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Tosei
(8923)
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Rating:71Outperform
Price Target:
¥1,918.00
▲(9.79% Upside)
Action:Upgraded
Date:07/07/26
The score is driven primarily by solid profitability and improving earnings power, but held back by historically inconsistent/weak cash flow and meaningful leverage. Technicals add support due to an uptrend versus key moving averages and positive momentum, while valuation is favorable given the low P/E and moderate dividend yield.
Positive Factors
High profitability and margins
Consistent high margins and steady TTM profitability indicate durable earnings power and efficient operations. Strong gross and operating margins give the company structural capacity to absorb cyclical revenue swings and support reinvestment, dividend funding, and debt servicing over months.
Negative Factors
Volatile and weak cash generation
Multi-year volatility and historically negative annual operating cash flows reduce confidence in the firm's ability to consistently fund operations, capex, and debt service from internal cash. This structural uncertainty elevates refinancing and liquidity risk in future periods.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
Consistent high margins and steady TTM profitability indicate durable earnings power and efficient operations. Strong gross and operating margins give the company structural capacity to absorb cyclical revenue swings and support reinvestment, dividend funding, and debt servicing over months.
Read all positive factors
Tosei (8923) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥174.30B
Dividend Yield2.79%
Average Volume (3M)136.85K
Price to Earnings (P/E)10.5
Beta (1Y)0.79
Revenue Growth26.43%
EPS Growth15.36%
CountryJP
Employees875
SectorReal Estate
Sector Strength53
IndustryReal Estate - Diversified
Share Statistics
EPS (TTM)168.42
Shares Outstanding97,367,600
10 Day Avg. Volume213,080
30 Day Avg. Volume136,853
Financial Highlights & Ratios
PEG Ratio0.47
Price to Book (P/B)1.54
Price to Sales (P/S)1.67
P/FCF Ratio-34.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥2,103.33Price Target Upside20.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)166.82
Revenue Forecast (FY)¥120.83B
Tosei Business Overview & Revenue Model
Company Description
Tosei Corporation, a Tokyo-headquartered real estate firm founded in Japan in 1950 (and known as Tosei Fudosan Co., Ltd. until its rebranding in October 2006), operates across diverse sectors. The company excels in revitalizing real estate by acqu...
How the Company Makes Money
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Tosei Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
67
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 114.59B | 94.69B | 82.19B | 79.45B | 70.95B | 61.73B |
| Gross Profit | 42.94B | 37.59B | 33.00B | 28.07B | 23.14B | 18.68B |
| EBITDA | 28.26B | 24.71B | 20.71B | 18.25B | 15.48B | 12.71B |
| Net Income | 16.33B | 14.75B | 11.99B | 10.51B | 8.61B | 6.72B |
Balance Sheet | ||||||
| Total Assets | 309.60B | 307.43B | 276.82B | 245.33B | 210.96B | 195.01B |
| Cash, Cash Equivalents and Short-Term Investments | 48.07B | 39.60B | 34.87B | 39.20B | 31.77B | 33.56B |
| Total Debt | 176.54B | 184.04B | 165.90B | 146.59B | 124.85B | 114.95B |
| Total Liabilities | 198.41B | 204.59B | 185.95B | 163.01B | 138.67B | 129.05B |
| Stockholders Equity | 111.19B | 102.81B | 90.50B | 82.05B | 72.29B | 65.96B |
Cash Flow | ||||||
| Free Cash Flow | 7.08B | -4.52B | -15.11B | 3.72B | -1.59B | -1.17B |
| Operating Cash Flow | 7.36B | -4.36B | -14.92B | 4.13B | -1.51B | -192.53M |
| Investing Cash Flow | -7.02B | -3.82B | -5.52B | -15.83B | -9.08B | -15.45B |
| Financing Cash Flow | 6.95B | 12.90B | 16.12B | 19.13B | 8.79B | 12.16B |
Tosei Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ¥174.30B | 10.55 | 15.40% | 2.86% | 26.43% | 15.36% | |
66 Neutral | ¥1.11T | 10.81 | 20.50% | 4.58% | 5.93% | 5.17% | |
66 Neutral | ¥962.69B | 8.29 | 20.25% | 2.32% | 5.94% | 21.18% | |
66 Neutral | ¥232.39B | 8.64 | ― | 2.67% | 6.86% | 22.72% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | ¥156.16B | 15.00 | 8.95% | 3.39% | 9.27% | 7.27% | |
54 Neutral | ¥46.70B | 23.75 | ― | 3.75% | -4.27% | -53.05% |
* Real Estate Sector Average
JP:8923
Tosei
1,790.00
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Tosei Corporate Events
Tosei Posts Strong First-Half Earnings and Confirms Full-Year Growth Outlook
Jul 6, 2026
Tosei Corporation reported strong consolidated results for the six months ended May 31, 2026, with revenue rising 30.1% year on year to ¥85.96 billion and operating profit up 20.5% to ¥21.21 billion. Profit attributable to owners of the ...
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.