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Hulic Co
(3003)
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Rating:58Neutral
Price Target:
¥1,781.00
▼(-6.61% Downside)
Action:Reiterated
Date:08/06/26
The score is held back mainly by weakening cash flow (negative 2025 free cash flow and lower cash conversion) and elevated leverage, despite solid profitability and improved revenue growth. Technicals are mildly weak with the stock below key moving averages, while valuation is a clear positive supported by a low P/E and strong dividend yield.
Positive Factors
Recurring rental income in major metropolitan areas
Hulic's core business is leasing and operating office and urban properties concentrated in major Japanese metros, creating stable, recurring rental income. That business model produces predictable cash flow and demand resilience from diversified tenancy, supporting medium-term earnings stability and asset value retention.
Negative Factors
High and rising leverage
Leverage increased materially, with debt-to-equity roughly 2.4x. Elevated debt amplifies interest expense sensitivity and refinancing risk, reducing strategic flexibility. If financing conditions tighten or rates rise further, the company could face higher funding costs and constrained ability to pursue opportunistic acquisitions or redevelopment.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income in major metropolitan areas
Hulic's core business is leasing and operating office and urban properties concentrated in major Japanese metros, creating stable, recurring rental income. That business model produces predictable cash flow and demand resilience from diversified tenancy, supporting medium-term earnings stability and asset value retention.
Read all positive factors
Hulic Co (3003) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.36T
Dividend Yield3.76%
Average Volume (3M)1.56M
Price to Earnings (P/E)11.3
Beta (1Y)0.50
Revenue Growth22.88%
EPS Growth16.05%
CountryJP
Employees3,495
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)157.25
Shares Outstanding767,907,700
10 Day Avg. Volume1,510,980
30 Day Avg. Volume1,563,270
Financial Highlights & Ratios
PEG Ratio0.95
Price to Book (P/B)1.43
Price to Sales (P/S)1.79
P/FCF Ratio-8.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)164.24
Revenue Forecast (FY)¥894.80B
Hulic Co Business Overview & Revenue Model
Company Description
Hulic Co., Ltd. is a Japanese enterprise primarily focused on the real estate sector, where it handles the development, leasing, sale, and intermediation of various properties throughout Japan. Its business activities are organized across three ke...
How the Company Makes Money
Hulic’s earnings are primarily generated from its real estate operations. Key revenue streams generally include: (1) rental income from leasing office and other commercial space in properties it owns (typically the core, recurring revenue driver),...
Hulic Co Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
52
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 843.96B | 727.45B | 591.62B | 446.38B | 523.42B | 447.08B |
| Gross Profit | 297.64B | 276.80B | 230.93B | 196.51B | 172.57B | 155.41B |
| EBITDA | 223.62B | 213.01B | 183.25B | 165.26B | 144.53B | 131.81B |
| Net Income | 119.42B | 114.33B | 102.34B | 94.63B | 79.15B | 69.56B |
Balance Sheet | ||||||
| Total Assets | 3.59T | 3.51T | 3.05T | 2.48T | 2.32T | 2.21T |
| Cash, Cash Equivalents and Short-Term Investments | 265.75B | 209.36B | 144.20B | 82.88B | 138.40B | 206.21B |
| Total Debt | 2.28T | 2.21T | 1.88T | 1.45T | 1.45T | 1.40T |
| Total Liabilities | 2.61T | 2.57T | 2.19T | 1.71T | 1.63T | 1.57T |
| Stockholders Equity | 947.51B | 913.36B | 833.07B | 765.66B | 686.73B | 637.80B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -157.01B | -11.32B | 13.58B | -25.00B | 77.34B |
| Operating Cash Flow | 0.00 | 269.24B | 353.39B | 270.82B | 266.11B | 289.02B |
| Investing Cash Flow | 0.00 | -542.50B | -602.02B | -295.20B | -345.33B | -286.84B |
| Financing Cash Flow | 0.00 | 270.27B | 300.59B | -31.15B | 11.44B | 106.49B |
Hulic Co Technical Analysis
Positive
1907.00
Price Trends
1740.83
Positive
1745.67
Positive
1745.70
Positive
Market Momentum
-0.45
Positive
54.83
Neutral
67.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3003, the sentiment is Positive. The current price of 1907 is above the 20-day moving average (MA) of 1762.50, above the 50-day MA of 1740.83, and above the 200-day MA of 1745.70, indicating a bullish trend. The MACD of -0.45 indicates Positive momentum. The RSI at 54.83 is Neutral, neither overbought nor oversold. The STOCH value of 67.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3003.
Hulic Co Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | ¥144.30B | 8.01 | 14.49% | 2.93% | 3.39% | -6.00% | |
61 Neutral | ¥849.97B | 10.68 | 10.89% | 4.23% | 17.22% | 1.86% | |
59 Neutral | ¥708.48B | 11.48 | 8.82% | 3.34% | 16.54% | 13.29% | |
58 Neutral | ¥1.36T | 11.32 | 13.09% | 3.51% | 22.88% | 16.05% | |
57 Neutral | ¥3.08T | 13.82 | 9.02% | 1.20% | 5.41% | 19.07% | |
54 Neutral | ¥168.75B | 9.87 | 15.16% | 2.66% | 27.38% | 29.98% |
* Real Estate Sector Average
JP:3003
Hulic Co
1,780.00
253.90
16.64%
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Ichigo
413.00
-2.58
-0.62%
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Nomura Real Estate Holdings
928.50
31.58
3.52%
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2,522.00
310.13
14.02%
JP:8830
Sumitomo Realty & Development Co
3,339.00
221.89
7.12%
JP:8804
Tokyo Tatemono Co
3,411.00
662.50
24.10%
Hulic Co Corporate Events
Hulic to Secure 22.77% Voting Stake in Nakabohtec Through Off-Market Share Deal and Buyback
Aug 3, 2026
Hulic Co., Ltd., a Tokyo-based real estate and asset management company listed on the Prime Market, is expanding its investment footprint through significant stakes in other listed firms. The group leverages financial transactions to build strateg...
Hulic to Consolidate New Real Estate Investment Subsidiary Hugo2A LLC
Jul 31, 2026
Hulic has resolved to make a silent partnership investment of up to ¥8.74 billion in a vehicle operated by Hugo2A LLC, a newly established Tokyo-based entity engaged in real estate, financial business and related investment activities. The pl...
Hulic boosts interim profit and dividend as assets expand
Jul 28, 2026
Hulic Co., Ltd. reported strong interim results for the six months ended June 30, 2026, with operating revenue rising 38.8% year on year to ¥416.6 billion and profit attributable to owners of the parent increasing 11.3% to ¥50.0 billion....
Hulic Renames Real Estate Subsidiary to Nexray to Boost Group Synergies
Jun 26, 2026
Hulic Co., Ltd. is a Japanese real estate company listed on the Tokyo Stock Exchange Prime Market, focusing on property-related businesses through its group companies. Its consolidated subsidiary Raysum Co., Ltd., based in Tokyo, engages in the pu...
Hulic Sets Price for ¥28.7 Billion International Secondary Share Offering
May 21, 2026
Hulic Co., Ltd., a major Japanese real estate operator listed on the Prime Market, has announced pricing details for a secondary offering of its common stock in international markets. The company’s move reflects ongoing efforts to tap global...
Hulic Launches International Secondary Share Offering to Boost Liquidity and Global Investor Base
May 21, 2026
Hulic Co., Ltd. has approved an international secondary offering of 17,392,100 shares of its common stock, to be sold by existing shareholders including Oki Electric Industry, Yasuda Logistics, Aomori Michinoku Bank and Katakura Industries. The sa...
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.