Resorttrust: F3/26 Results: Targets Mild OP Growth in F3/27 Driven by Hotel & Restaurant and Medical Businesses

Research evidence excerpt

Resorttrust: F3/26 Results: Targets Mild OP Growth in F3/27 Driven by Hotel & Restaurant and Medical Businesses

Update

May 15, 2026 10:37 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MResorttrust (4681) | Japan Toshiyuki Anegawa

Equity Analyst

F3/26 Results: Targets Mild OP Toshiyuki.Anegawa@morganstanleymufg.com +81 3 6836-8914

Resorttrust (4681.T, 4681 JT)

Real Estate | JapanGrowth in F3/27 Driven by

Stock Rating Equal-weight

Industry View In-Line

Price target ¥2,000Hotel & Restaurant and Medical Shr price, close (May 15, 2026) ¥1,728

Mkt cap, curr, basic (bn) ¥366.8

Avg daily trading value (bn) ¥1.2Businesses

Reaction to earnings

Unchanged Modest upside Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

F3/26 profit edged down for memberships as income was deferred, but YoY

growth in hotel & restaurant and medical business profits yielded good results.

In F3/27 the firm plans the launch of 1 new property, but this is relatively small

and it expects a small fall in membership contracts to ¥116.6bn (-4.5% YoY).

Expected drivers of OP growth in F3/27 are hotel & restaurant (effects of revised

charges, etc) and medical (growth in members) businesses.

Having opened Sanctuary Court Nikko in Feb 2026, the firm expects YoY growth

in OP in each quarter of F3/27.

Results vs. forecasts: F3/26 OP and EPS were a narrowly higher than consensus

forecasts. We think the overage in NP related to corporate tax.

Recommended action: The firm's F3/27 EPS target is marginally lower than

consensus but we think we can look to better outcomes than that over the course

of the year. With earnings tracking steadily and no particular surprises, we view the