Deutsche Bank Group Markets Research Industry Date Real estate sector 4 August 2015 Japan Real Estate Yoji Otani, CMA Akiko Komine, CMA Research Analyst Research Analyst (+81) 3 5156-6756 (+81) 3 5156-6765
[email protected] [email protected] F.I.T.T. for investors Last dance Bubbles always come in different forms With the big cliff of April 2017 in sight, enjoy the last party like a driver careening to the cliff's brink. Japan is now painted in a completely optimistic light, with the pessimism which permeated Japan after the Great East Japan Earthquake in 2011 forgotten and expectations for the 2020 Tokyo Olympics riding high. The bank lending balance to the real estate sector is at a record high, and we expect bubble-like conditions in the real estate market to heighten due to increased investment in real estate to save on inheritance taxes. History repeats itself, but always in a slightly different form. We have no choice but to dance while the dance music continues to play. ________________________________________________________________________________________________________________ Deutsche Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 124/04/2015. Deutsche Bank Group Markets Research Japan Industry Date 4 August 2015 Real Estate Real estate sector FITT Research Yoji Otani, CMA Akiko Komine, CMA Research Analyst Research Analyst Last dance (+81) 3 5156-6756 (+81) 3 5156-6765
[email protected] [email protected] Bubbles always come in different forms Top picks With the big cliff of April 2017 in sight, enjoy the last party like a driver Mitsui Fudosan (8801.T),¥3,464 Buy careening to the cliff's brink.