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Nomura Real Estate Master
(3462)
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Rating:64Neutral
Price Target:
¥160,928
▼(-7.67% Downside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid profitability and a stable balance sheet, tempered by steeply declining revenue and weakening free cash flow trends. Technicals are subdued with the price below major moving averages, while valuation is supported by a strong dividend yield but limited by a mid-to-higher P/E.
Positive Factors
Strong Profitability
High net and EBIT margins indicate that the fund’s income-producing property portfolio converts rental revenue into substantial operating and net earnings, providing a durable cushion against property-level costs and supporting recurring distributions.
Negative Factors
Sharp Revenue Decline
A steep revenue contraction indicates weakening operating momentum in the property portfolio. If sustained, lower rental or related income could reduce operating cash generation and constrain distributions or reinvestment capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
High net and EBIT margins indicate that the fund’s income-producing property portfolio converts rental revenue into substantial operating and net earnings, providing a durable cushion against property-level costs and supporting recurring distributions.
Read all positive factors
Nomura Real Estate Master (3462) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥675.12B
Dividend Yield4.73%
Average Volume (3M)8.37K
Price to Earnings (P/E)22.9
Beta (1Y)0.16
Revenue Growth-16.47%
EPS Growth-11.86%
CountryJP
Employees3
SectorGeneral
Sector StrengthN/A
IndustryREIT - Retail
Share Statistics
EPS (TTM)6340.27
Shares Outstanding4,646,364
10 Day Avg. Volume9,596
30 Day Avg. Volume8,368
Financial Highlights & Ratios
PEG Ratio4.59
Price to Book (P/B)1.24
Price to Sales (P/S)8.63
P/FCF Ratio17.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)6,761.7
Revenue Forecast (FY)¥77.03B
Nomura Real Estate Master Business Overview & Revenue Model
Company Description
Nomura Real Estate Master Fund, Inc. (NMF) operates as a real estate investment vehicle, primarily acquiring and managing a diverse portfolio of properties such as office buildings, retail spaces, logistics centers, and residential complexes. Its ...
How the Company Makes Money
The fund makes money primarily by earning rental and related property income from the real estate assets it owns. Its key revenue stream is lease income paid by tenants occupying its properties (e.g., office, residential, retail, logistics, or oth...
Nomura Real Estate Master Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 | Feb 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 74.67B | 86.83B | 84.46B | 83.63B | 76.54B | 75.58B |
| Gross Profit | 39.84B | 50.94B | 41.76B | 48.94B | 43.62B | 43.51B |
| EBITDA | 51.48B | 52.92B | 51.90B | 51.74B | 46.77B | 46.43B |
| Net Income | 29.46B | 32.09B | 30.65B | 30.70B | 25.88B | 25.45B |
Balance Sheet | ||||||
| Total Assets | 1.18T | 1.18T | 1.18T | 1.19T | 1.19T | 1.19T |
| Cash, Cash Equivalents and Short-Term Investments | 55.02B | 37.63B | 32.47B | 51.03B | 44.89B | 63.11B |
| Total Debt | 522.23B | 522.23B | 521.30B | 519.38B | 517.47B | 517.80B |
| Total Liabilities | 579.87B | 578.13B | 576.97B | 577.44B | 572.45B | 572.61B |
| Stockholders Equity | 600.04B | 603.15B | 606.20B | 614.69B | 615.13B | 619.90B |
Cash Flow | ||||||
| Free Cash Flow | 40.75B | 43.27B | 35.67B | 37.08B | 16.68B | 19.37B |
| Operating Cash Flow | 66.77B | 79.03B | 75.74B | 65.19B | 50.64B | 43.32B |
| Investing Cash Flow | -24.57B | -39.25B | -41.86B | -31.76B | -37.73B | -23.95B |
| Financing Cash Flow | -39.02B | -34.26B | -39.25B | -27.28B | -31.13B | -31.42B |
Nomura Real Estate Master Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ¥848.54B | 22.76 | 6.70% | 4.33% | -1.30% | -3.43% | |
68 Neutral | ¥718.95B | 24.17 | ― | 4.49% | 9.45% | 7.63% | |
65 Neutral | ¥594.17B | 17.47 | 5.37% | 5.62% | 3.41% | 1.19% | |
64 Neutral | ¥675.12B | 22.92 | 4.90% | 4.73% | -16.47% | -11.86% | |
63 Neutral | ¥807.03B | 19.40 | 6.39% | 5.34% | 50.88% | 25.80% | |
62 Neutral | ¥1.09T | 24.84 | 5.88% | 3.98% | -21.35% | -7.99% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
JP:3462
Nomura Real Estate Master
145,300.00
-7,402.33
-4.85%
JP:8952
Japan Real Estate Investment
116,500.00
-7,168.14
-5.80%
JP:8953
Japan Retail Investment
112,200.00
5,347.52
5.00%
JP:8951
Nippon Building
124,200.00
-12,209.94
-8.95%
JP:8972
Kenedix Office Investment Corporation
147,100.00
-12,616.80
-7.90%
JP:3283
Nippon Prologis REIT, Inc.
85,700.00
6,928.88
8.80%
Nomura Real Estate Master Corporate Events
Nomura Real Estate Master Fund Buys Akasaka Hotel to Boost Tourism-Driven Earnings
Aug 18, 2026
Nomura Real Estate Master Fund, Inc. has agreed to acquire the Best Western Hotel Fino Tokyo Akasaka from ICHIKEN Co., Ltd. for ¥8.7 billion, with completion scheduled for early September 2026. The centrally located 87-room property near Akas...
Nomura REIT Targets Inbound Tourism With Tokyo Akasaka Hotel Acquisition
Aug 18, 2026
Nomura Real Estate Master Fund, Inc. has announced the planned acquisition of the Best Western Hotel Fino Tokyo Akasaka, a relatively new 87-room hotel in central Tokyo, for ¥8,700 million, against an appraisal valuation of ¥10,930 milli...
Nomura Real Estate Master Fund Locks In ESG-Tied Loans for Major Debt Refinancing
Aug 14, 2026
Nomura Real Estate Master Fund, Inc. has arranged ¥26.1 billion in new term loans to refinance ¥27.1 billion of existing debt maturing on August 26, 2026, with the remaining ¥1 billion covered by cash on hand. The package includes s...
Nomura Real Estate Master Fund Locks In Rates on ¥6.9 Billion Long-Term Debt
May 22, 2026
Nomura Real Estate Master Fund has set fixed interest rates on a previously announced debt financing totaling ¥6.9 billion, with terms ranging from six to eight years and final maturities between 2032 and 2034. The borrowings, which include a...
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.