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Daiwa Office Investment Corporation
(8976)
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Rating:62Neutral
Price Target:
¥310,474
▼(-17.10% Downside)
Action:Reiterated
Date:08/06/26
The score is primarily supported by solid underlying financial performance (strong profitability and a notable 2025 revenue rebound), tempered by moderate leverage and uneven cash conversion. Technicals are mixed-to-weak with the price below key short- and long-term moving averages and neutral-weak RSI, while valuation is helped by a solid dividend yield but constrained by a P/E around 20.7.
Positive Factors
2025 Revenue Rebound
The sharp 2025 revenue rebound indicates renewed operating momentum after a period of limited growth. For an office REIT, stronger rental and property-related revenue can support distributions and improve the platform’s ability to sustain earnings over the next several quarters.
Negative Factors
Margin Erosion and Stable Net Income
The decline from earlier margin highs and the lack of consistent net-income growth suggest that recent revenue improvement has not yet translated into a durable expansion of earnings power. Persistent pressure could constrain distribution growth and reduce operating flexibility over time.
Read all positive and negative factors
Positive Factors
Negative Factors
2025 Revenue Rebound
The sharp 2025 revenue rebound indicates renewed operating momentum after a period of limited growth. For an office REIT, stronger rental and property-related revenue can support distributions and improve the platform’s ability to sustain earnings over the next several quarters.
Read all positive factors
Daiwa Office Investment Corporation (8976) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥273.79B
Dividend Yield5.34%
Average Volume (3M)1.92K
Price to Earnings (P/E)17.8
Beta (1Y)0.16
Revenue Growth23.62%
EPS Growth10.38%
CountryJP
Employees124
SectorGeneral
Sector StrengthN/A
IndustryREIT - Office
Share Statistics
EPS (TTM)16465.64
Shares Outstanding934,745
10 Day Avg. Volume1,922
30 Day Avg. Volume1,922
Financial Highlights & Ratios
PEG Ratio2.69
Price to Book (P/B)1.45
Price to Sales (P/S)9.40
P/FCF Ratio16.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥335,000.00Price Target Upside-10.55% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)15,798.44
Revenue Forecast (FY)¥30.00B
Daiwa Office Investment Corporation Business Overview & Revenue Model
Company Description
Daiwa Office Investment Corporation, a Real Estate Investment Trust, specializes in acquiring and overseeing office properties located within the five central wards of Tokyo....
How the Company Makes Money
Daiwa Office Investment Corporation generates income mainly from leasing real estate. Its primary revenue stream is rental income paid by tenants under office lease agreements across its property portfolio. This rental income is influenced by fact...
Daiwa Office Investment Corporation Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.10B | 37.51B | 28.79B | 28.70B | 28.37B | 28.94B |
| Gross Profit | 15.63B | 14.19B | 15.31B | 17.15B | 17.77B | 18.34B |
| EBITDA | 21.59B | 20.25B | 18.25B | 17.71B | 18.41B | 19.12B |
| Net Income | 15.41B | 14.45B | 13.38B | 13.29B | 14.01B | 14.35B |
Balance Sheet | ||||||
| Total Assets | 510.88B | 488.32B | 491.37B | 482.20B | 481.05B | 483.28B |
| Cash, Cash Equivalents and Short-Term Investments | 30.74B | 33.04B | 29.40B | 25.88B | 19.08B | 26.65B |
| Total Debt | 239.25B | 217.95B | 219.40B | 207.80B | 205.80B | 202.35B |
| Total Liabilities | 267.71B | 245.83B | 246.27B | 234.68B | 233.56B | 229.64B |
| Stockholders Equity | 243.17B | 242.49B | 244.97B | 247.52B | 247.49B | 253.64B |
Cash Flow | ||||||
| Free Cash Flow | -5.91B | 21.97B | 7.67B | 18.53B | 10.09B | 17.08B |
| Operating Cash Flow | 24.48B | 24.32B | 19.05B | 22.57B | 24.56B | 20.90B |
| Investing Cash Flow | -33.17B | -6.06B | -10.91B | -4.57B | -14.90B | -3.95B |
| Financing Cash Flow | 2.78B | -18.52B | -4.53B | -11.10B | -17.14B | -18.51B |
Daiwa Office Investment Corporation Technical Analysis
Negative
374500.00
Price Trends
315928.00
Negative
319471.94
Negative
334340.68
Negative
Market Momentum
-6437.59
Positive
29.06
Positive
20.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8976, the sentiment is Negative. The current price of 374500 is above the 20-day moving average (MA) of 300795.00, above the 50-day MA of 315928.00, and above the 200-day MA of 334340.68, indicating a bearish trend. The MACD of -6437.59 indicates Positive momentum. The RSI at 29.06 is Positive, neither overbought nor oversold. The STOCH value of 20.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:8976.
Daiwa Office Investment Corporation Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥135.92B | 17.76 | ― | 5.66% | -17.50% | -15.10% | |
71 Outperform | ¥774.24B | 20.77 | 6.70% | 4.79% | -1.30% | -3.43% | |
63 Neutral | ¥490.73B | 18.24 | ― | 5.47% | 5.25% | 19.44% | |
62 Neutral | ¥273.79B | 17.79 | ― | 5.34% | 23.62% | 10.38% | |
62 Neutral | ¥1.05T | 23.76 | 5.88% | 4.16% | -21.35% | -7.99% | |
60 Neutral | ¥201.17B | 16.66 | ― | 5.76% | 19.76% | 7.95% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
JP:8976
Daiwa Office Investment Corporation
292,900.00
-50,443.56
-14.69%
JP:8952
Japan Real Estate Investment
106,300.00
-12,475.24
-10.50%
JP:8951
Nippon Building
118,800.00
-14,204.97
-10.68%
JP:3295
Hulic Reit, Inc.
139,700.00
-19,284.89
-12.13%
JP:8954
ORIX JREIT Inc.
88,900.00
-5,816.35
-6.14%
JP:8975
Ichigo Office REIT Investment Corporation
89,900.00
1,517.15
1.72%
Daiwa Office Investment Corporation Corporate Events
Daiwa Office REIT Rolls Over ¥6.5 Billion Debt Into Long-Term Loans
Aug 25, 2026
Daiwa Office Investment Corporation has arranged new bank borrowings totaling ¥6.5 billion, primarily with major Japanese lenders including Sumitomo Mitsui, Mizuho, MUFG, The Yamaguchi Bank, and Kansai Mirai Bank. The loans, structured as uns...
Daiwa Office REIT Completes Buyback and Plans Unit Cancellation Ahead of Split
Aug 25, 2026
Daiwa Office Investment Corporation has completed a share buyback program of its own investment units authorized by its board on July 17, 2026. The REIT acquired 2,284 units in August for 748.1 million yen, bringing total purchases over the full p...
Daiwa Office REIT Advances Own-Unit Buyback Under Board-Approved Program
Aug 3, 2026
Daiwa Office Investment Corporation has disclosed the progress of its ongoing buyback program for its own investment units, reporting the acquisition of 2,199 units in July 2026 for a total of ¥751.6 million. The purchases were conducted on t...
Daiwa Office Investment Withdraws One Credit Rating While Keeping AA Grade
Jul 24, 2026
Daiwa Office Investment Corporation has requested the withdrawal of its AA- issuer rating, with a stable outlook, from Rating and Investment Information, Inc., citing a comprehensive review of the costs and benefits of maintaining multiple credit ...
Daiwa Office Investment Renews ¥3 Billion Commitment Line with Daiwa Next Bank
Jul 17, 2026
Daiwa Office Investment Corporation has entered into a new commitment line agreement totaling 3,000 million yen with Daiwa Next Bank, Ltd., coinciding with the upcoming expiry of an existing facility of the same size. The unsecured, unguaranteed l...
Daiwa Office REIT Moves to Update Governance and Environmental Provisions Ahead of Unitholders Meeting
Jul 17, 2026
Daiwa Office Investment Corporation has proposed amendments to its Articles of Incorporation and key board appointments ahead of its 14th General Meeting of Unitholders on August 25, 2026. The changes are designed to align the REIT with recent ind...
Daiwa Office REIT to Quadruple Units in Liquidity-Driven Split
Jul 17, 2026
Daiwa Office Investment Corporation will implement a four-for-one split of its investment units, with a record date of November 30, 2026 and an effective date of December 1, 2026. The move is designed to lower the investment threshold for individu...
Daiwa Office Investment Launches Unit Buyback and Cancellation Program
Jul 17, 2026
Daiwa Office Investment Corporation has approved a buyback of up to 7,000 of its own investment units, representing about 0.75% of units outstanding, with a maximum acquisition cost of ¥1.5 billion between July 21 and November 12, 2026. The b...
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.