Nomura Real Estate Master (3462) AI Stock Analysis

• Market Cap: ¥809.86B
• Dividend Yield: 4.21%
• Average Volume (3M): 7.25K
• Price to Earnings (P/E): 25.3
• Beta (1Y): 0.29
• Revenue Growth: 2.76%
• EPS Growth: 6.04%
• Country: JP
• Employees: 3
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 3465.00
• Shares Outstanding: 4,646,364
• 10 Day Avg. Volume: 5,146
• 30 Day Avg. Volume: 7,251
• PEG Ratio: 26.07
• Price to Book (P/B): 1.14
• Price to Sales (P/S): 8.16
• P/FCF Ratio: 19.33
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: ¥175,035 ▲(0.42% Upside)

The overall stock score of 60 reflects solid financial performance with strong profitability and a stable balance sheet. However, challenges such as declining revenue and negative free cash flow trends pose risks. The technical analysis indicates a neutral trend, while the valuation suggests moderate attractiveness with a reasonable dividend yield.

Positive Factors

Strong Profitability

High profitability margins indicate efficient operations and the ability to generate substantial income from its assets, supporting long-term financial health.

Stable Balance Sheet

A stable debt-to-equity ratio reflects prudent financial management, providing the company with flexibility to invest in growth opportunities.

Cash Flow Conversion

Strong cash flow conversion supports the company's ability to reinvest in its business and maintain dividend payments, enhancing shareholder value.

Negative Factors

Declining Revenue Growth

A significant decline in revenue growth could indicate challenges in market demand or competitive pressures, potentially impacting future earnings.

Negative Free Cash Flow Trends

Negative free cash flow trends may limit the company's ability to fund new projects or return capital to shareholders, affecting long-term growth prospects.

Modest Return on Equity

A modest return on equity suggests the company may not be fully optimizing its equity base to generate higher returns, which could affect investor confidence.

Nomura Real Estate Master Business Overview & Revenue Model

Company Description

Nomura Real Estate Master Fund, Inc. (NMF) is a real estate investment corporation formed to own and invest primarily in office buildings, retail facilities, logistics and residential facilities. NMF is externally managed by a licensed asset management company, Nomura Real Estate Asset Management Co., Ltd. ("NREAM"). NREAM is a wholly-owned subsidiary of Nomura Real Estate Holdings, Inc. NMF was established on October 1, 2015 through the consolidation type merger involving the former Nomura Real Estate Master Fund, Inc. (hereinafter the "former NMF"), Nomura Real Estate Office Fund, Inc. (hereinafter "NOF") and Nomura Real Estate Residential Fund, Inc. (hereinafter "NRF"), and listed its investment securities (TSE code: 3462) on the Real Estate Investment Trust Section of the Tokyo Stock Exchange on October 2 of the same year.

How the Company Makes Money

Nomura Real Estate Master generates revenue primarily through rental income from its portfolio of properties. This includes long-term leases with residential and commercial tenants, which provide a steady cash flow. Additionally, the company earns money from property management fees and development projects, where it may engage in building new properties or refurbishing existing ones to increase their value. The company may also benefit from capital appreciation of its real estate assets over time. Strategic partnerships with local governments and private sector entities can enhance its investment opportunities and provide additional revenue streams. Overall, the combination of stable rental income, active asset management, and strategic development projects forms the core of Nomura Real Estate Master's revenue model.

Nomura Real Estate Master Financial Statement Overview

Summary

Nomura Real Estate Master exhibits strong revenue growth and profitability margins, indicative of robust operational efficiency. The balance sheet is stable with moderate leverage, and cash flow generation is strong, though constrained by capital expenditures.

Income Statement

The company demonstrates steady revenue growth with a 10.36% increase from 2022 to 2023, despite a dip in 2024. The gross profit margin is strong at 49.5% in 2024, indicating efficient cost management. However, the net profit margin has decreased slightly from 29.99% in 2023 to 36.28% in 2024. EBITDA margin remains healthy at 61.45%, showing robust operating performance.

Balance Sheet

The company's balance sheet reveals a stable equity ratio of 51.23% in 2024, reflecting a solid capital structure. The debt-to-equity ratio is moderate at 0.86, indicating manageable leverage. ROE decreased slightly to 50.56% in 2024, implying reduced profitability on equity compared to previous years.

Cash Flow

Operating cash flow increased by 16.18% from 2023 to 2024, showing strong cash generation abilities. Free cash flow growth is positive, albeit at a slower pace of 6.71%. The operating cash flow to net income ratio is 2.47, suggesting healthy cash flow relative to net income. However, the free cash flow to net income ratio is lower at 1.16, indicating potential cash flow constraints.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	125.13B	86.83B	84.46B	83.63B	76.54B	75.58B
Gross Profit	40.16B	50.94B	41.76B	48.94B	43.62B	43.51B
EBITDA	55.02B	52.92B	51.90B	51.74B	46.77B	46.43B
Net Income	33.67B	32.09B	30.65B	30.70B	25.88B	25.45B
Balance Sheet
Total Assets	1.19T	1.18T	1.18T	1.19T	1.19T	1.19T
Cash, Cash Equivalents and Short-Term Investments	51.84B	37.63B	32.47B	51.03B	44.89B	63.11B
Total Debt	528.74B	522.23B	521.30B	519.38B	517.47B	517.80B
Total Liabilities	583.86B	578.13B	576.97B	577.44B	572.45B	572.61B
Stockholders Equity	603.09B	603.15B	606.20B	614.69B	615.13B	619.90B
Cash Flow
Free Cash Flow	46.80B	40.15B	35.67B	33.43B	12.40B	19.34B
Operating Cash Flow	87.46B	79.03B	75.74B	65.19B	50.64B	43.32B
Investing Cash Flow	-45.86B	-39.25B	-41.86B	-31.76B	-37.73B	-23.95B
Financing Cash Flow	-34.87B	-34.26B	-39.25B	-27.28B	-31.13B	-31.42B

Nomura Real Estate Master Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 174300.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3462, the sentiment is Positive. The current price of 174300 is above the 20-day moving average (MA) of 172125.00, above the 50-day MA of 169252.00, and above the 200-day MA of 154977.75, indicating a bullish trend. The MACD of 1470.73 indicates Negative momentum. The RSI at 67.42 is Neutral, neither overbought nor oversold. The STOCH value of 71.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3462.

Nomura Real Estate Master Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3283	76 Outperform	¥817.10B	29.56	―	4.10%	12.04%	12.83%
8984	75 Outperform	¥656.44B	23.31	―	4.28%	27.21%	39.13%
8953	73 Outperform	¥892.63B	21.45	6.41%	4.62%	40.15%	27.43%
8972	70 Neutral	¥723.26B	21.22	5.51%	4.64%	24.10%	-30.38%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
3462	60 Neutral	¥809.86B	25.26	5.22%	4.21%	2.76%	6.04%

Nomura Real Estate Master Corporate Events

Nomura Real Estate Master Fund Announces Loan Interest Rate Determination

Nomura Real Estate Master Fund, Inc. has announced the determination of interest rates for its recent debt financing, involving a total loan amount of 8,100 million yen from multiple lenders. This financial move, with fixed interest rates and unsecured, unguaranteed terms, indicates a strategic step in managing the fund’s financial obligations and potentially enhancing its market position.

The most recent analyst rating on (JP:3462) stock is a Hold with a Yen171720.00 price target. To see the full list of analyst forecasts on Nomura Real Estate Master stock, see the JP:3462 Stock Forecast page.

Nomura Real Estate Announces Leadership Changes to Boost International Focus

Nomura Real Estate Master Fund, Inc. announced changes in its asset management company’s leadership, with Go Hiramatsu taking on an expanded role as Director and Managing Executive Officer in charge of both the Overseas Business Department and Private Fund Management Department. Additionally, Koichiro Nakamura has been newly appointed as Executive Officer and General Manager of the Overseas Business Department. These changes are expected to enhance the company’s strategic focus on international operations and private fund management, potentially impacting its market positioning and stakeholder interests.

The most recent analyst rating on (JP:3462) stock is a Hold with a Yen171720.00 price target. To see the full list of analyst forecasts on Nomura Real Estate Master stock, see the JP:3462 Stock Forecast page.

Nomura Real Estate Master Fund Corrects Financial Results for Fiscal Periods

Nomura Real Estate Master Fund, Inc. announced corrections to its financial results for the 19th and 20th fiscal periods due to inaccuracies in previously reported numerical data. These corrections involve adjustments to the carrying amounts and fair values of investment properties, impacting the reported financial position and investment asset valuations. The announcement highlights the company’s commitment to transparency and accuracy in financial reporting, which is crucial for maintaining investor confidence and ensuring compliance with regulatory standards.

The most recent analyst rating on (JP:3462) stock is a Hold with a Yen171720.00 price target. To see the full list of analyst forecasts on Nomura Real Estate Master stock, see the JP:3462 Stock Forecast page.

Nomura Real Estate Master Fund Announces Debt Refinancing Plan

Nomura Real Estate Master Fund, Inc. announced a debt refinancing plan to repay existing loans totaling ¥16,100 million, which are due to mature on November 26, 2025. This refinancing move is not expected to significantly impact the company’s financial forecasts or investment risks, indicating a stable financial strategy and continuity in its operations.

The most recent analyst rating on (JP:3462) stock is a Hold with a Yen171720.00 price target. To see the full list of analyst forecasts on Nomura Real Estate Master stock, see the JP:3462 Stock Forecast page.

Nomura Real Estate Master Fund Reports Financial Results and Forecasts

Nomura Real Estate Master Fund, Inc. reported its financial results for the fiscal period ending August 31, 2025, showing a slight increase in operating revenues and profits compared to the previous period. The company also announced its earnings forecasts for the upcoming fiscal periods, indicating expected declines in operating revenues and profits. This financial performance and forecast may impact stakeholder expectations and the company’s market positioning.

The most recent analyst rating on (JP:3462) stock is a Hold with a Yen171720.00 price target. To see the full list of analyst forecasts on Nomura Real Estate Master stock, see the JP:3462 Stock Forecast page.