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Tosei
(8923)
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Rating:62Neutral
Price Target:
¥1,762.00
▼(-3.50% Downside)
Action:Downgraded
Date:10/07/26
The score is primarily supported by solid profitability and returns, but is held back by leveraged balance sheet risk and historically volatile cash flow generation. Technical indicators are currently weak (below major moving averages with negative MACD), while valuation and dividend yield provide a meaningful offset.
Positive Factors
Strong profitability
High gross, operating, and net margins indicate that Tosei converts real-estate activity into meaningful earnings. This profitability provides internal resources for reinvestment and helps cushion normal project timing fluctuations, supporting durable earnings quality over the next several quarters.
Negative Factors
Elevated leverage
Debt-to-equity of about 1.68x leaves Tosei more exposed to weaker earnings or higher funding costs than a lightly leveraged business. Although equity has grown and leverage modestly improved, the debt burden remains a material constraint on financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
High gross, operating, and net margins indicate that Tosei converts real-estate activity into meaningful earnings. This profitability provides internal resources for reinvestment and helps cushion normal project timing fluctuations, supporting durable earnings quality over the next several quarters.
Read all positive factors
Tosei (8923) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥161.04B
Dividend Yield3.02%
Average Volume (3M)240.99K
Price to Earnings (P/E)10.5
Beta (1Y)0.68
Revenue Growth14.06%
EPS Growth4.88%
CountryJP
Employees875
SectorReal Estate
Sector Strength53
IndustryReal Estate - Diversified
Share Statistics
EPS (TTM)160.07
Shares Outstanding97,569,600
10 Day Avg. Volume404,680
30 Day Avg. Volume240,986
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
¥1,900.00Price Target Upside4.05% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)167.98
Revenue Forecast (FY)¥118.51B
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...
Tosei Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
63
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 110.33B | 94.69B | 82.19B | 79.45B | 70.95B | 61.73B |
| Gross Profit | 42.60B | 37.59B | 33.00B | 28.07B | 23.14B | 18.68B |
| EBITDA | 27.27B | 24.71B | 20.71B | 18.25B | 15.48B | 12.71B |
| Net Income | 15.53B | 14.75B | 11.99B | 10.51B | 8.61B | 6.72B |
Balance Sheet | ||||||
| Total Assets | 321.92B | 307.43B | 276.82B | 245.33B | 210.96B | 195.01B |
| Cash, Cash Equivalents and Short-Term Investments | 44.20B | 39.60B | 34.87B | 39.20B | 31.77B | 33.56B |
| Total Debt | 188.96B | 184.04B | 165.90B | 146.59B | 124.85B | 114.95B |
| Total Liabilities | 209.45B | 204.59B | 185.95B | 163.01B | 138.67B | 129.05B |
| Stockholders Equity | 112.47B | 102.81B | 90.50B | 82.05B | 72.29B | 65.96B |
Cash Flow | ||||||
| Free Cash Flow | 2.27B | -4.52B | -15.11B | 3.72B | -1.59B | -1.17B |
| Operating Cash Flow | 2.46B | -4.36B | -14.92B | 4.13B | -1.51B | -192.53M |
| Investing Cash Flow | -4.97B | -3.82B | -5.52B | -15.83B | -9.08B | -15.45B |
| Financing Cash Flow | 6.59B | 12.90B | 16.12B | 19.13B | 8.79B | 12.16B |
Tosei Technical Analysis
Negative
1826.00
Price Trends
1748.92
Negative
1704.36
Negative
1677.79
Negative
Market Momentum
-24.58
Positive
40.22
Neutral
14.45
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8923, the sentiment is Negative. The current price of 1826 is above the 20-day moving average (MA) of 1694.15, above the 50-day MA of 1748.92, and above the 200-day MA of 1677.79, indicating a bearish trend. The MACD of -24.58 indicates Positive momentum. The RSI at 40.22 is Neutral, neither overbought nor oversold. The STOCH value of 14.45 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:8923.
Tosei Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ¥222.96B | 8.40 | ― | 3.34% | 6.86% | 22.72% | |
66 Neutral | ¥1.08T | 10.56 | 20.05% | 5.18% | 5.93% | 5.17% | |
66 Neutral | ¥872.85B | 7.63 | 19.64% | 2.74% | 5.94% | 21.18% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | ¥161.04B | 10.46 | 14.29% | 3.02% | 14.06% | 4.88% | |
58 Neutral | ¥146.95B | 14.25 | 8.34% | 4.78% | 9.27% | 7.27% | |
54 Neutral | ¥43.44B | 17.69 | ― | 3.07% | 27.64% | 6.54% |
* Real Estate Sector Average
JP:8923
Tosei
1,655.00
103.21
6.65%
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-0.81%
Tosei Corporate Events
Tosei Posts Strong Nine-Month Results and Raises Full-Year Forecasts
Oct 5, 2026
Tosei Corporation reported strong consolidated results for the nine months ended August 31, 2026, with revenue rising 18.6% year-on-year to ¥99.6 billion and operating profit up 12.7% to ¥23.4 billion, while profit attributable to owners...
Tosei Lifts Profit and Dividend Forecasts Despite Lower Revenue Outlook
Oct 5, 2026
Tosei Corporation has revised its full-year earnings outlook for the fiscal year ending November 30, 2026, projecting lower revenue but higher profits as it shifts part of its property sales plan into future periods. Consolidated revenue is now fo...
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.