Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>Tadano makes mobile cranes (63% of sales) for which it had a leading market share of around 40% (depending on market) and of which 60% are sold overseas. It also makes truck loaders (10% of sales), mostly domestic and the most profitable business, and aerial work platforms (12% of sales), mostly domestic. Overseas operations have a December year end, although the company has a March year end. Overseas sales, therefore, are more or less known now, as is the impact of the currency. After the first…</p>

Tadano makes mobile cranes (63% of sales) for which it had a leading market share of around 40% (depending on market) and of which 60% are sold overseas. It also makes truck loaders (10% of sales), mostly domestic and the most profitable business, and aerial work platforms (12% of sales), mostly domestic. Overseas operations have a December year end, although the company has a March year end. Overseas sales, therefore, are more or less known now, as is the impact of the currency. After the first…

Given a Weaker Yen and a Recovery in Sales, We Remain Positive on Tadano, Which Trades on 14x 3/18.

Japan

TADANO LTD. manufactures and sells various types of hydraulic cranes for construction and other industrial use.  The Company, through utilizing its own mechatronics technology, develops truck, all-terrain, and cargo cranes as well as non-crane equipment such as aerial platform trucks and lighting vehicles. The Company also manufactures pneumatic devices.

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Tadano Ltd (6395 JP)

Given a Weaker Yen and a Recovery in Sales, We Remain Positive on Tadano, Which Trades on 14x 3/18.

Tadano makes mobile cranes (63% of sales) for which it had a leading market share of around 40% (depending on market) and of which 60% are sold...

Pearl Hill Advisors

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