Announcement • May 30
Tokyo Tatemono Co., Ltd. to Report Q2, 2026 Results on Aug 06, 2026 Tokyo Tatemono Co., Ltd. announced that they will report Q2, 2026 results on Aug 06, 2026 Reported Earnings • May 15
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: JP¥27.54 (down from JP¥49.31 in 1Q 2025). Revenue: JP¥98.6b (down 5.5% from 1Q 2025). Net income: JP¥5.72b (down 44% from 1Q 2025). Profit margin: 5.8% (down from 9.8% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.7%. Earnings per share (EPS) also missed analyst estimates by 46%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 14
Tokyo Tatemono Co., Ltd. (TSE:8804) agreed to acquire 4% stake in Star Mica Holdings Co., Ltd. (TSE:2975) from Masashi Mizunaga for ¥2.4 billion. Tokyo Tatemono Co., Ltd. (TSE:8804) agreed to acquire 4% stake in Star Mica Holdings Co., Ltd. (TSE:2975) from Masashi Mizunaga for ¥2.4 billion on May 13, 2026. A cash consideration of ¥2.39 billion valued at ¥1716 per share will be paid by Tokyo Tatemono Co., Ltd. As part of consideration, ¥2.39 billion is paid towards common equity of Star Mica Holdings Co., Ltd.
The expected completion of the transaction is June 1, 2026. Declared Dividend • Apr 11
Final dividend of JP¥61.00 announced Shareholders will receive a dividend of JP¥61.00. Ex-date: 29th June 2026 Payment date: 8th September 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 23% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 28
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: JP¥283 (down from JP¥315 in FY 2024). Revenue: JP¥474.6b (up 2.3% from FY 2024). Net income: JP¥58.9b (down 11% from FY 2024). Profit margin: 12% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 27
Tokyo Tatemono Co., Ltd. to Report Q1, 2026 Results on May 13, 2026 Tokyo Tatemono Co., Ltd. announced that they will report Q1, 2026 results on May 13, 2026 Price Target Changed • Mar 05
Price target increased by 9.3% to JP¥4,254 Up from JP¥3,893, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of JP¥4,102. Stock is up 66% over the past year. The company is forecast to post earnings per share of JP¥310 for next year compared to JP¥283 last year. Buy Or Sell Opportunity • Mar 04
Now 21% undervalued Over the last 90 days, the stock has risen 18% to JP¥3,987. The fair value is estimated to be JP¥5,041, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 5.8% per annum over the same time period. Buy Or Sell Opportunity • Feb 16
Now 20% undervalued Over the last 90 days, the stock has risen 27% to JP¥4,072. The fair value is estimated to be JP¥5,117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 5.4% per annum over the same time period. Reported Earnings • Feb 14
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: JP¥283 (down from JP¥315 in FY 2024). Revenue: JP¥474.6b (up 2.3% from FY 2024). Net income: JP¥58.9b (down 11% from FY 2024). Profit margin: 12% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 12
Tokyo Tatemono Co., Ltd., Annual General Meeting, Mar 26, 2026 Tokyo Tatemono Co., Ltd., Annual General Meeting, Mar 26, 2026. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 March 2026. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Price Target Changed • Dec 18
Price target increased by 7.0% to JP¥3,512 Up from JP¥3,282, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of JP¥3,534. Stock is up 45% over the past year. The company is forecast to post earnings per share of JP¥282 for next year compared to JP¥315 last year. Announcement • Dec 03
Tokyo Tatemono Co., Ltd. to Report Fiscal Year 2025 Results on Feb 12, 2026 Tokyo Tatemono Co., Ltd. announced that they will report fiscal year 2025 results on Feb 12, 2026 Reported Earnings • Nov 16
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: JP¥43.18 (up from JP¥18.48 in 3Q 2024). Revenue: JP¥90.0b (up 9.4% from 3Q 2024). Net income: JP¥8.97b (up 132% from 3Q 2024). Profit margin: 10.0% (up from 4.7% in 3Q 2024). Revenue missed analyst estimates by 21%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 20% per year. Declared Dividend • Sep 09
First half dividend of JP¥49.00 announced Shareholders will receive a dividend of JP¥49.00. Ex-date: 29th December 2025 Payment date: 27th March 2026 Dividend yield will be 3.3%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 23% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Sep 01
Tokyo Tatemono Co., Ltd. to Report Q3, 2025 Results on Nov 13, 2025 Tokyo Tatemono Co., Ltd. announced that they will report Q3, 2025 results on Nov 13, 2025 Reported Earnings • Aug 09
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: JP¥29.81 (down from JP¥95.92 in 2Q 2024). Revenue: JP¥82.1b (down 49% from 2Q 2024). Net income: JP¥6.20b (down 69% from 2Q 2024). Profit margin: 7.6% (down from 12% in 2Q 2024). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Buy Or Sell Opportunity • Aug 08
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.5% to JP¥2,763. The fair value is estimated to be JP¥2,268, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are forecast to decline by 1.9% per annum over the same time period. Declared Dividend • Jun 26
Dividend of JP¥48.00 announced Shareholders will receive a dividend of JP¥48.00. Ex-date: 27th June 2025 Payment date: 8th September 2025 Dividend yield will be 4.1%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (29% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 23% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 5.2% over the next 3 years. However, it would need to fall by 68% to increase the payout ratio to a potentially unsustainable range. Board Change • Jun 26
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Outside Director Junichi Nishizawa was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 31
Tokyo Tatemono Co., Ltd. to Report Q2, 2025 Results on Aug 08, 2025 Tokyo Tatemono Co., Ltd. announced that they will report Q2, 2025 results on Aug 08, 2025 Announcement • Mar 26
Tokyo Tatemono Co., Ltd. Announces to Conduct A Company Split in Which It Will Succeed the Building Leasing Business Conducted by Its Wholly Owned Subsidiary, Tokyo Tatemono Resort Co., Ltd Tokyo Tatemono Co., Ltd. announced that it was resolved at a meeting of its Board of Directors held on March 26, 2025 to conduct a company split (below, the "Company Split") in which it will succeed the building leasing business conducted by its wholly owned subsidiary, Tokyo Tatemono Resort Co., Ltd. (below, the "Resort"). Because the Company Split is a company split in which a part of the business of a wholly owned subsidiary is succeeded, some disclosure items and details have been omitted. Purpose of the Company Split: The purpose of the Company Split is to consolidate the building leasing business within the Company to optimize the operational structure of the building business in the Group. Summary of the Company Split: Schedule of the Company Split: Date of signing of the absorption-type split agreement March 26, 2025; Date of resolution of the General Meeting of Shareholders of the Resort March 31, 2025 (scheduled); Effective date of the Company Split: May 1, 2025 (scheduled). The Company Split is an absorption-type split in which the Resort, a wholly owned subsidiary of the Company, will be the splitting company and the Company will be the succeeding company. There will be no shares or other money of the Company allocated to the Resort in the Company Split. There will be no increase or decrease in the Company's capital as a result of the Company Split. There will be no change in the name, address, title and name of the representative, business activities, capital, or fiscal year end of the Company and the Resort after the Company Split. The Company Split is an internal Group reorganization involving the Company and its wholly owned subsidiary, and will not have a material impact on the Company's consolidated financial results. Announcement • Mar 01
Tokyo Tatemono Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Tokyo Tatemono Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 New Risk • Feb 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.2% operating cash flow to total debt). Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Feb 13
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥315 (up from JP¥216 in FY 2023). Revenue: JP¥463.7b (up 23% from FY 2023). Net income: JP¥65.9b (up 46% from FY 2023). Profit margin: 14% (up from 12% in FY 2023). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 5.6%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. Major Estimate Revision • Dec 27
Consensus EPS estimates increase by 23% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥242 to JP¥297. Revenue forecast unchanged at JP¥468.8b. Net income forecast to grow 5.6% next year vs 14% growth forecast for Real Estate industry in Japan. Consensus price target broadly unchanged at JP¥2,787. Share price rose 2.6% to JP¥2,597 over the past week. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥43.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 March 2025. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.8%). Announcement • Dec 10
Tokyo Tatemono Co., Ltd. to Report Fiscal Year 2024 Results on Feb 12, 2025 Tokyo Tatemono Co., Ltd. announced that they will report fiscal year 2024 results at 3:00 PM, Tokyo Standard Time on Feb 12, 2025 Reported Earnings • Nov 09
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: JP¥18.48 (down from JP¥25.22 in 3Q 2023). Revenue: JP¥82.3b (up 41% from 3Q 2023). Net income: JP¥3.86b (down 27% from 3Q 2023). Profit margin: 4.7% (down from 9.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 46%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to stay flat during the next 3 years compared to a 4.2% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 28
Tokyo Tatemono Co., Ltd. to Report Q3, 2024 Results on Nov 07, 2024 Tokyo Tatemono Co., Ltd. announced that they will report Q3, 2024 results on Nov 07, 2024 Declared Dividend • Aug 10
Dividend of JP¥43.00 announced Shareholders will receive a dividend of JP¥43.00. Ex-date: 27th December 2024 Payment date: 28th March 2025 Dividend yield will be 3.4%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 27% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to JP¥2,057, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Real Estate industry in Japan. Total returns to shareholders of 37% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥37.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 09 September 2024. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 3.4%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.6%). Reported Earnings • May 11
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: JP¥55.82 (down from JP¥85.00 in 1Q 2023). Revenue: JP¥116.2b (down 1.9% from 1Q 2023). Net income: JP¥11.7b (down 34% from 1Q 2023). Profit margin: 10.0% (down from 15% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Declared Dividend • Apr 11
Final dividend of JP¥37.00 announced Shareholders will receive a dividend of JP¥37.00. Ex-date: 27th June 2024 Payment date: 9th September 2024 Dividend yield will be 2.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 27% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,378, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Real Estate industry in Japan. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,124 per share. Announcement • Feb 24
Tokyo Tatemono Co., Ltd. to Report Q1, 2024 Results on May 09, 2024 Tokyo Tatemono Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Announcement • Feb 15
Tokyo Tatemono Co., Ltd., Annual General Meeting, Mar 27, 2024 Tokyo Tatemono Co., Ltd., Annual General Meeting, Mar 27, 2024. Reported Earnings • Feb 14
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: JP¥216 (up from JP¥206 in FY 2022). Revenue: JP¥375.9b (up 7.4% from FY 2022). Net income: JP¥45.1b (up 4.7% from FY 2022). Profit margin: 12% (in line with FY 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 13
Tokyo Tatemono Co., Ltd. Provides Consolidated Earnings Guidance for the Year Ending December 2024 Tokyo Tatemono Co., Ltd. provided consolidated earnings guidance for the year ending December 2024. For the year, the company expects operating revenue of JPY 495,000 million, operating profit of JPY 75,000 million, profit attributable to owners of parent JPY 48,000 million. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥37.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.6%). Announcement • Dec 05
Tokyo Tatemono Co., Ltd. to Report Fiscal Year 2023 Results on Feb 13, 2024 Tokyo Tatemono Co., Ltd. announced that they will report fiscal year 2023 results on Feb 13, 2024 Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: JP¥25.22 (up from JP¥19.44 in 3Q 2022). Revenue: JP¥58.5b (up 9.6% from 3Q 2022). Net income: JP¥5.27b (up 30% from 3Q 2022). Profit margin: 9.0% (up from 7.6% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 33%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 30
Sakurajyuji Co., Ltd. entered into an agreement to acquire Care Like Co., Ltd. from Tokyo Tatemono Co., Ltd. (TSE:8804). Sakurajyuji Co., Ltd. entered into an agreement to acquire Care Like Co., Ltd. from Tokyo Tatemono Co., Ltd. (TSE:8804) on August 17, 2023. Care Like reported net assets of ¥325 million, total assets of ¥816 million, net sales of ¥3 billion and operating profit of ¥132 million for financial year ending December 2022. The acquisition is expected to close on October 2, 2023. Announcement • Aug 27
Tokyo Tatemono Co., Ltd. to Report Q3, 2023 Results on Nov 09, 2023 Tokyo Tatemono Co., Ltd. announced that they will report Q3, 2023 results on Nov 09, 2023 Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: JP¥29.01 (down from JP¥86.67 in 2Q 2022). Revenue: JP¥61.3b (down 34% from 2Q 2022). Net income: JP¥6.06b (down 67% from 2Q 2022). Profit margin: 9.9% (down from 19% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 1.3%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥36.00 per share at 3.7% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 04 September 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.8%). Announcement • May 28
Tokyo Tatemono Co., Ltd. to Report Q2, 2023 Results on Aug 10, 2023 Tokyo Tatemono Co., Ltd. announced that they will report Q2, 2023 results on Aug 10, 2023 Reported Earnings • May 14
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: JP¥85.00 (up from JP¥82.46 in 1Q 2022). Revenue: JP¥118.4b (down 2.7% from 1Q 2022). Net income: JP¥17.8b (up 3.1% from 1Q 2022). Profit margin: 15% (in line with 1Q 2022). Revenue missed analyst estimates by 8.9%. Earnings per share (EPS) also missed analyst estimates by 7.1%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 01
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: JP¥206 (up from JP¥167 in FY 2021). Revenue: JP¥349.9b (up 2.8% from FY 2021). Net income: JP¥43.1b (up 23% from FY 2021). Profit margin: 12% (up from 10% in FY 2021). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 18% per year. Reported Earnings • Feb 14
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: JP¥206 (up from JP¥167 in FY 2021). Revenue: JP¥349.9b (up 2.8% from FY 2021). Net income: JP¥43.1b (up 23% from FY 2021). Profit margin: 12% (up from 10% in FY 2021). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥33.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 30 March 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.9%). Announcement • Dec 06
Tokyo Tatemono Co., Ltd. to Report Fiscal Year 2022 Results on Feb 13, 2023 Tokyo Tatemono Co., Ltd. announced that they will report fiscal year 2022 results on Feb 13, 2023 Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: JP¥19.44 (down from JP¥53.90 in 3Q 2021). Revenue: JP¥53.4b (down 12% from 3Q 2021). Net income: JP¥4.06b (down 64% from 3Q 2021). Profit margin: 7.6% (down from 19% in 3Q 2021). Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) exceeded analyst estimates by 88%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. External Independent Director Takeo Nakano was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: JP¥19.44 (down from JP¥53.90 in 3Q 2021). Revenue: JP¥53.4b (down 12% from 3Q 2021). Net income: JP¥4.06b (down 64% from 3Q 2021). Profit margin: 7.6% (down from 19% in 3Q 2021). Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) exceeded analyst estimates by 88%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: JP¥86.67 (up from JP¥30.32 in 2Q 2021). Revenue: JP¥93.4b (up 56% from 2Q 2021). Net income: JP¥18.1b (up 186% from 2Q 2021). Profit margin: 19% (up from 11% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 72%. Over the next year, revenue is expected to shrink by 5.0% compared to a 2.4% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 16% per year. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 02 September 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.7%). Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: JP¥82.46 (up from JP¥66.26 in 1Q 2021). Revenue: JP¥121.7b (up 19% from 1Q 2021). Net income: JP¥17.2b (up 24% from 1Q 2021). Profit margin: 14% (in line with 1Q 2021). Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) also surpassed analyst estimates by 45%. Over the next year, revenue is forecast to grow 1.5%, compared to a 4.5% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. 
