Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>80% of this company’s business is facility construction, the bulk of which is heating, ventilation and air-conditioning (HVAC) work. About 50% is renewal and 50% is for new buildings, though over the last few years new work is a larger proportion given strong pre-Olympic demand. The company has about 10% share of the market for public works, completing with Daidan (1980), Taikisha (1979), Takasago Thermal (1969) and Shin Nippon Air Technologies (1952).</p><p>In 2006 it had sales of Y240bn, last year…</p>

80% of this company’s business is facility construction, the bulk of which is heating, ventilation and air-conditioning (HVAC) work. About 50% is renewal and 50% is for new buildings, though over the last few years new work is a larger proportion given strong pre-Olympic demand. The company has about 10% share of the market for public works, completing with Daidan (1980), Taikisha (1979), Takasago Thermal (1969) and Shin Nippon Air Technologies (1952).In 2006 it had sales of Y240bn, last year…

Sanki Engineering (1961) Buy Backs and Share Cancellations Look Set to Continue.