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Nomura Real Estate Master
(3462)
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Rating:63Neutral
Price Target:
¥144,201
▼(-17.27% Downside)
Action:Reiterated
Date:10/17/26
The score is driven primarily by solid financial performance (strong margins and improved revenue trend) but is held back by leverage and inconsistent cash conversion. Technical conditions are currently bearish and weigh on the near-term setup, while valuation is supported by a high dividend yield but tempered by a middling P/E.
Positive Factors
Sustained profitability
Consistently high net and operating margins indicate that the portfolio has generated strong profitability across multiple years. This provides a durable earnings base for a REIT, supports recurring distributions, and offers some resilience against normal changes in property-level costs.
Negative Factors
Large debt burden
The sizeable debt balance creates an enduring sensitivity to financing costs and refinancing requirements. Limited deleveraging leaves less flexibility to absorb higher interest expense or weaker property values, potentially constraining acquisitions, capital allocation, and future distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained profitability
Consistently high net and operating margins indicate that the portfolio has generated strong profitability across multiple years. This provides a durable earnings base for a REIT, supports recurring distributions, and offers some resilience against normal changes in property-level costs.
Read all positive factors
Nomura Real Estate Master (3462) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥597.99B
Dividend Yield5.69%
Average Volume (3M)8.49K
Price to Earnings (P/E)21.0
Beta (1Y)0.24
Revenue Growth-18.26%
EPS Growth-10.91%
CountryJP
Employees3
SectorGeneral
Sector StrengthN/A
IndustryREIT - Retail
Share Statistics
EPS (TTM)6147.43
Shares Outstanding4,646,364
10 Day Avg. Volume10,095
30 Day Avg. Volume8,491
Financial Highlights & Ratios
PEG Ratio-2.19
Price to Book (P/B)1.14
Price to Sales (P/S)7.16
P/FCF Ratio15.54
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)6,754.46
Revenue Forecast (FY)¥58.15B
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
Nomura Real Estate Master Fund, Inc. makes money primarily by earning net property income from its real estate portfolio. The core revenue stream is rental and leasing income paid by tenants under lease contracts across its owned properties. From ...
Nomura Real Estate Master Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
71
Positive
Cash Flow
66
Positive
| Breakdown | Feb 2026 | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 95.36B | 86.83B | 84.46B | 83.63B | 76.54B |
| Gross Profit | 18.66B | 50.94B | 41.76B | 48.94B | 43.62B |
| EBITDA | 51.13B | 52.92B | 51.90B | 51.74B | 46.77B |
| Net Income | 28.56B | 32.09B | 30.65B | 30.70B | 25.88B |
Balance Sheet | |||||
| Total Assets | 1.18T | 1.18T | 1.18T | 1.19T | 1.19T |
| Cash, Cash Equivalents and Short-Term Investments | 57.13B | 37.63B | 32.47B | 51.03B | 44.89B |
| Total Debt | 520.23B | 522.23B | 521.30B | 519.38B | 517.47B |
| Total Liabilities | 578.22B | 578.13B | 576.97B | 577.44B | 572.45B |
| Stockholders Equity | 598.37B | 603.15B | 606.20B | 614.69B | 615.13B |
Cash Flow | |||||
| Free Cash Flow | 43.94B | 43.27B | 35.67B | 37.08B | 16.68B |
| Operating Cash Flow | 56.01B | 79.03B | 75.74B | 65.19B | 50.64B |
| Investing Cash Flow | -14.73B | -39.25B | -41.86B | -31.76B | -37.73B |
| Financing Cash Flow | -35.34B | -34.26B | -39.25B | -27.28B | -31.13B |
Nomura Real Estate Master Technical Analysis
Negative
174300.00
Price Trends
140986.92
Negative
144503.51
Negative
151906.24
Negative
Market Momentum
-3940.29
Positive
23.17
Positive
15.53
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3462, the sentiment is Negative. The current price of 174300 is above the 20-day moving average (MA) of 134475.00, above the 50-day MA of 140986.92, and above the 200-day MA of 151906.24, indicating a bearish trend. The MACD of -3940.29 indicates Positive momentum. The RSI at 23.17 is Positive, neither overbought nor oversold. The STOCH value of 15.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3462.
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 | ¥799.01B | 21.34 | 6.70% | 4.65% | -1.30% | -3.43% | |
68 Neutral | ¥692.10B | 23.21 | ― | 4.66% | 9.45% | 7.63% | |
65 Neutral | ¥572.76B | 16.70 | 5.37% | 5.83% | 3.41% | 1.19% | |
63 Neutral | ¥597.99B | 20.97 | 4.77% | 5.69% | -18.26% | -10.91% | |
63 Neutral | ¥768.91B | 17.39 | 6.79% | 5.63% | -0.16% | 11.44% | |
62 Neutral | ¥1.10T | 24.64 | 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
128,700.00
-30,687.23
-19.25%
JP:8952
Japan Real Estate Investment
109,700.00
-13,573.58
-11.01%
JP:8953
Japan Retail Investment
106,900.00
-5,946.88
-5.27%
JP:8951
Nippon Building
124,300.00
-12,849.33
-9.37%
JP:8972
Kenedix Office Investment Corporation
141,800.00
-24,674.78
-14.82%
JP:3283
Nippon Prologis REIT, Inc.
82,500.00
-3,841.59
-4.45%
Nomura Real Estate Master Corporate Events
Nomura Real Estate Master Fund Delivers Higher Earnings and Steady Distributions
Oct 16, 2026
Nomura Real Estate Master Fund reported operating revenues of ¥43,151 million for the fiscal period ended August 31, 2026, with operating profit up 13.8% and net income rising 13.9% from the previous period, lifting net income per unit to ...
Nomura Real Estate Master Fund to Issue Up to JPY 50 Billion in Unsecured Bonds
Sep 17, 2026
Nomura Real Estate Master Fund, Inc., a listed Japanese REIT managed by Nomura Real Estate Asset Management, invests in domestic real estate assets and relies on capital markets funding to expand and maintain its portfolio. The fund’s operat...
Nomura Real Estate Master Fund Secures ¥40 Billion Commitment Line to Support Portfolio Growth
Sep 8, 2026
Nomura Real Estate Master Fund, Inc. has arranged a new commitment line agreement totaling 40 billion yen with a syndicate of major Japanese banks, including MUFG Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank and Sumitomo Mitsui Trust Ban...
Nomura Real Estate Master Fund Corrects Disclosure on Tokyo Hotel Acquisition
Sep 4, 2026
Nomura Real Estate Master Fund has issued a correction to its previously announced acquisition details for the Best Western Hotel Fino Tokyo Akasaka. The fund clarified that a brokerage intermediary is involved in the transaction, reversing the ea...
Nomura Real Estate Master Fund Sets Terms on ¥2.5 Billion Fixed-Rate Loan
Aug 24, 2026
Nomura Real Estate Master Fund, Inc. has finalized the interest rate on a new term loan of ¥2.5 billion from MUFG Bank, Ltd., set at a fixed 2.83565%, with drawdown on August 26, 2026 and a seven-year maturity ending August 26, 2033. The unse...
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...
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.