Ichigo Inc. (JP:2337)
:2337
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Ichigo
(2337)
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Rating:63Neutral
Price Target:
Â¥520.00
â–²(18.72% Upside)
Action:ReiteratedDate:01/22/26
The score is primarily held back by weak cash generation and higher leverage, despite strong profitability. Support comes from constructive earnings-call guidance and shareholder returns (buyback/share cancellation) plus reasonable valuation, while near-term technical momentum remains weak.
Positive Factors
Strong profitability and margins
Sustained high gross and operating margins with a mid-teens ROE indicate durable earnings power across Ichigo’s asset-management and operations model. This profitability supports reinvestment, dividend capacity and funding of value‑add refurbishments that drive long‑term NOI expansion.
Negative Factors
Elevated leverage
High debt-to-equity materially raises sensitivity to property valuations, interest-rate moves and refinancing cycles. Elevated leverage constrains flexibility for opportunistic purchases or absorbing cyclical rent declines, and increases default/refinancing risk if cash generation weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and margins
Sustained high gross and operating margins with a mid-teens ROE indicate durable earnings power across Ichigo’s asset-management and operations model. This profitability supports reinvestment, dividend capacity and funding of value‑add refurbishments that drive long‑term NOI expansion.
Read all positive factors
Ichigo (2337) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
Â¥215.82B
Dividend Yield2.38%
Average Volume (3M)1.34M
Price to Earnings (P/E)22.0
Beta (1Y)0.75
Revenue Growth7.21%
EPS Growth112.45%
CountryJP
Employees552
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)N/A
Shares Outstanding445,784,300
10 Day Avg. Volume985,660
30 Day Avg. Volume1,344,833
Financial Highlights & Ratios
PEG Ratio0.35
Price to Book (P/B)1.40
Price to Sales (P/S)1.86
P/FCF Ratio-4.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
Â¥420.00Price Target Upside-4.11% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Ichigo Business Overview & Revenue Model
Company Description
Ichigo Inc. owns and operates real estate properties in Japan. The company manages J-REIT and private equity real estate funds; and develops small-and mid-size assets and ground leases. It also acquires, manages, leases, and sells real estate prop...
How the Company Makes Money
Ichigo makes money primarily through (1) real estate operations and asset management and (2) renewable energy power generation. In its real estate business, it generates revenue from rents and other property income from owned assets and from gains...
Ichigo Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 | Feb 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 99.75B | 84.16B | 82.84B | 68.09B | 56.95B | 61.37B |
| Gross Profit | 26.19B | 20.77B | 15.68B | 13.52B | 9.88B | 10.67B |
| EBITDA | 33.34B | 30.23B | 25.53B | 22.09B | 17.89B | 15.14B |
| Net Income | 16.82B | 15.19B | 12.11B | 9.41B | 6.47B | 5.03B |
Balance Sheet | ||||||
| Total Assets | 444.05B | 406.71B | 367.01B | 338.62B | 337.89B | 347.08B |
| Cash, Cash Equivalents and Short-Term Investments | 51.63B | 42.69B | 46.92B | 40.58B | 46.46B | 51.42B |
| Total Debt | 298.18B | 262.11B | 232.79B | 209.96B | 209.40B | 220.00B |
| Total Liabilities | 318.40B | 284.00B | 250.74B | 224.23B | 225.70B | 236.82B |
| Stockholders Equity | 114.50B | 111.71B | 105.51B | 103.84B | 101.78B | 100.06B |
Cash Flow | ||||||
| Free Cash Flow | -42.28B | -33.50B | -18.01B | -13.44B | 862.00M | -1.33B |
| Operating Cash Flow | -31.85B | -28.45B | -9.81B | -2.92B | 6.66B | 15.12B |
| Investing Cash Flow | -112.00M | 5.36B | -1.29B | 5.81B | 7.78B | -5.29B |
| Financing Cash Flow | 30.19B | 19.57B | 17.79B | -6.58B | -15.36B | 167.00M |
Ichigo Technical Analysis
Positive
438.00
Price Trends
456.19
Positive
431.57
Positive
413.61
Positive
Market Momentum
9.95
Positive
60.03
Neutral
61.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2337, the sentiment is Positive. The current price of 438 is below the 20-day moving average (MA) of 482.40, below the 50-day MA of 456.19, and above the 200-day MA of 413.61, indicating a bullish trend. The MACD of 9.95 indicates Positive momentum. The RSI at 60.03 is Neutral, neither overbought nor oversold. The STOCH value of 61.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2337.
Ichigo Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥138.62B | 20.19 | 15.81% | 2.93% | 84.20% | 137.87% | |
73 Outperform | ¥4.41T | 16.16 | 9.64% | 0.97% | 0.49% | 12.19% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | ¥767.67B | 12.53 | 10.59% | 2.94% | -19.09% | 16.31% | |
63 Neutral | ¥215.82B | 21.96 | 16.39% | 2.38% | 7.21% | 112.45% | |
62 Neutral | ¥75.28B | 8.53 | ― | 2.89% | -3.09% | -35.66% | |
57 Neutral | ¥952.94B | 17.83 | 7.40% | 3.68% | 3.52% | -17.58% |
* Real Estate Sector Average
JP:2337
Ichigo
493.00
124.14
33.65%
JP:3231
Nomura Real Estate Holdings
1,050.00
205.54
24.34%
JP:8934
Sun Frontier Fudousan Co
2,818.00
976.88
53.06%
JP:8830
Sumitomo Realty & Development Co
4,836.00
2,197.46
83.28%
JP:8804
Tokyo Tatemono Co
3,721.00
1,322.99
55.17%
JP:3252
JINUSHI Co.,Ltd.
3,530.00
1,629.29
85.72%
Ichigo Corporate Events
Ichigo Reports Higher March Renewables Output and Growing CO2 Cuts
Apr 3, 2026
Ichigo Inc. reported that combined March 2026 solar and wind power generation from its own assets and those of Ichigo Green reached 22,555,427 kWh, up 8.8% year on year but about 3% below its independent P50 forecast. This output translated into a...
Ichigo Advances Share Buyback, Repurchasing Over Half of Authorized Shares
Apr 1, 2026
Ichigo Inc. reported progress on its ongoing share repurchase program, buying back 5,320,400 common shares in March 2026 for about JPY 2.51 billion through in-market purchases via a securities firm. This brings cumulative repurchases since Novembe...
Ichigo Beats Renewable Power Forecasts as FY26/2 Output and CO2 Cuts Rise
Mar 4, 2026
Ichigo reported that its combined solar and wind power generation with Ichigo Green reached 18.84 million kWh in February 2026, about 9% above forecast, driven by stronger-than-expected productive daylight hours under a favorable high-pressure wea...
Ichigo Advances Aggressive Share Buyback Program Ahead of FY End
Mar 2, 2026
Ichigo Inc., a Tokyo Stock Exchange Prime-listed real estate and asset management company, continues to emphasize shareholder returns through active capital management, including substantial share repurchase programs. The firm positions these buyb...
Ichigo Sets Premium Exercise Price for New Stock Options Allocation
Feb 26, 2026
Ichigo Inc. has set the exercise price for 2,950,000 stock options under its 23rd stock acquisition rights plan at JPY 501, equal to 115% of the company’s latest closing share price. The options will be allocated to a broad group of stakehol...
Ichigo Expands Tokyo Residential Portfolio Via New SPC and Private Fund
Feb 26, 2026
Ichigo’s wholly owned subsidiary Ichigo Owners plans to acquire 100% of a new special purpose company, HELIX TK GK, which will hold trust beneficiary interests in five newly built residential assets in Tokyo’s 23 wards. The SPC, to be ...
Ichigo Issues Correction to Organizational Change Disclosure
Feb 20, 2026
Ichigo Inc. announced a correction to its previously disclosed changes in officers and corporate organization scheduled to take effect on March 1, 2026. The revision concerns the company’s organizational chart, adjusting how its internal str...
Ichigo Reshapes Finance and Planning Structure While Maintaining Core Leadership
Feb 19, 2026
Ichigo Inc. announced a series of officer and organizational changes effective March 1, 2026, largely maintaining its existing top management while appointing Yuji Kamo as Statutory Executive Officer in charge of Corporate Planning. The leadership...
Ichigo Launches New Stock Option Plan to Align Management and Employee Incentives
Feb 13, 2026
Ichigo Inc. will issue stock options to its directors, statutory executive officers, employees, and directors and corporate auditors of its subsidiaries under its twenty-third stock acquisition rights plan, effective February 27, 2026. The move is...
Ichigo Exceeds Renewable Power Forecast in January, Boosting CO2 Cuts
Feb 4, 2026
Ichigo reported combined January 2026 solar and wind power generation of 18,094,775 kWh from its own and Ichigo Green’s plants, translating into an estimated 7.8 million kilograms of CO2 reductions. Output was 14% above forecast, driven by a...
Ichigo Advances Share Buyback, Repurchasing Over 22.6 Million Shares in FY26
Feb 2, 2026
Ichigo Inc. reported progress on its ongoing share buyback program, disclosing that it repurchased 3,866,200 common shares for approximately JPY 1.66 billion in January 2026 through in-market purchases via a securities firm. Cumulatively, between ...
Ichigo Doubles Share Buyback and Cancels 30 Million Shares to Boost Shareholder Value
Jan 14, 2026
Ichigo Inc. has doubled the size of its ongoing share buyback program, raising the maximum purchase amount from ¥5 billion to ¥10 billion and the cap on shares from 15.2 million to 29.4 million, representing up to 7.11% of shares outstan...
Ichigo Delivers Strong Q3 Earnings and Confirms Full-Year FY26/2 Profit and Dividend Outlook
Jan 14, 2026
Ichigo reported robust results for the first nine months of the fiscal year ending February 2026, with revenue rising 27.6% year-on-year to ¥73.0 billion and operating profit jumping 46.5% to ¥15.1 billion, supported by higher business p...
Ichigo Posts Stable Renewable Output in December, First-Half Generation Up 3.2%
Jan 7, 2026
Ichigo reported that combined December 2025 solar and wind power generation from its own assets and those of Ichigo Green totaled 14.69 million kWh, roughly in line with internal forecasts but down 10.4% year-on-year due mainly to unusually strong...
Ichigo Advances Share Buyback, Nears Half of Authorized Budget
Jan 5, 2026
Ichigo Inc. has provided an update on its ongoing share buyback program, reporting that it repurchased 3,706,500 common shares in December 2025 for a total of JPY 1.546 billion via in-market purchases through a securities firm. Cumulatively, from ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.