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Mori Hills Reit Investment Corporation
(3234)
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Rating:61Neutral
Price Target:
¥133,880
▼(-0.24% Downside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by solid profitability and a stable balance sheet base, offset by recent weakness and volatility in free cash flow and gradually rising leverage. Technicals are currently soft with the price below key longer-term moving averages, while valuation is supported by a ~4.77% dividend yield but tempered by a ~20x P/E.
Positive Factors
Stable strong profitability
Consistent high profit margins and steady net income provide a durable earnings base for distributions. For a J-REIT, stable accounting profits across periods support predictable cash available for unitholders and fund operations, enhancing resilience through cycles.
Negative Factors
Volatile free cash flow
Material swings and a recent negative free cash flow raise risk to sustainable distributions and reinvestment. Persistent FCF volatility suggests timing of capex, asset disposals, or working-capital drains could impair cash available for unitholders and limit strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable strong profitability
Consistent high profit margins and steady net income provide a durable earnings base for distributions. For a J-REIT, stable accounting profits across periods support predictable cash available for unitholders and fund operations, enhancing resilience through cycles.
Read all positive factors
Mori Hills Reit Investment Corporation (3234) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥238.88B
Dividend Yield4.88%
Average Volume (3M)3.19K
Price to Earnings (P/E)19.7
Beta (1Y)0.24
Revenue Growth1.36%
EPS Growth-1.18%
CountryJP
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)6449.71
Shares Outstanding1,879,435
10 Day Avg. Volume3,521
30 Day Avg. Volume3,194
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)1.35
Price to Sales (P/S)11.34
P/FCF Ratio-317.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥135,000.00Price Target Upside0.60% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)6,188.51
Revenue Forecast (FY)¥22.44B
Mori Hills Reit Investment Corporation Business Overview & Revenue Model
Company Description
Mori Hills REIT (MHR) is dedicated to elevating the profitability and intrinsic value of its real estate holdings. Its strategy centers on selective investments within urban environments, termed "Cities," with a keen focus on their competitive adv...
How the Company Makes Money
Mori Hills REIT Investment Corporation makes money mainly by owning and operating income-generating real estate and distributing the resulting net cash flow to unitholders. Its core revenue stream is rental-related income from tenants across its p...
Mori Hills Reit Investment Corporation Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
52
Neutral
| Breakdown | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 24.16B | 11.09B | 22.35B | 22.43B | 21.02B |
| Gross Profit | 12.85B | 11.09B | 15.17B | 15.43B | 14.17B |
| EBITDA | 15.86B | 15.49B | 15.62B | 15.82B | 14.95B |
| Net Income | 12.22B | 6.16B | 12.63B | 12.83B | 11.96B |
Balance Sheet | |||||
| Total Assets | 411.23B | 413.18B | 413.26B | 414.89B | 412.89B |
| Cash, Cash Equivalents and Short-Term Investments | 9.33B | 19.64B | 18.22B | 16.05B | 10.64B |
| Total Debt | 189.52B | 165.23B | 189.92B | 192.42B | 192.42B |
| Total Liabilities | 208.25B | 207.53B | 207.69B | 210.09B | 210.10B |
| Stockholders Equity | 202.98B | 205.65B | 205.58B | 204.80B | 202.80B |
Cash Flow | |||||
| Free Cash Flow | -861.82M | 8.74B | 16.96B | 17.31B | 7.40B |
| Operating Cash Flow | 17.64B | 17.59B | 17.91B | 18.09B | 16.22B |
| Investing Cash Flow | -17.87B | -8.51B | -963.86M | -673.83M | -8.75B |
| Financing Cash Flow | -15.66B | -18.00B | -15.23B | -11.63B | -5.00B |
Mori Hills Reit Investment Corporation Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ¥543.87B | 20.17 | ― | 4.28% | 5.70% | 18.14% | |
66 Neutral | ¥389.04B | 19.32 | 7.08% | 4.36% | -6.29% | 21.95% | |
66 Neutral | ¥331.97B | 20.94 | 5.91% | 4.18% | 23.60% | 16.04% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | ¥612.34B | 18.00 | 5.37% | 4.64% | 3.41% | 1.19% | |
61 Neutral | ¥238.88B | 19.71 | ― | 4.61% | 1.36% | -1.18% | |
60 Neutral | ¥513.60B | 18.70 | 7.25% | 4.46% | -1.59% | 7.45% |
* Real Estate Sector Average
JP:3234
Mori Hills Reit Investment Corporation
127,100.00
-5,970.58
-4.49%
JP:3279
Activia Properties
139,700.00
13,109.03
10.36%
JP:8955
Japan Prime Realty Investment
96,100.00
-1,667.62
-1.71%
JP:8960
United Urban Investment
160,500.00
-3,388.38
-2.07%
JP:8972
Kenedix Office Investment Corporation
151,600.00
-7,355.33
-4.63%
JP:8984
Daiwa House REIT Investment Corporation
119,800.00
-3,899.38
-3.15%
Mori Hills Reit Investment Corporation Corporate Events
Mori Hills REIT to Cancel All 6,800 Treasury Investment Units Without Changing Earnings Outlook
Jul 22, 2026
Mori Hills REIT Investment Corporation has resolved to cancel all 6,800 of its own investment units that it previously acquired, representing 0.36% of the total units outstanding before cancellation. The move, approved by the board under JapanR...
Mori Hills REIT Refinances Debt with ¥1.5 Billion Green Loans
Jul 22, 2026
Mori Hills REIT Investment Corporation has arranged ¥1.5 billion in new green loans to refinance long-term debt maturing on July 31, 2026, with facilities from Sumitomo Mitsui Trust Bank and The Bank of Fukuoka. The loans, linked to JBA Japan...
Mori Hills REIT Completes Buyback and Plans Cancellation of Investment Units
Jul 8, 2026
Mori Hills REIT Investment Corporation has completed a board-approved program to repurchase its own investment units, acquiring a total of 6,800 units on the Tokyo Stock Exchange between March 18 and July 7, 2026 for approximately ¥895 millio...
Mori Hills REIT Nears Completion of ¥1 Billion Unit Buyback Program
Jul 1, 2026
Mori Hills REIT Investment Corporation has continued its ongoing buyback of its own investment units, repurchasing 2,002 units in June 2026 for a total of ¥253.79 million through market purchases on the Tokyo Stock Exchange. The repurchases f...
Mori Hills REIT Advances Unit Buyback Program on Tokyo Stock Exchange
Jun 1, 2026
Mori Hills REIT Investment Corporation reported that it repurchased 1,665 of its own investment units in May 2026 for a total of 217.3 million yen, via market purchases on the Tokyo Stock Exchange under a discretionary transaction agreement. The b...
Mori Hills REIT Manager Expands Into Investment Advisory With New Conflict-Safeguard Rules
Jun 1, 2026
Mori Building Investment Management, the asset manager for Mori Hills REIT Investment Corporation, plans to add Investment Advisory and Agency Business to its licensed activities as part of a merger with Mori Building Real Estate Investment Adviso...
Mori Hills REIT Refinances Debt with 6.9 Billion Yen in Green Loans
May 20, 2026
Mori Hills REIT Investment Corporation has arranged new green loan borrowings totaling 6,894 million yen with several Japanese banks, including Sumitomo Mitsui Trust Bank, The Bank of Fukuoka, and The Norinchukin Bank, at floating rates linked to ...
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.