27/3 Q1 results: Real estate segment and railways business drive earnings

研报英文原文证据摘录

27/3 Q1 results: Real estate segment and railways business drive earnings

Global Markets Research

31 July 2026Seibu Holdings

9024.T 9024 JP / EQUITY: JAPAN HOUSING & REAL ESTATE

Rating27/3 Q1 results: Real estate segment and railways

Remains Neutralbusiness drive earnings

Target price

Scheduled to disclose list of properties to be included in fund when it Increased from 3,570 JPY 3,800

releases Jul–Sep results

Closing price JPY 3,562We raise our earnings forecasts and target price but retain our Neutral rating 31 July 2026

Released on 31 July, 27/3 Q1 (Apr–Jun) operating profits rose 42% y-y to ¥26.1bn, ¥1.1bn

Implied upside +6.7%higher than our pre-release forecast of ¥25.0bn, but this looks to have been broadly in line

with our expectations, with profits of ¥500mn at current-year acquisition e'grand and costs

of around ¥300mn being pushed back. The main y-y rises in profits were ¥5.6bn at the

real estate segment on strong sales of entire rental apartment blocks to funds and ¥1.8bn

Relative performance chartat the urban transportation & regional segment on railway fare hikes implemented in

March. Railway transportation revenues rose 10% in Q1, benefiting from a 2% rise in

passenger numbers as well as fare revisions implemented in March. We raise our

earnings forecasts, mainly for the real estate segment, which we expect will continue to

perform well, and we hike our target price. We continue to calculate our target price by

adding the value of the railways business and NAV per share, which includes the

company's core assets (hotels), but we lower the discount we apply from 35% to 30% as

we expect the real estate segment to continue to perform well, yielding a new target price

of ¥3,800.

Hotel business solid, but summer lull a possibility