Company releases supplementary materials in response to stock market concerns

Research evidence excerpt

Company releases supplementary materials in response to stock market concerns

Global Markets Research

15 June 2026Seibu Holdings

9024.T 9024 JP / EQUITY: JAPAN HOUSING & REAL ESTATE

Company releases supplementary materials in Rating Neutralresponse to stock market concerns

Target price JPY 4,040Quick Note

Closing price

15 June 2026 JPY 3,035Press release, briefing for analysts

On 15 June, Seibu Holdings released supplementary materials regarding Progress of the (Note: Quick Note reports are not a

Seibu Group's Medium-term Management Plan (FY2024–FY2026) and management vehicle for changes to ratings, target

taking into account capital costs and the stock price, and company president Ryuichiro prices, or earnings forecasts)

Nishiyama hosted a briefing for analysts. The share price has been weak since it

disclosed delays at the Takanawa B-1 District redevelopment project on 14 May, thereby

raising concerns about its various real estate development projects.

We have now learnt the following. (1) The start date for the Takanawa B-1 District Research Analysts

redevelopment project has been pushed back by two years to FY30 and the completion Japan housing & real estate

date has been pushed back by three years to FY35. (2) The development of the Daisuke Fukushima - NSC

Takanawa B-2 District and other projects such as Shibakoen and Takadanobaba will not daisuke.fukushima@nomura.com

necessarily be delayed in a kind of chain reaction. (3) Previously disclosed cash allocation +81 3 6703 1150

plans through FY35 will be updated in the medium-term business plan starting in 28/3. (4)

The company is calculating NAV per share of ¥4,376 at end-26/3, factoring in unrealized

gains on real estate holdings, including hotel assets not subject to disclosure obligation,