Risk Reward Update: Daiwa Office Investment (8976) | Japan

研报英文原文证据摘录

Risk Reward Update: Daiwa Office Investment (8976) | Japan

Update

July 30, 2026 06:48 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MDaiwa Office Investment (8976) | Japan Takuya Sato

Equity Analyst

Risk Reward Update Takuya.Sato@morganstanleymufg.comToshiyuki Anegawa +81 3 6836-8913

What’s Changed Toshiyuki.Anegawa@morganstanleymufg.com +81 3 6836-8914

Daiwa Office Investment (8976.T) From To

Price Target ¥431,000 ¥443,000

Bull Case ¥491,000 ¥504,000

Base Case ¥431,000 ¥443,000

Bear Case ¥297,000 ¥304,000

Updated Components Daiwa Office Investment (8976.T, 8976 JT)

EPS

J-REIT | Japan

Investment Thesis

Stock Rating Overweight

Bull Base Bear Scenarios

Industry View Attractive

Price target ¥443,000

Shr price, close (Jul 29, 2026) ¥350,500

Risk Reward for Daiwa Office Investment (8976.T) has been 52-Week Range ¥391,000-308,500

updated Fiscal Year Ending 05/26 05/27e 05/28e 05/29e

EPS (¥)** 16,489.014,061.014,750.015,814.0

Reason for change Prior EPS (¥)** 15,712.013,939.014,614.0 -

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

We revise our forecasts after reviewing FT5/26 results. We factor in the property framework

** = Based on consensus methodology

replacements and share buybacks (¥1.5bn) announced by the REIT. We do not factor e = Morgan Stanley Research estimates

in expected property acquisitions/disposals into our estimates. We forecast

annualized rent growth from existing properties (3-yr avg) of +4.0%.

Our price target of ¥443,000 (previously ¥431,000) is based on our 12-month DPS

forecast of ¥14,620 (total for FT5/27 and FT11/27; prev. ¥14,230 for FT11/26, FT5/27)

and a dividend yield of 3.3% (unchanged). The assumptions for the target dividend

yield are a risk-free rate of 1.5% (unchanged), a risk premium of 2.1% (unchanged),