Tokyu Fudosan Holding Earnings Analysis and FY3/27 Outlook

Tokyu Fudosan reported FY3/26 profits slightly above estimates and guided for ¥190 bn in FY3/27 operating profit, bolstered by a major hotel sale in Okinawa. Goldman Sachs maintains a Neutral rating with a raised target price of ¥1,520 due to macro uncertainties and rising construction costs.

Key Takeaways

• 1.FY3/26 operating profit of ¥166.9 bn was slightly above Goldman Sachs and consensus estimates, leading to an increased dividend.
• 2.FY3/27 operating profit guidance is ¥190 bn, driven significantly by the wellness business and the sale of a hotel in Okinawa.
• 3.The company increased its FY3/26 dividend to ¥48 and projects ¥50 for FY3/27.

Table of Contents

• Earnings highlights: FY3/27 guidance for operating profit is ¥190 bn
• Rating, valuation
• Price Target Risks and Methodology - Tokyu Fudosan Holdings
• Investment Thesis - Tokyu Fudosan Holdings
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Regulatory disclosures
• Ratings, coverage universe and related definitions

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