KDX Realty Investment Corporation

TSE:8972 Stock Report

Market Cap: JP¥635.4b

KDX Realty Investment Valuation

Is 8972 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of 8972 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: 8972 (¥157500) is trading below our estimate of future cash flow value (¥516588.2)

Significantly Below Future Cash Flow Value: 8972 is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 8972?

Key metric: As 8972 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 8972. This is calculated by dividing 8972's market cap by their current earnings.
What is 8972's PE Ratio?
PE Ratio18.7x
EarningsJP¥34.02b
Market CapJP¥635.37b

Price to Earnings Ratio vs Peers

How does 8972's PE Ratio compare to its peers?

The above table shows the PE ratio for 8972 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20.5x
3462 Nomura Real Estate Master Fund
24.3x4.45%JP¥712.3b
8960 United Urban Investment
22x8.24%JP¥524.5b
8984 Daiwa House REIT Investment
20.5x-2.53%JP¥556.1b
3309 Sekisui House Reit
15.3x-17.03%JP¥329.7b
8972 KDX Realty Investment
18.7x1.06%JP¥635.4b

Price-To-Earnings vs Peers: 8972 is good value based on its Price-To-Earnings Ratio (18.7x) compared to the peer average (20.5x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does 8972's PE Ratio compare vs other companies in the JP REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
8972 18.7xIndustry Avg. 17.1xNo. of Companies5PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 8972 is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the Asian REITs industry average (17.1x).

Price to Earnings Ratio vs Fair Ratio

What is 8972's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

8972 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.7x
Fair PE Ratio20.6x

Price-To-Earnings vs Fair Ratio: 8972 is good value based on its Price-To-Earnings Ratio (18.7x) compared to the estimated Fair Price-To-Earnings Ratio (20.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 8972 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentJP¥157,500.00
JP¥182,775.00
+16.05%
9.84%JP¥205,000.00JP¥157,000.00n/a8
Jun ’27JP¥156,200.00
JP¥188,525.00
+20.69%
6.90%JP¥205,000.00JP¥168,000.00n/a8
May ’27JP¥162,100.00
JP¥188,525.00
+16.30%
6.90%JP¥205,000.00JP¥168,000.00n/a8
Apr ’27JP¥163,600.00
JP¥188,525.00
+15.24%
6.90%JP¥205,000.00JP¥168,000.00n/a8
Mar ’27JP¥170,000.00
JP¥187,650.00
+10.38%
7.66%JP¥205,000.00JP¥163,000.00n/a8
Feb ’27JP¥167,300.00
JP¥187,650.00
+12.16%
7.66%JP¥205,000.00JP¥163,000.00n/a8
Jan ’27JP¥175,900.00
JP¥178,400.00
+1.42%
6.50%JP¥195,000.00JP¥163,000.00n/a8
Dec ’26JP¥175,700.00
JP¥178,400.00
+1.54%
6.50%JP¥195,000.00JP¥163,000.00n/a8
Nov ’26JP¥170,400.00
JP¥178,400.00
+4.69%
6.50%JP¥195,000.00JP¥163,000.00n/a8
Oct ’26JP¥167,500.00
JP¥178,244.44
+6.41%
5.76%JP¥194,000.00JP¥163,000.00n/a9
Sep ’26JP¥169,900.00
JP¥178,244.44
+4.91%
5.76%JP¥194,000.00JP¥163,000.00n/a9
Aug ’26JP¥163,200.00
JP¥174,466.67
+6.90%
7.27%JP¥194,000.00JP¥152,000.00n/a9
Jul ’26JP¥154,900.00
JP¥173,777.78
+12.19%
6.96%JP¥190,000.00JP¥152,000.00JP¥152,800.009
Jun ’26JP¥151,700.00
JP¥169,555.56
+11.77%
7.32%JP¥190,000.00JP¥152,000.00JP¥156,200.009
May ’26JP¥149,900.00
JP¥169,555.56
+13.11%
7.32%JP¥190,000.00JP¥152,000.00JP¥162,100.009
Apr ’26JP¥148,800.00
JP¥169,500.00
+13.91%
7.77%JP¥190,000.00JP¥152,000.00JP¥163,600.008
Mar ’26JP¥160,100.00
JP¥169,500.00
+5.87%
7.77%JP¥190,000.00JP¥152,000.00JP¥170,000.008
Feb ’26JP¥155,100.00
JP¥168,875.00
+8.88%
6.70%JP¥190,000.00JP¥155,000.00JP¥167,300.008
Jan ’26JP¥149,500.00
JP¥168,285.71
+12.57%
7.11%JP¥190,000.00JP¥155,000.00JP¥175,900.007
Dec ’25JP¥147,300.00
JP¥169,857.14
+15.31%
7.08%JP¥190,000.00JP¥155,000.00JP¥175,700.007
Nov ’25JP¥145,100.00
JP¥169,571.43
+16.87%
6.93%JP¥190,000.00JP¥155,000.00JP¥170,400.007
Oct ’25JP¥150,800.00
JP¥169,571.43
+12.45%
6.93%JP¥190,000.00JP¥155,000.00JP¥167,500.007
Sep ’25JP¥161,600.00
JP¥174,857.14
+8.20%
7.05%JP¥192,000.00JP¥157,000.00JP¥169,900.007
Aug ’25JP¥153,600.00
JP¥176,142.86
+14.68%
6.63%JP¥192,000.00JP¥157,000.00JP¥163,200.007
Jul ’25JP¥155,100.00
JP¥176,250.00
+13.64%
7.05%JP¥198,000.00JP¥157,000.00JP¥154,900.008
JP¥182.78k
Fair Value
13.8% undervalued intrinsic discount
8
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/06 08:08
End of Day Share Price 2026/07/06 00:00
Earnings2026/04/30
Annual Earnings2026/04/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

KDX Realty Investment Corporation is covered by 13 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Takashi HashimotoBarclays
Masahiro MochizukiCLSA
Noritaka HoboDaiwa Securities Co. Ltd.