Japan Retail Fund Investment Corporation (JP:8953)
:8953
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Japan Retail Investment
(8953)
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Rating:57Neutral
Price Target:
¥118,818
▼(-4.26% Downside)
Action:ReiteratedDate:04/03/26
The score is primarily restrained by weak and volatile cash flow (including negative free cash flow in multiple years), despite strong reported profitability and a stable leverage profile. Technicals also detract due to negative momentum and trading below key moving averages. Valuation helps offset these risks with a low P/E and a solid dividend yield.
Positive Factors
High Profitability / Margins
Consistently high operating and net margins indicate the portfolio generates strong property-level profitability. Margin resilience supports distributable income and provides a buffer to absorb cost inflation or tenant turnover, helping sustain payouts and internal reinvestment capacity over the medium term.
Negative Factors
Weak Cash Conversion / Negative FCF
Earnings are not converting strongly into cash, with operating cash covering only part of net income and multiple years of negative free cash flow. This raises reliance on external financing to fund capex and distributions, increasing vulnerability if credit conditions tighten or borrowing costs rise.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability / Margins
Consistently high operating and net margins indicate the portfolio generates strong property-level profitability. Margin resilience supports distributable income and provides a buffer to absorb cost inflation or tenant turnover, helping sustain payouts and internal reinvestment capacity over the medium term.
Read all positive factors
Japan Retail Investment (8953) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥840.12B
Dividend Yield4.62%
Average Volume (3M)12.20K
Price to Earnings (P/E)19.7
Beta (1Y)0.14
Revenue Growth40.15%
EPS Growth27.43%
CountryJP
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)3016.00
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
¥141,300.00Price Target Upside13.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)6,356.29
Revenue Forecast (FY)¥101.42B
Japan Retail Investment Business Overview & Revenue Model
Company Description
Japan Retail Fund Investment Corporation (JRF) has been listed on the Real Estate Investment Trust ("REIT") Section on the Tokyo Stock Exchange (Securities code: 8953) since March 2002. It was the first investment corporation in Japan to specifica...
How the Company Makes Money
Japan Retail Investment Corporation makes money primarily through real estate leasing and related property income generated by its portfolio of retail properties. Its core revenue stream is rental revenue paid by tenants under lease agreements, wh...
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 Technical Analysis
Neutral
124100.00
Price Trends
119159.94
Negative
119442.70
Negative
113182.34
Positive
Market Momentum
-1316.55
Positive
47.53
Neutral
61.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8953, the sentiment is Neutral. The current price of 124100 is above the 20-day moving average (MA) of 117490.00, above the 50-day MA of 119159.94, and above the 200-day MA of 113182.34, indicating a neutral trend. The MACD of -1316.55 indicates Positive momentum. The RSI at 47.53 is Neutral, neither overbought nor oversold. The STOCH value of 61.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:8953.
Japan Retail Investment Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ¥400.78B | 21.18 | 7.08% | 3.74% | 78.62% | 28.76% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | ¥271.02B | 20.25 | ― | 4.96% | 0.59% | 3.29% | |
64 Neutral | ¥236.88B | 20.08 | ― | 4.63% | -5.47% | 14.66% | |
63 Neutral | ¥546.48B | 10.93 | ― | 4.10% | -31.88% | 2.02% | |
61 Neutral | ¥467.20B | 15.86 | 8.80% | 5.82% | 19.85% | 8.60% | |
57 Neutral | ¥840.12B | 19.71 | 6.39% | 4.62% | 40.15% | 27.43% |
* Real Estate Sector Average
JP:8953
Japan Retail Investment
116,800.00
27,618.10
30.97%
JP:8963
Invincible Investment
61,100.00
6,363.76
11.63%
JP:8955
Japan Prime Realty Investment
99,000.00
16,826.35
20.48%
JP:3292
AEON REIT Investment Corp.
128,900.00
11,650.92
9.94%
JP:3295
Hulic Reit, Inc.
164,500.00
28,392.89
20.86%
JP:8954
ORIX JREIT Inc.
99,000.00
12,734.10
14.76%
Japan Retail Investment Corporate Events
Japan Metropolitan Fund Completes AEON Mall Stake Sale and Plans Full Payout of Gain
Apr 1, 2026
Japan Metropolitan Fund Investment Corporation has completed the second and final tranche of its previously announced sale of a 25% co-ownership interest in AEON MALL Tsurumi Ryokuchi, marking the full completion of a broader asset disposition pro...
JMF to Acquire Machinoma Kotesashi Retail Asset Below Appraisal in Saitama Redevelopment
Mar 31, 2026
Japan Metropolitan Fund Investment Corporation plans to acquire the trust beneficiary right to a new retail facility, tentatively named Machinoma Kotesashi, in Tokorozawa, Saitama, for ¥4.24 billion, below its ¥5.6 billion appraisal valu...
JMF REIT Completes Konami Sports Club Kyobashi Sale and Earmarks Gain for Unitholders
Mar 31, 2026
Japan Metropolitan Fund Investment Corporation has completed the second and final tranche of its previously announced sale of a 50% co-ownership interest in the trust beneficiary right of Konami Sports Club Kyobashi. The transaction, priced at 3,7...
Japan Metropolitan Fund Sets Fixed Rate on ¥4 Billion Refinancing Loan
Mar 27, 2026
Japan Metropolitan Fund Investment Corporation has set the interest rate on a previously announced refinancing loan from Development Bank of Japan Inc., clarifying funding costs for its ongoing debt management. The REIT continues to optimize its c...
Japan Metropolitan Fund REIT Refinances ¥8 Billion Without Raising Debt Levels
Mar 23, 2026
Japan Metropolitan Fund Investment Corporation has arranged new loans totaling ¥8 billion to refinance existing debt maturing in March 2026, securing a 2.9-year fixed-rate facility from Development Bank of Japan and two 7-year floating-rate f...
Japan Metropolitan Fund Completes Property Sales and Redirects Proceeds to New Acquisition and Debt Repayment
Mar 2, 2026
Japan Metropolitan Fund Investment Corporation has completed the sale of trust beneficiary rights in two Japanese properties, pivo Izumi Chuo and JMF-Bldg. Edogawabashi 01, for a combined 11.15 billion yen. The transactions are expected to generat...
Japan Metropolitan Fund Completes AEON Mall Stake Sale, To Distribute Gain and Cut Debt
Feb 27, 2026
Japan Metropolitan Fund Investment Corporation has completed the fourth and final disposition of its 40% co-ownership interest in AEON MALL Sapporo Naebo, marking the conclusion of a multi-stage sale process initiated in 2022. The property was sol...
Japan Metropolitan Fund Locks In New Bank Loans at Fixed Rates
Feb 26, 2026
Japan Metropolitan Fund Investment Corporation has set the interest rates for new borrowings previously announced, securing long-term and medium-term funding from major Japanese banks. The REIT arranged a 5 billion yen, seven-year unsecured loan f...
Japan Metropolitan Fund Locks In Fixed Rates on ¥2.7 Billion Refinancing Loans
Feb 25, 2026
Japan Metropolitan Fund Investment Corporation has set fixed interest rates for previously announced refinancing borrowings from Mizuho Bank and Development Bank of Japan, locking in medium-term funding. The REIT will borrow ¥1.5 billion at 1...
Japan Metropolitan Fund Raises ¥7 Billion in New Debt for Property Acquisition
Feb 25, 2026
Japan Metropolitan Fund Investment Corporation has arranged new long-term borrowings totaling ¥7 billion from Mizuho Bank, Sumitomo Mitsui Banking Corporation, and The Joyo Bank to help fund the planned acquisition of trust beneficiary rights...
Japan Metropolitan Fund to Acquire Value-Add Tsukuba Office at Discount to Appraisal
Feb 25, 2026
Japan Metropolitan Fund Investment Corporation will acquire the trust beneficiary rights to JMF-Bldg. Tsukuba 01, an office property near Tsukuba Station in Ibaraki, for ¥10.73 billion, below its appraisal value of ¥13.4 billion. The ass...
Japan Metropolitan Fund Refinances Loans Without Raising Overall Debt Load
Feb 20, 2026
Japan Metropolitan Fund Investment Corporation has arranged a series of new loans totaling several billion yen to refinance existing borrowings, shifting part of its debt profile toward a mix of short-term floating-rate and longer-term fixed-rate ...
JMF Lifts Yields and Value With Fully Leased Okinawa Mixed-Use Acquisition
Feb 13, 2026
Japan Metropolitan Fund Investment Corporation has completed the acquisition of JMF-Bldg. Okinawa Kokusai-Dori 01 in Naha, Okinawa, securing a 70% co-ownership stake in the newly completed 10-story property. The building combines retail on the low...
Japan Metropolitan Fund to Prepay ¥5 Billion Loan Using Property Sale Proceeds
Feb 6, 2026
Japan Metropolitan Fund Investment Corporation has decided to make an early repayment of a ¥5 billion short-term loan from MUFG Bank on February 27, 2026, ahead of its original March 31, 2026 maturity, using part of the proceeds from the sale...
Japan Metropolitan Fund Locks In Fixed Rates on ¥9.9 Billion Refinancing Loans
Jan 28, 2026
Japan Metropolitan Fund Investment Corporation has set fixed interest rates on a series of previously announced refinancing borrowings totaling ¥9.9 billion, securing long-term funding from Sumitomo Mitsui Trust Bank and Mizuho Bank with matu...
Japan Metropolitan Fund Extends Debt Maturities With ¥11.9 Billion Refinancing
Jan 23, 2026
Japan Metropolitan Fund Investment Corporation has arranged new long-term loans totaling ¥11.9 billion from several Japanese banks to refinance debt maturing on January 30, 2026, effectively rolling over its funding while extending loan tenor...
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.