Seibu Holdings (9024) Takeaways from meeting with CEO: Positive view on timely updates regarding NAV maximization

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Seibu Holdings (9024) Takeaways from meeting with CEO: Positive view on timely updates regarding NAV maximization

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

15 June 2026

Seibu Holdings (9024) Neutral

9024.T, 9024 JP

Takeaways from meeting with CEO: Positive view on Price (15 Jun 26):¥3,035

timely updates regarding NAV maximization Price Target (Dec-26):¥3,100

We participated in a small meeting (for sell-side analysts) with the CEO. At 2:00 Japan Equity Research

p.m. today, Seibu Holdings announced an update on progress regarding the

Transportation (Land, Sea, Air), OTC

FY2024-26 medium-term business plan (MTP) and management initiatives & Small Companies, Real Estate &

focused on the cost of capital and the share price, and the main discussion centered REITs

on these topics. Management is aware that the weak share price reflects concerns AC Ryota Himeno

about delays in the Takanawa redevelopment project, and intends to provide (81-3) 6736-8639

supplementary updates and thorough explanations wherever possible. While asset ryota.himeno@jpmorgan.com

liquidation, growth investments, and redevelopment projects aimed at maximizing JPMorgan Securities Japan Co., Ltd.

NAV are still in progress, we positively view Seibu Holdings' timely updates and

explanations. Below, we summarize the main points of the company’s explanation.

• Cash allocation: The company will update its cash allocation plan for

FY2024-35 in the next MTP to be unveiled in FY2027. Seibu Holdings plans

to provide a detailed update through FY2035, with plans beyond FY2036 yet

to be determined. The company will review investment amounts, asset

liquidation scale, and interest-bearing debt, etc., and even if there is a

temporary increase in the interest-bearing debt/EBITDA multiple, it intends to