TOKYU (9005) Takeaways from small meeting with CFO: Focus on next medium-term business plan

Research evidence excerpt

TOKYU (9005) Takeaways from small meeting with CFO: Focus on next medium-term business plan

J P M O R G A N Asia Pacific Equity Research

11 June 2026

TOKYU (9005) Overweight

9005.T, 9005 JP

Takeaways from small meeting with CFO: Focus on Price (10 Jun 26):¥1,737

next medium-term business plan Price Target (Dec-26):¥2,200

We participated in a small meeting (for sell-side analysts) with the CFO Japan Equity Research

today. Much of the meeting was centered on the next medium-term management

Transportation (Land, Sea, Air), OTC

plan (MTP). We recognized that there were no major changes from the previous & Small Companies, Real Estate &

briefing. Below we summarize the main points from management’s comments. REITs

• Next MTP: Assuming the Shibuya development is completed, the next MTP Ryota Himeno AC

would cover seven years, or possibly 10 years at normal operating speed. We (81-3) 6736-8639

ryota.himeno@jpmorgan.com

would like to see a detailed explanation within this fiscal year. Progress on the JPMorgan Securities Japan Co., Ltd.

Shibuya development project is on track with the currently announced

schedule. Over the next three years, growth will primarily come from existing

properties, as there are no plans for the completion of large-scale property

projects. If there are vacancies, the market environment is such that Tokyu

should be able to secure high rental fees. In addition, the company expects

growth in distribution. The commercial side is also resilient against inflation.

• Financial structure: Tokyu projects total assets to reach ¥3.2-3.3 trillion by

2030 and interest-bearing debt to potentially approach the critical threshold of

¥1.5 trillion. It aims to keep interest-bearing debt at around ¥1.2 trillion, with

its credit rating in mind.