Keihanshin Building

研报英文原文证据摘录

Keihanshin Building

Global Markets Research

31 July 2026Keihanshin Building

8818.T 8818 JP / EQUITY: JAPAN HOUSING & REAL ESTATE

Rating27/3 Q1 results: Operating profits in line with our

Remains Neutralforecast

Target price

Company announces sale of income-generating properties, raises 27/3 Increased from 1,070 JPY 1,120

guidance for profits attributable to owners of the parent

Closing price JPY 1,121We retain our operating profit forecasts and keep our Neutral rating 30 July 2026

We raise our forecast for profits attributable to owners of the parent in light of revisions to

Implied upside -0.1%earnings guidance released along with 27/3 Q1 results. However, Q1 results were in line

with our forecasts, and we retain our operating profit forecasts. We raise our target price to

¥1,120 to reflect only forecast NAV in the wake of revisions to guidance, as we make no

change to our target price estimation method. We maintain our Neutral rating.

Relative performance chart

Company raises 27/3 guidance for profits attributable to owners of the parent, plans

to push ahead with turnover of asset holdings

In 27/3 Q1, operating profits rose 10% y-y to ¥1.63bn, in line with our ¥1.55bn forecast.

We retain our full-year operating profit forecast.

The company announced the following two points when it released results, and revised its

27/3 guidance. (1) It lowered its recurring profit guidance by ¥400mn to reflect faster-than-

expected progress with finding tenants and earlier-than-expected booking of associated

costs at an overseas real estate business operated by an equity-method affiliate formed

as a joint venture with a local company, but raised its guidance for profits attributable to

owners of the parent from ¥4.9bn to ¥7.0bn to reflect extraordinary gains of ¥5.9bn on the