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Japan Retail Investment
(8953)
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Rating:63Neutral
Price Target:
¥122,369
▲(3.44% Upside)
Action:Reiterated
Date:08/04/26
The score is primarily held back by weak and volatile cash flow (including recurring negative free cash flow) despite strong reported profitability and a stable balance sheet. Technical signals are mixed (positive MACD but price below several key moving averages), while valuation is supported by a solid dividend yield but tempered by a mid-range P/E.
Positive Factors
High net profit margins
Consistently high net margins indicate durable property-level economics and good expense control at the portfolio level. Over 2–6 months such margin strength supports resilient distributable income, funds reinvestment for selective acquisitions, and provides a buffer versus rental volatility or cost shocks.
Negative Factors
Poor cash conversion
Low conversion of accounting profits to cash signals earnings-quality concerns; this weakens ability to self-fund distributions and capital expenditures. Over months this elevates reliance on external financing and increases vulnerability if credit markets tighten or interest costs rise.
Read all positive and negative factors
Positive Factors
Negative Factors
High net profit margins
Consistently high net margins indicate durable property-level economics and good expense control at the portfolio level. Over 2–6 months such margin strength supports resilient distributable income, funds reinvestment for selective acquisitions, and provides a buffer versus rental volatility or cost shocks.
Read all positive factors
Japan Retail Investment (8953) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥823.58B
Dividend Yield5.07%
Average Volume (3M)12.20K
Price to Earnings (P/E)19.9
Beta (1Y)0.10
Revenue Growth50.88%
EPS Growth25.80%
CountryJP
Employees97
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)5784.95
Shares Outstanding7,192,809
10 Day Avg. Volume9,886
30 Day Avg. Volume12,199
Financial Highlights & Ratios
PEG Ratio0.72
Price to Book (P/B)1.26
Price to Sales (P/S)6.37
P/FCF Ratio-21.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥148,000.00Price Target Upside25.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6,458.14
Revenue Forecast (FY)¥94.65B
Japan Retail Investment Business Overview & Revenue Model
Company Description
Japan Retail Fund Investment Corporation (JRF), trading under the ticker 8953, was listed on the Tokyo Stock Exchange's Real Estate Investment Trust (REIT) section in March 2002. This entity holds the distinction of being the inaugural investment ...
How the Company Makes Money
Japan Retail Investment Corporation makes money primarily by earning rental-related income from its portfolio of retail real estate. Its core revenue stream is lease income paid by tenants occupying its properties (including fixed base rent and, w...
Japan Retail Investment Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
70
Positive
Cash Flow
46
Neutral
| Breakdown | Feb 2026 | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 128.45B | 81.72B | 82.74B | 81.71B | 70.88B |
| Gross Profit | 36.24B | 45.47B | 45.48B | 46.05B | 38.03B |
| EBITDA | 58.64B | 47.12B | 47.64B | 48.70B | 40.36B |
| Net Income | 41.50B | 31.71B | 32.02B | 32.65B | 25.45B |
Balance Sheet | |||||
| Total Assets | 1.33T | 1.25T | 1.25T | 1.25T | 1.24T |
| Cash, Cash Equivalents and Short-Term Investments | 75.83B | 18.39B | 37.37B | 41.23B | 64.82B |
| Total Debt | 600.64B | 553.64B | 550.64B | 549.64B | 538.67B |
| Total Liabilities | 679.99B | 627.23B | 624.85B | 624.19B | 612.05B |
| Stockholders Equity | 649.38B | 624.30B | 625.08B | 624.78B | 623.67B |
Cash Flow | |||||
| Free Cash Flow | -38.79B | 7.91B | 14.68B | -29.33B | 714.08M |
| Operating Cash Flow | 47.28B | 42.27B | 40.40B | 41.65B | 34.58B |
| Investing Cash Flow | -44.07B | -27.00B | -14.72B | -41.40B | -537.05M |
| Financing Cash Flow | 30.31B | -29.70B | -31.03B | -21.03B | -28.93B |
Japan Retail Investment Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ¥546.48B | 20.32 | ― | 4.10% | 5.25% | 19.44% | |
66 Neutral | ¥389.04B | 19.26 | 7.08% | 4.36% | -6.29% | 21.95% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | ¥823.58B | 19.88 | 6.39% | 4.86% | 50.88% | 25.80% | |
62 Neutral | ¥464.90B | 14.97 | 8.80% | 5.82% | 11.83% | 4.27% | |
61 Neutral | ¥252.73B | 18.25 | ― | 5.43% | 0.54% | 4.08% | |
60 Neutral | ¥222.19B | 18.44 | ― | 4.63% | 19.76% | 7.95% |
* Real Estate Sector Average
JP:8953
Japan Retail Investment
115,000.00
7,856.80
7.33%
JP:8963
Invincible Investment
60,800.00
-3,651.41
-5.67%
JP:8955
Japan Prime Realty Investment
96,100.00
-1,092.51
-1.12%
JP:3292
AEON REIT Investment Corp.
120,600.00
-1,886.37
-1.54%
JP:3295
Hulic Reit, Inc.
154,600.00
-4,414.34
-2.78%
JP:8954
ORIX JREIT Inc.
99,000.00
2,967.75
3.09%
Japan Retail Investment Corporate Events
Japan Metropolitan Fund Says Kyushu Properties Unharmed by Kumamoto Quake
Jul 29, 2026
Japan Metropolitan Fund Investment Corporation reported that its seven properties in the Kyushu region, including assets in Fukuoka and Nagasaki, have not sustained operational damage following the 7.1-magnitude Kumamoto earthquake on July 28, 202...
Japan Metropolitan Fund Refinances ¥5.35bn in Unsecured Floating-Rate Loans
Jul 24, 2026
Japan Metropolitan Fund Investment Corporation has arranged new floating-rate loans totaling ¥5.35 billion from a syndicate of domestic banks, with terms ranging from seven to ten years and spreads tied to JBA yen TIBOR. The borrowings remain...
JMF Pushes Back Acquisition of Kamakura Hotel Asset With Limited Earnings Impact
Jul 7, 2026
Japan Metropolitan Fund Investment Corporation has announced another delay in the acquisition of the trust beneficiary rights for the HOTEL KAMAKURAYU project in Kamakura. The hotel, designed around the concept of a traditional hot-spring “y...
Japan Metropolitan Fund Extends Debt Maturities to Finance New Property Deal
Jun 24, 2026
Japan Metropolitan Fund Investment Corporation has arranged a new ¥2.4 billion, seven-year floating-rate loan from SBI Shinsei Bank to fund a real estate acquisition scheduled for June 29, 2026, under its value-add investment strategy. The lo...
JMF Targets Value-Add Growth with Osaka Mixed-Use Lodging Deal
Jun 24, 2026
Japan Metropolitan Fund Investment Corporation has agreed to acquire a residential asset in Osaka, the Apartment Hotel 11 Shinsaibashi Amemura 2, for an anticipated ¥2.4 billion, below its appraisal value of ¥2.75 billion. The deal, to b...
Japan Metropolitan Fund Reaps 1.1 Billion Yen Gain on EDION Kyobashi Land Sale
Jun 1, 2026
Japan Metropolitan Fund Investment Corporation has agreed to dispose of its trust beneficiary right in the EDION Kyobashi land with leasehold interest, a retail facility asset, for 7 billion yen, about 15% above its appraised value of 6.1 billion ...
JMF Sells Osaka Retail Land at Premium to Fund Portfolio Repositioning
Jun 1, 2026
Japan Metropolitan Fund Investment Corporation will dispose of its trust beneficiary right in the retail asset EDION Kyobashi, a land-with-leasehold property in Osaka, for ¥7 billion, about 15% above its appraisal value of ¥6.1 billion. ...
Japan Metropolitan Fund Extends ¥10bn Credit Line, Secures Longer-Term Funding
May 29, 2026
Japan Metropolitan Fund Investment Corporation has extended the contract period for one of its key commitment line facilities, pushing the maturity of Commitment Line Contract 1 from May 31, 2027 to May 31, 2028. The facility, provided by Sumitomo...
Japan Metropolitan Fund Refines Debt Mix With New Green Loans and Refinancing
May 13, 2026
Japan Metropolitan Fund Investment Corporation has arranged new refinancing and debt facilities, including replacing two fixed-rate loans totaling ¥3.2 billion with new floating-rate borrowings from Sumitomo Mitsui Trust Bank. The move mainta...
Japan Metropolitan Fund Refinances Debt and Expands Green Loan Funding
May 13, 2026
Japan Metropolitan Fund Investment Corporation has arranged refinancing and new debt financing that maintains its total interest-bearing debt at ¥629.6 billion while reshaping the mix between loans and bonds. The REIT is refinancing existing ...
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.