Iida Group Holdings: F3/26 Results: Announces Guidance for F3/27 OP Growth Despite Uncertainty Related to Middle East

研报英文原文证据摘录

Iida Group Holdings: F3/26 Results: Announces Guidance for F3/27 OP Growth Despite Uncertainty Related to Middle East

Update

May 15, 2026 10:47 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MIida Group Holdings (3291) | Japan Toshiyuki Anegawa

Equity Analyst

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

Iida Group Holdings (3291.T, 3291 JP)

Housing | JapanGuidance for F3/27 OP Growth

Stock Rating Underweight

Industry View In-Line

Price target ¥2,500Despite Uncertainty Related to Shr price, close (May 14, 2026) ¥2,197

Mkt cap, curr, basic (bn) ¥607.1

Avg daily trading value (bn) ¥1.1Middle East

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

The number of built-for-sale detached homes sold declined -4.2% YoY to 36,989

units in F3/26. Conditions for new-build housing supply remained challenging.

Iida Group's gross margin on built-for-sales detached homes fell -0.5ppt QoQ to

15.6% in 4Q, partly due to sales of long-term stock; over the full year, the gross

margin improved +2.1ppt YoY to 16.0%.

As of end-4Q, the number of unsold built-for-sale detached homes in inventory

stood at 25,700 units (-787 units from 3 months earlier), which we think this is an

appropriate level.

The company's F3/27 plan anticipates sales of 40,000 built-for-sale detached

homes, and a gross margin of 15.6%.

Results vs forecasts: Iida Group reported F3/26 OP below consensus expectations,

but EPS was ahead of consensus.

Recommended action: The reduced dividend plan for F3/27 (although the ordinary

dividend will be increased) is below expectations, but it was not a big surprise and