Redevelopment story unchanged, but timeline for realization pushed back

Research evidence excerpt

Redevelopment story unchanged, but timeline for realization pushed back

22 June 2026

Mizuho Securities Equity Research Transportation

Price Objective Change

Seibu Holdings (9024)

Rating: Neutral Price Objective ¥4,500 ¥3,000

Spotlight: See Figure 1 for the company’s ACT: Rise in corporate value on major development project completion

pipeline of major development projects still some way off

We lower our price objective for Seibu Holdings after revising our outlook

Share price (19 Jun) ¥2,986.5 on the timing for real estate securitization to reflect the pushed-backImplied upside +0%

timeframe for the completion of major redevelopment projects. We believeTSE Segment Prime

progress with major redevelopment projects in the Takanawa, Shibakoen,

Major indicators (E = Mizuho estimates) and Shinjuku areas will fuel improvement in corporate value over theMarket capitalization (¥b) 913.20

Shares outstanding (m) 305.78 medium to long term. However, the timing for the construction completion

Potential share dilution (m) – and opening of the Takanawa B-1 District project (the first major project)Daily turnover (thou, mo. avg.) 2,449.01

Foreign ownership (%, 9/25) 25.3 has been pushed back to FY35 due to soaring construction costs and

DPS(¥, 3/27E) 46.0 construction system constraints. We reiterate our Neutral rating on theDividend Yield(%, 3/27E) 1.5

Payout ratio(%, 3/27E) 40.3 stock, as we believe it will take some time for development plans for the

Equity ratio(%, 3/27E) 31.6 Shibakoen and Shinjuku areas to be fleshed out, and we therefore think itBPS(¥, 3/27E) 2,308.7

PBR(x, 3/27E) 1.3 will take considerable time for Seibu Holdings’ corporate value to improve.

ROE(%, 3/27E NP basis) 5.0

ROA(%, 3/27E RP basis) 2.8 KNOW: Uncertainty surrounding progress in redevelopment

Note: No.