26/11 Q2 results: Profits up 8% y-y on strong sales of properties at revitalization segment

研报英文原文证据摘录

26/11 Q2 results: Profits up 8% y-y on strong sales of properties at revitalization segment

Global Markets Research

7 July 2026Tosei

8923.T 8923 JP / EQUITY: JAPAN HOUSING & REAL ESTATE

Rating26/11 Q2 results: Profits up 8% y-y on strong

Remains Buysales of properties at revitalization segment

Target price

Increased from 2,270 JPY 2,350We raise our 26/11 operating profit forecast to ¥26.2bn

Closing price JPY 1,736We raise our earnings forecasts and reiterate our Buy rating 6 July 2026

We raise our earnings forecasts for Tosei in light of 26/11 Q2 (Mar–May) results, released

Implied upside +35.4%on 6 July, and the results briefing. We retain our target price calculation methodology, but

roll forward our base year to end-27/11 now that the new fiscal year is under way, and we

raise our target price to ¥2,350 and reiterate our Buy rating.

Q2 operating profits at revitalization segment beat our forecast by ¥1.7bn Relative performance chart

In 26/11 Q2, operating profits rose 8% y-y to ¥5.7bn (revitalization segment: ¥2.7bn,

development segment: -¥100mn, rental segment: ¥1.4bn, fund and consulting segment:

¥1.3bn, property management segment: ¥350mn, hotels segment: ¥900mn, adjustments: -

¥900mn), exceeding our forecast of ¥3.6bn (¥1.0bn, ¥200mn, ¥1.3bn, ¥1.0bn, ¥390mn,

¥1.0bn, -¥1.2bn) by ¥2.1bn. This was mainly due to a ¥1.7bn overshoot at the

revitalization segment, where the pace of sales of renovated properties and margins on

the same were higher than we had expected. We raise our 26/11 operating margin

forecast for the segment from 17.1% to 18.2% to reflect strong property sales to date.

However, we raise our companywide operating profit forecast by only ¥800mn to reflect

adjustments to the timing of property sales. H1 purchases came in at ¥60.0bn (including