DOCSLIB.ORG

UNO Template

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
UNO Template 16 April 2013 Asia Pacific/Japan Equity Research Real Estate Management & Development / REITs (Real Estate (Japan)/REIT (Japan)) / OVERWEIGHT/OVERWEIGHT Real estate sector Research Analysts SECTOR REVIEW Masahiro Mochizuki 81 3 4550 7389 [email protected] Abenomics to affect real estate appraisers Atsuro Takemura Figure 1: Cap rates of J-REIT property transactions (offices in Tokyo’s 23 central wards) 81 3 4550 7372 [email protected] 10.0% Liquidity lowered 9.0% 8.0% Liquidity recovering 7.0% Ample liquidity 6.0% 5.0% 4.0% 3.0% 2.0% 7/08 1/07 4/07 7/07 1/08 4/08 1/09 4/09 7/09 1/10 4/10 7/10 1/11 4/11 7/11 1/12 4/12 7/12 1/13 4/13 10/08 10/09 10/10 10/11 10/12 10/07 Source: Company data, Credit Suisse ■ Summary: Cap rates for real estate stocks have declined, but the decline in actual cap rates on office buildings has been only moderate. However, we expect real estate cap rates to fall more sharply due to a decline in long-term interest rates and expectations of higher office rents. We believe a sense that real estate prices are rising is likely to emerge in the near future, so we reiterate our OVERWEIGHT stance on the real estate sector, a likely bellwether of Japan’s efforts to combat deflation. ■ Focal points: Cap rates for office buildings acquired by J-REITs in Tokyo’s 23 wards are trending at around 4–6%. In the period up to 2008, when office rents rose, yields were around 4–5%. We would expect an overall decline in yields on acquired properties of around 100bp once office rents begin to rise. ■ Real estate appraisers do not tend to adjust cap rates sharply when appraising properties, in order to maintain continuity. Long-term interest rates have seen a sustained decline, so we expect real estate risk premiums to rise if appraisal cap rates remain flat. If Abenomics drives a recovery in the economy, an increase in the real estate risk premium is unlikely to go over easily. We believe appraisers will start lowering their cap rates in the next six months and see this supporting an increase in real estate prices. ■ Stock calls: Among developers, we recommend Tokyu Land (8815, TP ¥1,700) and Tokyo Tatemono (8804, TP ¥1,400), which have high financial leverage. We also recommend Mitsui Fudosan (8801, TP ¥4,400), on prospects of a positive surprise in 4Q results. Our J-REIT recommendations are Nippon Building Fund (8951, TP ¥1,400,000), Japan Real Estate Investment (8952, ¥1,360,000), and Japan Prime Realty Investment (8955, ¥430,000). We have OUTPERFORM ratings on all these companies. DISCLOSURE APPENDIX CONTAINS ANALYST CERTIFICATIONS AND THE STATUS OF NON US ANALYSTS. FOR OTHER IMPORTANT DISCLOSURES, visit www.credit-suisse.com/researchdisclosures or call +1 (877) 291-2683 US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, 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. CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION® Client-Driven Solutions, Insights, and Access 16 April 2013 Companies Mentioned (Price as of 15-Apr-2013) Japan Prime Realty Investment Corporation (8955.T, ¥351,000, OUTPERFORM, TP ¥430,000) Japan Real Estate Investment Corporation (8952.T, ¥1,270,000, OUTPERFORM, TP ¥1,360,000) Mitsui Fudosan (8801.T, ¥3,470, OUTPERFORM, TP ¥4,400) Nippon Building Fund (8951.T, ¥1,390,000, OUTPERFORM, TP ¥1,400,000) Tokyo Tatemono (8804.T, ¥923, OUTPERFORM[V], TP ¥1,400) Tokyu Land (8815.T, ¥1,198, OUTPERFORM[V], TP ¥1,700) Disclosure Appendix Important Global Disclosures Masahiro Mochizuki and Atsuro Takemura, each certify, with respect to the companies or securities that the individual analyzes, that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report. Price and Rating History for Japan Prime Realty Investment Corporation (8955.T) 8955.T Closing Price Target Price Date (¥) (¥) Rating 25-Aug-10 189,500 240,000 O 26-Mar-11 218,600 280,000 09-Oct-12 235,100 267,000 25-Mar-13 360,500 430,000 * Asterisk signifies initiation or assumption of coverage. O UT PERFO RM Price and Rating History for Japan Real Estate Investment Corporation (8952.T) 8952.T Closing Price Target Price Date (¥) (¥) Rating 21-Jun-10 751,000 770,000 N 17-Dec-10 810,000 880,000 21-Jun-11 779,000 890,000 O 20-Dec-11 612,000 790,000 27-Mar-12 748,000 790,000 N 09-Oct-12 765,000 1,000,000 O 25-Mar-13 1,332,000 1,360,000 * Asterisk signifies initiation or assumption of coverage. N EUT RAL O UT PERFO RM Real estate sector 2 16 April 2013 Price and Rating History for Mitsui Fudosan (8801.T) 8801.T Closing Price Target Price Date (¥) (¥) Rating 09-Dec-10 1,504 2,100 O 29-Mar-11 1,364 1,300 N 06-Jun-11 1,301 1,600 O 25-Jul-11 1,484 2,100 15-Mar-12 1,660 2,200 11-Jun-12 1,377 1,700 24-Sep-12 1,615 2,000 28-Nov-12 1,712 2,100 10-Jan-13 2,067 2,400 07-Mar-13 2,459 2,700 O UT PERFO RM 11-Apr-13 3,460 4,400 N EUT RAL * Asterisk signifies initiation or assumption of coverage. Price and Rating History for Nippon Building Fund (8951.T) 8951.T Closing Price Target Price Date (¥) (¥) Rating 31-Aug-10 712,000 750,000 N 26-Apr-11 808,000 890,000 26-Mar-12 758,000 770,000 09-Oct-12 823,000 1,000,000 O 25-Mar-13 1,312,000 1,400,000 * Asterisk signifies initiation or assumption of coverage. N EUT RAL O UT PERFO RM Price and Rating History for Tokyo Tatemono (8804.T) 8804.T Closing Price Target Price Date (¥) (¥) Rating 14-May-10 390 460 O 31-Aug-10 294 400 17-Nov-10 320 410 03-Feb-11 390 460 30-Mar-11 308 400 16-Aug-11 251 330 07-Dec-11 232 320 05-Jan-12 242 330 14-Feb-12 301 330 N 22-Mar-12 335 370 O UT PERFO RM 11-Jun-12 269 340 O N EUT RAL 03-Sep-12 261 330 29-Oct-12 324 330 N 10-Jan-13 433 460 04-Apr-13 707 740 O 11-Apr-13 919 1,400 * Asterisk signifies initiation or assumption of coverage. Real estate sector 3 16 April 2013 Price and Rating History for Tokyu Land (8815.T) 8815.T Closing Price Target Price Date (¥) (¥) Rating 11-Jun-10 330 410 O 14-Dec-10 394 520 30-Mar-11 368 410 07-Jun-11 352 350 N 30-Aug-11 316 350 O 17-Nov-11 296 420 12-Mar-12 404 480 04-Jun-12 324 550 28-Nov-12 478 590 10-Jan-13 640 830 O UT PERFO RM 07-Mar-13 768 900 N EUT RAL 11-Apr-13 1,142 1,700 * Asterisk signifies initiation or assumption of coverage. The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activities As of December 10, 2012 Analysts’ stock rating are defined as follows: Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark*over the next 12 months. Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months. Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months. *Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractiv e, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin Ame rican and non-Japan Asia stocks, ratings are based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; Australia, New Zealand are, and prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, 12 -month rolling yield is incorporated in the absolute total return calculation and a 15% and a 7.5% threshold replace the 10-15% level in the Outperform and Underperform stock rating definitions, respectively.
Load more

Recommended publications
  • Snehal Desai
    East West Players and Japanese American Cultural & Community Center (JACCC) By Special Arrangement with Sing Out, Louise! Productions & ATA PRESENT BOOK BY Marc Acito, Jay Kuo, and Lorenzo Thione MUSIC AND LYRICS BY Jay Kuo STARRING George Takei Eymard Cabling, Cesar Cipriano, Janelle Dote, Jordan Goodsell, Ethan Le Phong, Sharline Liu, Natalie Holt MacDonald, Miyuki Miyagi, Glenn Shiroma, Chad Takeda, Elena Wang, Greg Watanabe, Scott Watanabe, and Grace Yoo. SCENIC DESIGN COSTUME DESIGN LIGHTING DESIGN SOUND DESIGN PROJECTION DESIGN PROPERTY DESIGN Se Hyun Halei Karyn Cricket S Adam Glenn Michael Oh Parker Lawrence Myers Flemming Baker FIGHT ALLEGIANCE ARATANI THEATRE PRODUCTION CHOREOGRAPHY PRODUCTION MANAGER PRODUCTION MANAGER STAGE MANAGER Cesar Cipriano Andy Lowe Bobby DeLuca Morgan Zupanski COMPANY MANAGER GENERAL MANAGER ARATANI THEATRE GENERAL MANAGER Jade Cagalawan Nora DeVeau-Rosen Carol Onaga PRESS REPRESENTATIVE MARKETING GRAPHIC DESIGN Davidson & Jim Royce, Nishita Doshi Choy Publicity Anticipation Marketing EXECUTIVE PRODUCER MUSIC DIRECTOR ORCHESTRATIONS AND CHOREOGRAPHER ARRANGEMENTS Alison M. Marc Rumi Lynne Shankel De La Cruz Macalintal Oyama DIRECTED BY Snehal Desai The original Broadway production of Allegiance opened on November 8th, 2015 at the Longacre Theatre in NYC and was produced by Sing Out, Louise! Productions and ATA with Mark Mugiishi/Hawaii HUI, Hunter Arnold, Ken Davenport, Elliott Masie, Sandi Moran, Mabuhay Productions, Barbara Freitag/Eric & Marsi Gardiner, Valiant Ventures, Wendy Gillespie, David Hiatt Kraft, Norm & Diane Blumenthal, M. Bradley Calobrace, Karen Tanz, Gregory Rae/Mike Karns in association with Jas Grewal, Peter Landin, and Ron Polson. World Premiere at the Old Globe Theater, San Diego, California. Barry Edelstein, Artistic Director; Michael G.
    [Show full text]
  • JACCC-AR-17-As-Of-1116.Pdf
    JAPANESE AMERICAN CULTURAL & COMMUNITY CENTER ANNUAL REPORT 2016–2017 A MESSAGE FROM THE PRESIDENT The 2016–2017 Fiscal Year marked a year of planning with confidence and intentionality. JACCC was fortunate to have been granted support from the DeVos Institute of Arts Management at the University of Maryland allowing us to work for eight months with Brett Egan, one of the nation’s top leaders in strategic planning. JACCC leadership, which included both board and staff, created a plan to span through 2022, mapping out our future and allowing for course-corrections as needed. This Fiscal Year also marks the fourth consecutive year that JACCC has maintained a positive operating budget. This is due to the commitment of our donors and supporters who have helped us stabilize our operations and continue to make a significant impact on the experiences of every artist, audience member, and participant, young and young at heart who visits and enjoys the programs at JACCC. As I head toward my fifth year of leading this institution, I am thankful every day for the hard work and dedication of our staff and board members. Their efforts have helped us get to a place where we are able to plan strategically and confidently, and bring our audiences a mul- titude of programming ranging from traditional to contemporary: Edo period art of the Price Collection, master artists like Nomura Mansaku, the Comedy Comedy Fest, and Ukuleles for Little Tokyo. It has truly been an exciting and full year. Sincerely, Leslie A. Ito President & CEO JACCC MISSION A hub for Japanese and Japanese American arts and culture and a community gathering place for the diverse voices it inspires—Japanese American Cultural & Community Center connects traditional and contemporary; community participants and creative professionals; Southern California and the world beyond.
    [Show full text]
  • Tokyu Fudosan Holdings 2020 Integrated Report
    Tokyu Fudosan Holdings Corporation Corporate Communication Department www.tokyu-fudosan-hd.co.jp/english/ WORK An inheritance of Challenge-oriented DNA, a spirit of trying to solve social issues through business activities I wanted to create something resembling a Garden City in Japan and to make up even a little for the shortcomings of city life. Seien Kaikoroku [Memoirs of Eiichi Shibusawa] The origin of wealth is jingi-dotoku (humanity and morality); HOME unjustified wealth cannot be eternal. LIFESTYLE Rongo to Soroban [The Analects of Confucius and the Abacus] Eiichi Shibusawa CREATION Established the Den-en Toshi Company, the origin of the Group (1918) Combining new home, work and play styles Recently, I often hear the expression, “return of profits from companies to society.” I absolutely hate these words. In the first place, companies that are not needed by society will never develop. Companies should pursue their original goals. This is an act that we should call “returning profits to society.” Toshi to Ningen-no Atarashii Chowa wo Motomete [In pursuit of new harmony between cities and people], a corporate bulletin published to commemorate the 20th anniversary of TOKYU LAND CORPORATION Noboru Goto First president of TOKYU LAND CORPORATION (1953 to 1978) Provided by: TOKYU CORPORATION PLAY TOKYU FUDOSAN HOLDINGS 2020 INTEGRATED REPORT 01 CONTENTS Communication with Stakeholders Section 1 Section 3 Direct communication Reports WEB The Value Creation Story Foundations Supporting ● General meeting of shareholders ● Integrated Report ● Investor Relations The Tokyu Fudosan Holdings Group has continued to create unique value while Our Sustainable Growth always facing social issues head-on.
    [Show full text]
  • TOKYU FUDOSAN HOLDINGS 2018 Integrated Report
    TOKYU FUDOSANHOLDINGS 2018 IntegratedReport 2018 Integrated Report Tokyu Fudosan Holdings Corporation Group Finance Department, Investor Relations Group Planning Policy Department, CSR Promotion Group This product is made of FSC®-certifi ed and This report uses ink derived from https://www.tokyu-fudosan-hd.co.jp/english/ other controlled material. non-edible plants. We go beyond the bounds of physical structures to propose and create lifestyles. e Tokyu Fudosan Holdings Group has always eagerly taken on new challenges, starting with the development of the community of Den-en Chofu. It’s in our DNA. We will continue to leverage that “Challenging DNA” to deliver new value to communities and society through the proposal of new home, work and play styles. Tokyu Group Slogan Tokyu Fudosan Holdings Group Ideal – The Tokyu Group Toward a Beautiful Age A corporate group that continues to create value We go beyond the bounds of physical structures to Tokyu Group Philosophy propose and create new lifestyles We hold this philosophy in common as we work together to create and support the Tokyu Group. Founding Spirit Mission Statement We will create a beautiful living environment, where each person can pursue individual happiness in a harmonious society. Challenging DNA Management Policy Work independently and in collaboration to raise Group synergy and establish a trusted and beloved brand. The Tokyu Fudosan Holdings Group originated 100 years ago in • Meet current market expectations and develop new ones. 1918 with the development of Den-en Chofu based on the garden • Manage in harmony with the natural environment. city concept, with the aim of developing the ideal community at a • Pursue innovative management from a global perspective.
    [Show full text]
  • Plug and Play Japan Two Pager(Eng.)20180704
    Japan’s Innovation Platform that brings corporates and startups together Plug and Play Japan Acceleration Program : 4 Major Values 1. Partnerships with Large Corporations 2. A "Silicon Valley" Style Accelerator Opportunity to meet and partner with our extensive Obtain the necessary resources and assets to corporate network while making use of their succeed on a global level. Gain access to mentors resources. Program and support is customized for and advisors from both Japan and aboard that can each startup of all stages and businesses.(MUFG, open doors for potential investment and acquisition. Tokyu Land Corporation, SOMPO, Nissan Motors, Mentoring and workshops by representative VC of Hitachi, Dentsu, Panasonic, Fujitsu, Fujikura, DENSO, Japan and experts in each fields. ADK, Nissay, Nippon Express are currently on board.) 3. Japan Market Entry 4. Free Access for Office/Community Easier than ever before to enter the Japanese Enjoy Plug and Play Shibuya Office, an 800m2 Co- market. Take advantage of the Plug and Play working space, minutes away from Shibuya Japan community that can connect you to the right station, the capital of new businesses and vibrant partners that can grow your business in Japan cultures that includes various conference rooms instantly. Gain opportunity to pitch in front of and event spaces. Free access to events which investers, media and other stakeholders on the we hold as a hub of startup ecosystem in Japan. Demo day. (around 750 people joined the previous Access to a community of founders for exchanging Demo day) information. Our Corporate Partners in Japan And will be announced more! "Batch 2”Program 4 Verticals IoT Fintech Insurtech Mobility FOCUS AREAS: FOCUS AREAS: FOCUS AREAS: FOCUS AREAS: • Artificial Intelligence • Payment/Banking • Customer Engagement • Autonomous Driving • Big Data Analysis • Blockchain • Product Innovation • Sharing Economy • Robotics • Retail • Healthtech • Energy/EV • Smart City etc.
    [Show full text]
  • Code Issue Size 1 1301 KYOKUYO CO.,LTD. Topixsmall TOPIX1000
    TOPIX New Index Series (As end of October , 2012) (sort by Local Code) As of October 5, 2012 Code Issue TOPIX New Index Series Size 1 1301 KYOKUYO CO.,LTD. TOPIXSmall TOPIX1000 小型 2 1332 Nippon Suisan Kaisha,Ltd. TOPIX Mid400 TOPIX 500 TOPIX1000 中型 3 1334 Maruha Nichiro Holdings,Inc. TOPIX Mid400 TOPIX 500 TOPIX1000 中型 4 1352 HOHSUI CORPORATION TOPIXSmall 小型 5 1377 SAKATA SEED CORPORATION TOPIXSmall TOPIX1000 小型 6 1379 HOKUTO CORPORATION TOPIXSmall TOPIX1000 小型 7 1414 SHO-BOND Holdings Co.,Ltd. TOPIXSmall TOPIX1000 小型 8 1417 MIRAIT Holdings Corporation TOPIXSmall TOPIX1000 小型 9 1514 Sumiseki Holdings,Inc. TOPIXSmall 小型 10 1515 Nittetsu Mining Co.,Ltd. TOPIXSmall TOPIX1000 小型 11 1518 MITSUI MATSUSHIMA CO.,LTD. TOPIXSmall TOPIX1000 小型 12 1605 INPEX CORPORATION TOPIX Large70 TOPIX 100 TOPIX 500 TOPIX1000 大型 13 1606 Japan Drilling Co.,Ltd. TOPIXSmall 小型 14 1661 Kanto Natural Gas Development Co.,Ltd. TOPIXSmall TOPIX1000 小型 15 1662 Japan Petroleum Exploration Co.,Ltd. TOPIX Mid400 TOPIX 500 TOPIX1000 中型 16 1712 Daiseki Eco.Solution Co.,Ltd. TOPIXSmall 小型 17 1719 HAZAMA CORPORATION TOPIXSmall TOPIX1000 小型 18 1720 TOKYU CONSTRUCTION CO., LTD. TOPIXSmall 小型 19 1721 COMSYS Holdings Corporation TOPIX Mid400 TOPIX 500 TOPIX1000 中型 20 1722 MISAWA HOMES CO.,LTD. TOPIXSmall TOPIX1000 小型 21 1762 TAKAMATSU CONSTRUCTION GROUP CO.,LTD. TOPIXSmall 小型 22 1766 TOKEN CORPORATION TOPIXSmall TOPIX1000 小型 23 1780 YAMAURA CORPORATION TOPIXSmall 小型 24 1801 TAISEI CORPORATION TOPIX Mid400 TOPIX 500 TOPIX1000 中型 25 1802 OBAYASHI CORPORATION TOPIX Mid400 TOPIX 500 TOPIX1000 中型 26 1803 SHIMIZU CORPORATION TOPIX Mid400 TOPIX 500 TOPIX1000 中型 27 1805 TOBISHIMA CORPORATION TOPIXSmall TOPIX1000 小型 28 1808 HASEKO Corporation TOPIX Mid400 TOPIX 500 TOPIX1000 中型 29 1810 MATSUI CONSTRUCTION CO.,LTD.
    [Show full text]
  • NIKKEI JAPAN 1000 Constituents (As of March 25, 2005)
    NIKKEI JAPAN 1000 Constituents (as of March 25, 2005) Tokyo Stock Exchange 1st 2580 COCA-COLA CENTRAL JAPAN 1332 NIPPON SUISAN 2590 DYDO DRINCO 1334 MARUHA GROUP 2591 CALPIS 1377 SAKATA SEED 2593 ITO EN 1379 HOKUTO 2594 KEY COFFEE 1601 TEIKOKU OIL 2595 KIRIN BEVERAGE 1662 JAPAN PETROLEUM EXPLORATION 2602 NISSHIN OILLIO GROUP 1720 TOKYU CONSTRUCTION 2607 FUJI OIL 1721 COMSYS HOLDINGS 2613 J-OIL MILLS 1722 MISAWA HOMES HOLDINGS 2651 LAWSON 1801 TAISEI 2664 CAWACHI 1802 OBAYASHI 2670 ABC-MART 1803 SHIMIZU 2678 ASKUL 1808 HASEKO 2681 GEO 1812 KAJIMA 2685 POINT 1820 NISHIMATSU CONSTRUCTION 2692 ITOCHU-SHOKUHIN 1821 SUMITOMO MITSUI CONSTRUCTION 2730 EDION 1824 MAEDA 2731 NIWS 1833 OKUMURA 2768 SOJITZ HOLDINGS 1860 TODA 2779 MITSUKOSHI 1878 DAITO TRUST CONSTRUCTION 2784 ALFRESA HOLDINGS 1881 NIPPO 2801 KIKKOMAN 1883 MAEDA ROAD CONSTRUCTION 2802 AJINOMOTO 1885 TOA 2809 Q.P. 1893 PENTA-OCEAN CONSTRUCTION 2810 HOUSE FOODS 1924 PANAHOME 2811 KAGOME 1925 DAIWA HOUSE INDUSTRY 2815 ARIAKE JAPAN 1928 SEKISUI HOUSE 2871 NICHIREI 1941 CHUDENKO 2873 KATOKICHI 1942 KANDENKO 2874 YOKOHAMA REITO 1946 TOENEC 2875 TOYO SUISAN 1951 KYOWA EXEO 2897 NISSIN FOOD PRODUCTS 1959 KYUDENKO 2908 FUJICCO 1961 SANKI ENGINEERING 2914 JAPAN TOBACCO 1963 JGC 3001 KATAKURA INDUSTRIES 1969 TAKASAGO THERMAL ENGINEERING 3002 GUNZE 1970 HITACHI PLANT ENGINEERING 3101 TOYOBO 1973 NEC SYS. INTEGRA. & CONST. 3103 UNITIKA 1979 TAIKISHA 3105 NISSHINBO INDUSTRIES 1982 HIBIYA ENGINEERING 3106 KURABO INDUSTRIES 2001 NIPPON FLOUR MILLS 3110 NITTO BOSEKI 2002 NISSHIN SEIFUN GROUP 3116 TOYOTA
    [Show full text]
  • Integrated Report 2020 Contents
    Staying Ahead of the Times to Provide New Value Integrated Report 2020 Contents P 2 Track Record of Mitsubishi Estate P 50 ESG Section and Its Business Expansion 52 Materiality 54 Environment (E) Mitsubishi Estate’s Strengths P 5 55 TCFD 6 Marunouchi Today 56 Human Resources and Diversity (S) “A Love for People 57 Resilience (S) Mitsubishi Estate’s Value Creation Model P 8 58 SASB 59 Corporate Governance (G) P 10 Message from the President A Love for the City ” 59 Message from the Chairman of the Board 60 Directors Overview of Long-Term Management Plan 2030 P 14 61 Corporate Executive Officers, Executive Officers, Forever Taking On New Challenges—The Mitsubishi Estate Group 16 The Group’s Strengths and Growth Strategies and Group Executive Officers 18 Road Map for 2030 62 Characteristics of Corporate Governance System 64 Evaluation of the Effectiveness of the Board of 20 SPECIAL FEATURE 1 Domestic Asset Business Directors / Remuneration CO • MO • RE YOTSUYA The Spirit of Mitsubishi: Three Principles 65 Shares Held for Strategic Purposes 22 SPECIAL FEATURE International Asset Business 2 66 Message from an Outside Director “Shoki Hoko” “Shoji Komei” “Ritsugyo Boeki” Condominium Business in Bangkok, Thailand 68 Risk Management 24 SPECIAL FEATURE 3 Non-Asset Business Corporate Responsibility to Society Integrity and Fairness Global Understanding through Business Participation in the Elevator Media Business Strive to enrich society, both materially Maintain principles of transparency Expand business, P 71 Financial Section and spiritually, while contributing and openness, based on an all-encompassing 26 Message from the Corporate Officer in Charge of toward the preservation of conducting business with global perspective.
    [Show full text]
  • One NB Media Data
    OneNB—The One Nikkei Business— The business magazine with the largest circulation and the business online media with the largest registered users in Japan. OneNB —The One Nikkei Business— Through Nikkei ID, taking advantage of their respective characteristics, Nikkei Business and Nikkei Business Online Edition have been integrated into “One NB.” We provide rigorously selected information to a wide-ranging readership including top management, managers, and young businesspersons and students who will shoulder the next generation. 190,000 Core users 2.56 copies million users Aprox. 2016 (Jan.–Dec) 78,000 As of Oct. 2018 ABC Circulation: 190,918 copies person 2,558,902 registered users A “reliable source of information” that collects Among online media operated by Japanese its information on-site to reach the core of business magazine publishers, we have the management and work. The highest number largest number of registered users and, with of ongoing readers for a weekly business the speed of online delivery, supply accurate publication over 26 consecutive years. information to managers and business leaders involved in decision making. 62 Communicating information that Percentage of readers within target zone 46.1% includes both ON and OFF scenarios, 65.2% of executives at major 65.2% companies (with over 1,000 employees), and 46.1% of regardless of age and position. division managers read either Nikkei Business or Nikkei Employees at major companies Employees at major companies (over Business Online Edition. (over 1,000 employees) executives 1,000 employees) division manager level From BBMR (BtoB Marketing Report: Media Contact Survey) of Nikkei Research Inc.
    [Show full text]
  • DAIWA Earnings Analysis of Major Banks–I
    DAIWA DAIWA INSTITUTE OF RESEARCH LTD. 6 December 2007 (No of pages: 19) Earnings Analysis of Major Banks–I —1H FY07 Earnings Summary and Operating Environment— (Sumitomo Mitsui Banking Corp is affiliated with Daiwa Securities SMBC. See disclaimer below.) Equity Research Dept Akira Takai • Major banks’ aggregate 1H FY07 parent real net business profit (total sum of group banks) edged down 2.6% y/y to Y1,614.8 billion. Domestic net interest income expanded, mainly thanks to improvement in loan-deposit interest rate spreads. Treasury operations apparently improved overall, helped by lower overseas interest rates. Meanwhile, slow growth in net fee/commission income and an increase in overhead weighed on profit. • However, the main factor dragging down profit was aggregate credit costs net of recoveries, which reached Y366.1 billion, reversing course net credit recoveries of Y244.9 booked a year earlier. A number of banks took a hit from earnings deterioration at group non-banks and higher income taxes due to the realization of deferred tax assets during the year-earlier period. This capped aggregate consolidated net income at Y947.9 billion, 45.4% below the 1H FY06 figure, which was the highest in history. However, solid profitability prompted some banks to resume or raise common dividends in 1H. • The BOJ did not raise interest rates in 1H, after having lifted the unsecured overnight call rate 0.25% twice in FY06. The bond market retreated in 1Q but began to rebound in 2Q. Meanwhile, global equity markets pulled back in response to the deepening subprime loan crisis in August, causing Japanese equities to plummet.
    [Show full text]
  • Annual Report 2018 ANNUAL REPORT 2018
    Gensler Annual Report 2018 ANNUAL REPORT 2018 ONE COMMUNITY 1 Gensler Annual Report 2018 Every day, by using innovation and creativity, people at Gensler solve important challenges through our work. This is what Gensler is built for—we thrive on the challenges that our clients bring us on projects of all types and scales, from the everyday to the complex. In fact, over the past year we worked with our clients on an amazing 10,000 projects in 2,500 cities. Each project was unique and vital to the future. To make the greatest positive impact on the world around us, Gensler is organized as a single cohesive community that’s connected across the globe, working with shared values and shared purpose. This year, we reshaped our network as One Community that’s able to bring Gensler’s unique strengths to the marketplace and drive transformation for our clients anywhere in the world. This annual report highlights four key areas that go to the core of who we are. We take pride in the fact that we are an industry leader in diversity, with the understanding that assembling a team of people from diverse backgrounds and with different perspectives fuels our ability to practice in over 90 countries, designing every- thing from office furniture to major sports stadiums. We’re also making significant investments in platforms that drive innovation, developing our own software applications, invest- ing in data-driven design, hiring talented leaders from related fields, and growing in ways that will allow exciting new partnerships with our clients. With offices in 48 locations, we have committed to a greater focus on community impact, enriching the human experi- ence through active engagement with community, charitable, civic, and not-for-profit organizations in our cities.
    [Show full text]
  • Availability of English Translations for the Articles of Incorporation of Nikkei 225 Companies
    002 Availability of English translations for the articles of incorporation of Nikkei 225 companies July 4, 2016 International Disclosure Services Corporation Note: This report has been created based on objective research, and does not constitute a recommendation of any particular method of disclosure or presentation. This report has been created and compiled based on careful research, but its accuracy is not guaranteed. Copyright pertaining to this report belongs to International Disclosure Services Corporation, and it may not be redistributed or reproduced without the permission of International Disclosure Services Corporation. Contents Availability of English-language articles of incorporation ............................................................................................. 1 Nikkei 225 constituents ........................................................................................................................................ 1 Foreign shareholder ratio ...................................................................................................................................... 2 By industry ........................................................................................................................................................... 2 The articles of incorporation, which contain basic information on corporate governance for all companies, is an important source of information for both shareholders and investors. Although the Japanese-language versions can be obtained via the TSE’s database on
    [Show full text]