors was 3.6% on average over the same period. Tokyu Construction’s profitability is higher, as well. In FY03/20, the company’s adjusted ROE* was 14.5%, compared with an average of 11.1% for the top 18 general contractors. As orders have grown, rising asset efficiency has contributed to increased profitability. *Adjusted ROE: Recurring profit x (1-30%**) / shareholders’ equity. **30% is a general figure used for the effective tax rate. Indicates ROE excluding the impact of temporary extraordinary gains or losses and tax expenses. ROE for Tokyu Construction was 15.4% in FY03/20. ◤ The Building Construction segment accounted for 71.9% of revenue and 75.2% of operating profit (FY03/20). In this segment, the company constructs buildings throughout Japan, including office buildings, government offices, and schools. Operating in a buoyant construction market, recently the company has constructed a number of major office buildings near Shibuya Station. Notable projects include Shibuya Hikarie (completed in 2012), Shibuya Scramble Square (completed in 2019), Shibuya Stream (completed in 2018), and other high-rise office buildings that are part of a Shibuya Station redevelopment project. The company has a sales team that concentrates specifically on the Shibuya area. This team has been instrumental in such projects as Qfront (1999), which is a landmark near Shibuya’s Hachiko crossing, and Shibuya 109 (1979). The company has also handled projects for educational institutions, such as Tokyu-affiliated Asia and Tokyo City universities, as well as Nippon Sport Science University. ◤ The Civil Engineering segment generated 27.5% of revenue and 25.4% of operating profit (FY03/20). In this segment, the company focuses on businesses characterized by stable demand and good profitability, such as railway and road construction. Tokyu Construction
Load more

Recommended publications
  • 金融商品取引法令に基づく金融庁の登録・許認可を受けていない業者 （"Cold Calling" - Non-Registered And/Or Non-Authorized Entities）
    金融商品取引法令に基づく金融庁の登録・許認可を受けていない業者 （"Cold Calling" - Non-Registered and/or Non-Authorized Entities） 商号、名称又は氏名等 所在地又は住所 電話番号又はファックス番号 ウェブサイトURL 掲載時期 （Name） （Location） （Phone Number and/or Fax Number） （Website） （Publication） Miyakojima-ku, Higashinodamachi, 2020年6月 SwissTrade Exchange 4-chōme−7−4, 534-0024 Osaka, https://swisstrade.exchange/ (June 2020) Japan 2020年6月 Takahashi and partners (June 2020) Shiroyama Trust Tower 21F, 4-3-1 https://www.hamamatsumerg 2020年6月 Hamamatsu Merger Group Toranomon, Minato-ku, Tokyo 105- Tel: +81 505 213 0406 er.com/ (June 2020) 0001 Japan 28F Nakanoshima Festival Tower W. 2020年3月 Tokai Fuji Brokerage 3 Chome-2-4 Nakanoshima. (March 2020) Kita. Osaka. Japan Toshida Bldg 7F Miyamoto Asuka and 2020年3月 1-6-11 Ginza, Chuo- Tel:+81 (3) 45720321 Associates (March 2021) ku,Tokyo,Japan. 104-0061 Hibiya Kokusai Bldg, 7F 2-2-3 Uchisaiwaicho https://universalassetmgmt.c 2020年3月 Universal Asset Management Chiyoda-ku Tel:+81 3 4578 1998 om/ (March 2022) Tokyo 100-0011 Japan 9F Tokyu Yotsuya Building, 2020年3月 SHINBASHI VENTURES 6-6 Kojimachi, Chiyoda-ku (March 2023) Tokyo, Japan, 102-0083 9th Fl Onarimon Odakyu Building 3-23-11 Nishishinbashi 2019年12月 Rock Trading Inc Tel: +81-3-4579-0344 https://rocktradinginc.com/ Minato-ku (December 2019) Tokyo, 105-0003 Izumi Garden Tower, 1-6-1 https://thompsonmergers.co 2019年12月 Thompson Mergers Roppongi, Minato-ku, Tokyo, Tel: +81 (3) 4578 0657 m/ (December 2019) 106-6012 2019年12月 SBAV Group https://www.sbavgroup.com (December 2019) Sunshine60 Bldg. 42F 3-1-1, 2019年12月 Hikaro and Partners Higashi-ikebukuro Toshima-ku, (December 2019) Tokyo 170-6042, Japan 31F Osaka Kokusai Building, https://www.smhpartners.co 2019年12月 Sendai Mubuki Holdings 2-3-13 Azuchi-cho, Chuo-ku, Tel: +81-6-4560-4410 m/ (December 2019) Osaka, Japan.
    [Show full text]
  • Narita Airport Route（*PDF File）
    1 of 2 Bus stop valid for Airport Limousine Bus Premium Coupon（Narita Airport route） required required Area Bus Stop Useable Area Bus Stop Useable number number Tokyo Station/Marunouchi North ○ 2 coupons The New Sanno Hotel ○ 2 coupons Mandarin Oriental Tokyo ○ 2 coupons The Prince Park Tower Tokyo ○ 2 coupons HOSHINOYA Tokyo/Otemachi Financial City Grand Cube ○ 2 coupons Tokyo Prince Hotel ○ 2 coupons AMAN TOKYO ○ 2 coupons Andaz Tokyo ○ 2 coupons Tokyo Station/Yaesu North(Tekko Building) ○ 2 coupons Conrad Tokyo ○ 2 coupons Tokyo Station/Yaesu South ○ 2 coupons Park Hotel Tokyo ○ 2 coupons Tokyo Station, Nihonbashi T-CAT(Tokyo City Air Terminal), Tokyo City Air Terminal（T-CAT） ○ 2 coupons The Royal Park Iconic Tokyo Shiodome ○ 2 coupons Century Southern Tower ○ 2 coupons Tennozu Isle(Dai-ichi Hotel Tokyo Seafort) ○ 2 coupons Hotel Sunroute Plaza Shinjuku ○ 2 coupons HOTEL THE CELESTINE TOKYO SHIBA ○ 2 coupons Hilton Tokyo ○ 2 coupons Shiba Park Hotel ○ 2 coupons Shinjuku Washington Hotel ○ 2 coupons Hotel InterContinental Tokyo Bay ○ 2 coupons Park Hyatt Tokyo ○ 2 coupons Hilton Tokyo Odaiba ○ 2 coupons Hyatt Regency Tokyo 2 coupons Grand Nikko Tokyo Daiba 2 coupons Shinjuku ○ ○ Keio Plaza Hotel ○ 2 coupons SOTETSU GRAND FRESA TOKYO-BAY ARIAKE ○ 2 coupons Shiba, Shiodome, Takeshiba, Rinkai Fukutoshin (Tokyo Water Front) Shinjuku Station/West ○ 2 coupons Tokyo Bay Ariake Washington Hotel ○ 2 coupons Shinjuku Expressway Bus Terminal ○ 2 coupons Terminal 3 ○ 2 coupons 【Early Morning Service】Shinjuku Expressway Bus Terminal ○ 2 coupons
    [Show full text]
  • Using JPF1 Format
    FORUM State of the Art of Structural Control B. F. Spencer Jr. system is to reduce building vibration under strong winds and Nathan M. Newmark Professor, Dept. of Civil and Environmental Engi- moderate earthquake excitations and consequently to increase neering, Univ. of Illinois at Urbana-Champaign, Urbana, IL 61801. comfort of occupants of the building. E-mail: [email protected] Hybrid-control strategies have been investigated by many re- searchers to exploit their potential to increase the overall reliabil- S. Nagarajaiah ity and efficiency of the controlled structure ͑Housner et al. 1994; Associate Professor, Dept. of Civil and Environmental Engineering, Rice Kareem et al. 1999; Nishitani and Inoue 2001; Yang and Dyke Univ., Houston, TX 77005. E-mail: [email protected] 2003; Casciati 2003; Faravelli and Spencer 2003͒. A hybrid- In recent years, considerable attention has been paid to research control system is typically defined as one that employs a combi- and development of structural control devices, with particular em- nation of passive and active devices. Because multiple control phasis on alleviation of wind and seismic response of buildings devices are operating, hybrid control systems can alleviate some of the restrictions and limitations that exist when each system is and bridges. In both areas, serious efforts have been undertaken in acting alone. Thus, higher levels of performance may be achiev- the last two decades to develop the structural control concept into able. Additionally, the resulting hybrid control system can be a workable technology. Full-scale implementation of active con- more reliable than a fully active system, although it is also often trol systems have been accomplished in several structures, mainly somewhat more complicated.
    [Show full text]
  • Shibuya City Industry and Tourism Vision
    渋谷区 Shibuya City Preface Preface In October 2016, Shibuya City established the Shibuya City Basic Concept with the goal of becoming a mature international city on par with London, Paris, and New York. The goal is to use diversity as a driving force, with our vision of the future: 'Shibuya—turning difference into strength'. One element of the Basic Concept is setting a direction for the Shibuya City Long-Term Basic Plan of 'A city with businesses unafraid to take risks', which is a future vision of industry and tourism unique to Shibuya City. Each area in Shibuya City has its own unique charm with a collection of various businesses and shops, and a great number of visitors from inside Japan and overseas, making it a place overflowing with diversity. With the Tokyo Olympic and Paralympic Games being held this year, 2020 is our chance for Shibuya City to become a mature international city. In this regard, I believe we must make even further progress in industry and tourism policies for the future of the city. To accomplish this, I believe a plan that further details the policies in the Long-Term Basic Plan is necessary, which is why the Industry and Tourism Vision has been established. Industry and tourism in Shibuya City faces a wide range of challenges that must be tackled, including environmental improvements and safety issues for accepting inbound tourism and industry. In order to further revitalize the shopping districts and small to medium sized businesses in the city, I also believe it is important to take on new challenges such as building a startup ecosystem and nighttime economy.
    [Show full text]
  • Ginza Opens As Building, a Trend-Setting Retail Harvest Club
    CONTENTS MESSAGE FROM THE PRESIDENT 02 MESSAGE FROM THE PRESIDENT As a core company of the Tokyu Fudosan Holdings Group, 03 HISTORY OF TOKYU LAND CORPORATION We are creating a town to solve social issues through 05 ABOUT TOKYU FUDOSAN HOLDINGS GROUP value creation by cooperation. 06 GROUP’S MEDIUM- AND LONG-TERM MANAGEMENT PLAN 07 URBAN DEVELOPMENT THAT PROPOSES NEW LIFESTYLES 07 THE GREATER SHIBUYA AREA CONCEPT 09 LIFE STORY TOWN 11 URBAN DEVELOPMENT 25 RESIDENTIAL 33 WELLNESS 43 OVERSEAS BUSINESSES 47 REAL ESTATE SOLUTIONS Tokyu Land Corporation is a comprehensive real estate company the aging population and childcare through the joint development of with operations in urban development, residential property, wellness, condominiums and senior housing. In September 2017, we celebrated overseas businesses and more. We are a core company of Tokyu the opening of the town developed in the Setagaya Nakamachi Fudosan Holdings Group. Since our founding in 1953, we have Project, our first project for creating a town which fosters interactions 48 MAJOR AFFILIATES consistently worked to create value by launching new real estate between generations. 49 HOLDINGS STRUCTURE businesses. We have expanded our business domains in response to For the expansion of the scope of cyclical reinvestment business, changing times and societal changes, growing from development to we are expanding the applicable areas of the cyclical reinvestment 50 TOKYU GROUP PHILOSOPHY property management, real estate agency and, in particular, a retail business to infrastructure, hotels, resorts and residences for business encouraging work done by hand. These operations now run students, in our efforts to ensure the expansion of associated assets independently as Tokyu Community Corporation, Tokyu Livable, Inc.
    [Show full text]
  • Proposal for the Global Financial City Tokyo Material 3 Presenter: Mr
    Proposal for the Global Financial City Tokyo Material 3 Presenter: Mr. Haruo Shimada Date: May 19th, 2017 I. Introduction II. Can Tokyo Regain Its Position as Asia’s Financial Center? I. Tokyo used to be a financial center of Asia II. Now, Hong Kong, Singapore, Shanghai III. Structural changes in the financial market and financial businesses IV. Can Tokyo win back its position? III. Strategic Variables in Realizing Financial City I. The main strategic variables are tax rates and taxation system II. Focus on profitability after tax III. Living and business environment is crucial for highly-skilled professional IV. Proposal for Visions of Financial City Tokyo I. Realize favorable tax treatment for special zone in financial city II. Develop market infrastructures for asset management III. FinTech is frontier full of potential IV. Creating a symbolical center for Fintech V. Further improve comfortable living environment 4 V. Comfortable Living Environment is the Key Fundamental I. High reputation on Tokyo’s living environment II. Living and business environment III. Healthcare environment IV. Child rearing and education environment V. Entertainment environment 5 Developing the Living Environment for a Global Financial City Haruo Shimada, Chair Area Promotion Council of the Special Zone for Asian Headquarters May 19, 2017 6 Area Promotion Council of the Special Zone for Asian Headquarters 〇 The Asian Headquarter Special Zone is designated based on the Comprehensive Special Zone Law (2011). As for 2012-2016, we aimed and succeeded in attracting 50 global companies to establish their Asian regional headquarters and R&D centers in Tokyo. 〇 The Area Promotion Council of the Special Zone for Asian Headquarters, a body established to promote the special zone’s plan as stipulated by law, is comprised of developers, JETRO, financial institutions, wards in Tokyo and experts.
    [Show full text]
  • General Information (1) Venue (2) Transportation
    General Information (1) Venue MVA2009 will take place at Kyosei-Kan(Collaboration Complex), located in the Hiyoshi Campus of Keio University, Yokohama. The nearest train station to the conference venue is Hiyoshi Station on the Tokyu-Toyoko Line. (Note that Keio University has several major campuses and that the venue is in Hiyoshi Campus.) (2) Transportation The Hiyoshi Campus, Keio University can be reached in approximately a 1-minute on foot from Hiyoshi Station on the Tokyu-Toyoko Line. JR Yamanote Line Keisei Line Nippori Japan Shinjuku Narita Airport Tokyo Narita Tokyo JR Narita Express Shibuya Meguro Hiyoshi ne Yokohama Li o Hamamatsu-cho ok Subway oy -T yu Musashi-kosugi ok T Monorail Kikuna Hiyoshi Haneda Airport Keikyu Line Yokohama A. From Narita Airport (NRT) Narita Express (N’EX): Take the JR Narita Express (N'EX) to Tokyo Station or to Shinagawa Station. It takes about 60 minutes to Tokyo Station from Narita Airport. Transfer to the Yamanote Line (JR) bound for Shibuya or Shinjuku. Get off at Shibuya Station and transfer to the Tokyu-Toyoko Line to get to Hiyoshi Station. The train ride from Shibuya Station to Hiyoshi Station takes about 25 minutes by local train. The express train takes about 20 minutes. The limited express train does not stop at Hiyoshi Station. For more information about N’EX, see http://www.jreast.co.jp/e/nex/index.html. Keisei Line: Take the Keisei line, either the Skyliner (with reserved seats; faster but more expensive) or the limited express (tokkyu), bound for Ueno. Then, at Nippori Station, transfer to the Yamanote Line (JR) bound for Shibuya or Shinjuku.
    [Show full text]
  • History of City Planning in the City of Yokohama
    History of City Planning in the City of Yokohama City Planning Division, Planning Department, Housing & Architecture Bureau, City of Yokohama 1. Overview of the City of Yokohama (1) Location/geographical features Yokohama is located in eastern Kanagawa Prefecture at 139° 27’ 53” to 139° 43’ 31” East longitude and 35° 18’ 45” to 35° 35’ 34” North latitude. It faces Tokyo Bay to the east and the cities of Yamato, Fujisawa, and Machida (Tokyo) to the west. The city of Kawasaki lies to the north, and the cities of Kamakura, Zushi, and Yokosuka are to the south. Yokohama encompasses the largest area of all municipalities in the prefecture and is the prefectural capital. There are also rolling hills running north-south in the city’s center. In the north is the southernmost end of Tama Hills, and in the south is the northernmost end of Miura Hills that extends to the Miura Peninsula. A flat tableland stretches east-west in the hills, while narrow terraces are partially formed along the rivers running through the tableland and hills. Furthermore, valley plains are found in the river areas and coastal lowland on the coastal areas. Reclaimed land has been constructed along the coast so that the shoreline is almost entirely modified into manmade topography. (2) Municipal area/population trends The municipality was formed in 1889 and established the City of Yokohama. Thereafter, the municipal area was expanded, a ward system enforced, and new wards created, resulting in the current 18 wards (administrative divisions) and an area of 435.43km2. Although the population considerably declined after WWII, it increased by nearly 100,000 each year during the period of high economic growth.
    [Show full text]
  • Rail-Integrated Urban Development Japanese Experience and Its Implications
    Rail-integrated Urban Development Japanese Experience and Its Implications October 10, 2016 中分毅/Takeshi NAKAWAKE Executive Vice President NIKKEN SEKKEI Ltd. Metoropoliya NIKKEN SEKKEI A Professional Services Firm covering Architectural Design, Urban Planning/Design, & Environmental Engineering 2 NIKKEN SEKKEI 3 Self-introduction Profession: Environmental Engineering & City Planning Projects: • Strategic Plan for Whole City • Brownfield Redevelopment • City Center Redevelopment • New Town Development • Japan, China, Malaysia, Russia, KSA Vietnam, India Current concerns: • TOD(Transit Oriented Development) • Brownfield Regeneration • LVC(Land Value Capture) • Economic Value of Green Development 4 Traffic congestion is a major Headache that spoils Economic Efficiency & Citizen Mobility 5 The transportation Sector is one of the major sources of GHG & Air pollution Worldwide 2014 SOURCE:IPCC(2014) SOURCE:TOKYO METROPOLITAN GORVERNMENT 6 Urban Density & Transportation-related Energy Consumption 7 TOD is now one of promising approaches for GREERN DEVELOPMENT What is TOD? Transit Oriented Development SOURCE:NS INTERNAL Transit Oriented Development (TOD) refers to residential and Commercial Centers designed to maximize access by Transit and Nonmotorized transportation, and with other features to Encourage Transit Ridership. A typical TOD has a rail or bus station at its center, surrounded by relatively high-density development, with progressively lower-density spreading outwards 300 to 800 meters, which represents pedestrian scale distances. 8
    [Show full text]
  • MAP Shibuya & Yoyogi-Hachiman
    Old & New Go beyond Shibuya Crossing Shibuya & Yoyogi-hachiman <Neighborhood Walk> Once you arrive at Shibuya Station, head to the 3rd Discover More of Shibuya! floor `Urban Core` by using the pedestrian decks that The word “Shibuya” does not only refer to the Shibuya station connects directly to Shibuya Scramble Square. While area, but also the whole Shibuya-ku and neighboring areas. its popularity is set to skyrocket in November 2019, MAP Everyone knows the popular landmarks around Shibuya Station, don’t miss exploring the northern area of Oku-Shibuya such as the Hachiko statue, Shibuya Hikarie and SHIBUYA109 (includes Kamiyamacho, Udagawacho and Tomigaya) Comfort zone shopping mall, but there is so much more to explore – roadside where unique shops can be found. Each shop has shops and distinctive shopping streets in various areas of the with dainties and histories its own uniqueness and still, as youth as Shibuya’s city, historical and cultural facilities, parks etc. Discover all of culture. Drop by and grab some snacks and drinks, Shibuya by taking a long walk following this map. Old & New then head to Yoyogi Park if you feel like taking a break Shinjuku before exploring your next destinations. When you've finished with the youth culture, it’s time for Yoyogi Hachimangu Shrine. This shrine is dedicated to Hachiman, the god of protection from evil and Hatagaya SHIBUYA KU good luck. Their most popular festival is the Goldfish Sasazuka Festival, which is held in May and September. Harajuku Yoyogihachiman Tokyo is about the harmony between traditional and modern culture, and here you can feel both of them.
    [Show full text]
  • A Prosperous Future Starts Here
    A prosperous future starts here 100% of this paper was made using recycled paper 2018.4 (involved in railway construction) Table of Lines Constructed by the JRTT Contents Tsukuba Tokyo Area Lines Constructed by JRTT… ……………………… 2 Sassho Line Tsukuba Express Line Asahikawa Uchijuku JRTT Main Railway Construction Projects……4 Musashi-Ranzan Signal Station Saitama Railway Line Maruyama Hokkaido Shinkansen Saitama New Urban Musashino Line Tobu Tojo Line Urawa-Misono Kita-Koshigaya (between Shin-Hakodate-Hokuto Transit Ina Line Omiya Nemuro Line Shinrin-Koen and Sapporo) ■ Comprehensive Technical Capacity for Railway Sapporo Construction/Research and Plans for Railway Tobu Isesaki Line Narita SKY ACCESS Line Construction… ………………………………………………6 Hatogaya (Narita Rapid Rail Acess Line) Shiki Shin-Matsudo Hokuso Railway Hokuso Line ■ Railway Construction Process… …………………………7 Takenotsuka Tobu Tojo Line Shin-Kamagaya Komuro Shin-Hakodatehokuto Seibu Wako-shi Akabane Ikebukuro Line Imba Nihon-Idai Sekisho Line Higashi-Matsudo Narita Airport Hakodate …… Kotake-Mukaihara Toyo Rapid Construction of Projected Shinkansen Lines 8 Shakujii-Koen Keisei-Takasago Hokkaido Shinkansen Aoto Nerima- Railway Line Nerima Takanodai Ikebukuro Keisei Main Line (between Shin-Aomori and Shin-Hakodate-Hokuto) Hikifune Toyo- Tsugaru-Kaikyo Line Seibu Yurakucho Line Tobu Katsutadai ■ Kyushu Shinkansen… ………………………………………9 Tachikawa Oshiage Ueno Isesaki Line Keio Line Akihabara Nishi-Funabashi Shinjuku … ………………………………… Odakyu Odawara Line Sasazuka ■ Hokuriku Shinkansen 10 Yoyogi-Uehara
    [Show full text]
  • On the Ground in Japan Ruth Nash, JOHCM Japan Fund & JOHCM Japan Dividend Growth Fund
    November 2018 FOR PROFESSIONAL INVESTORS ONLY On the ground in Japan Ruth Nash, JOHCM Japan Fund & JOHCM Japan Dividend Growth Fund “Those of you in window seats on the right side of the plane there on the Tokyo leg of his Asian trip and that half of the might catch a view of Mount Fuji in a few minutes”. The lifts had been reserved for him and the huge security detail Captain’s words prompted everyone to scan the horizon for which accompanied him. The hotel was so full that they were signs of the famous mountain. It always surprises me that Fuji warning of a 30-minute wait for breakfast next morning. And is so big that, when weather conditions are right, it sticks up inflation is definitely starting to hit the hotel sector, as room above the clouds. Anyway, cloud cover was too thick and there rates and even breakfast prices had risen by over 10%. was no sign of it. Japan Inc back on track after natural disasters I was on my way to Japan to spend a few days visiting As usual, I saw a mixture of companies, from sectors such companies. Usually I do this twice a year, but this was my first as construction, services, technology, manufacturing and visit of 2018. This is because, after a slow start in January, (unusually for me) pharmaceuticals. A couple of themes stood when corporates were initially confused by the implications of out. MiFID II, we have had huge numbers of them visiting us in London this year.
    [Show full text]