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Starts Proceed Investment Corporation
(8979)
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Rating:59Neutral
Price Target:
¥190,713
▼(-5.12% Downside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid underlying profitability and a stable balance sheet, offset by sharp declines in revenue and free cash flow. Technical signals are notably weak (below key moving averages with negative MACD), while valuation is supported by a strong dividend yield but tempered by a mid-to-higher P/E given the recent financial slowdown.
Positive Factors
High profitability and margins
The company reports consistently high gross and net profit margins, which provide durable earnings power and an ability to cover operating costs and interest. Strong margins support distribution capacity and resilience through cyclical rental fluctuations, underpinning medium-term cash generation.
Negative Factors
Sharp revenue decline
A 24.73% revenue decline is a structural red flag: it reduces net operating income scale and may signal occupancy, rate or leasing issues. Sustained revenue contraction erodes the base for distributions, limits reinvestment, and could force asset disposals or higher leverage to maintain payouts.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
The company reports consistently high gross and net profit margins, which provide durable earnings power and an ability to cover operating costs and interest. Strong margins support distribution capacity and resilience through cyclical rental fluctuations, underpinning medium-term cash generation.
Read all positive factors
Starts Proceed Investment Corporation (8979) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥51.11B
Dividend Yield5.08%
Average Volume (3M)509.00
Price to Earnings (P/E)21.3
Beta (1Y)0.11
Revenue Growth-3.85%
EPS Growth-9.62%
CountryJP
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryREIT - Residential
Share Statistics
EPS (TTM)8835.10
Shares Outstanding272,415
10 Day Avg. Volume377
30 Day Avg. Volume509
Financial Highlights & Ratios
PEG Ratio-4.04
Price to Book (P/B)1.20
Price to Sales (P/S)7.51
P/FCF Ratio11.31
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)6,938.5
Revenue Forecast (FY)¥5.63B
Starts Proceed Investment Corporation Business Overview & Revenue Model
Company Description
Starts Proceed Investment Corporation with 150 million yen in capital (750 units) based on the Act on Investment Trusts and Investment Corporations. Starts Proceed Investment Corporation completed registration with the Kanto Local Finance Bureau b...
How the Company Makes Money
The company makes money primarily by earning rental and leasing income from the real estate properties it owns (or has beneficial interests in), and by managing property-level operating costs to generate net property income. Additional earnings ca...
Starts Proceed Investment Corporation Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.98B | 7.47B | 7.53B | 7.21B | 6.57B | 6.34B |
| Gross Profit | 2.03B | 2.19B | 4.41B | 4.11B | 3.77B | 3.58B |
| EBITDA | 4.67B | 4.71B | 4.71B | 4.54B | 4.17B | 4.03B |
| Net Income | 2.41B | 2.59B | 2.79B | 2.63B | 2.50B | 2.34B |
Balance Sheet | ||||||
| Total Assets | 104.33B | 101.72B | 103.83B | 103.44B | 90.63B | 90.26B |
| Cash, Cash Equivalents and Short-Term Investments | 3.89B | 3.88B | 1.26B | 1.19B | 1.43B | 1.56B |
| Total Debt | 55.95B | 53.25B | 53.26B | 52.85B | 45.65B | 45.65B |
| Total Liabilities | 57.75B | 55.01B | 55.01B | 54.59B | 47.14B | 46.92B |
| Stockholders Equity | 46.59B | 46.70B | 48.82B | 48.85B | 43.48B | 43.34B |
Cash Flow | ||||||
| Free Cash Flow | -411.95M | 4.96B | 2.45B | -9.74B | 2.31B | 2.71B |
| Operating Cash Flow | 4.10B | 6.49B | 7.29B | 5.02B | 7.25B | 4.68B |
| Investing Cash Flow | -4.53B | -1.55B | -4.88B | -14.68B | -5.00B | -1.99B |
| Financing Cash Flow | -115.58M | -4.74B | -2.41B | 9.92B | -2.37B | -2.58B |
Starts Proceed Investment Corporation Technical Analysis
Positive
201000.00
Price Trends
186014.00
Positive
188457.91
Positive
195075.47
Negative
Market Momentum
246.11
Negative
58.12
Neutral
45.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8979, the sentiment is Positive. The current price of 201000 is above the 20-day moving average (MA) of 185085.00, above the 50-day MA of 186014.00, and above the 200-day MA of 195075.47, indicating a neutral trend. The MACD of 246.11 indicates Negative momentum. The RSI at 58.12 is Neutral, neither overbought nor oversold. The STOCH value of 45.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8979.
Starts Proceed Investment Corporation Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ¥228.34B | 16.98 | 7.17% | 5.42% | 41.67% | 1.13% | |
65 Neutral | ¥420.16B | 22.81 | 7.49% | 4.24% | 9.83% | 21.66% | |
61 Neutral | ¥245.95B | 23.87 | ― | 3.47% | 12.95% | 6.80% | |
59 Neutral | ¥51.11B | 21.27 | ― | 5.00% | -3.85% | -9.62% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
JP:8979
Starts Proceed Investment Corporation
187,800.00
-496.83
-0.26%
JP:3269
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JP:8986
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One REIT. Inc.
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-10.63%
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Samty Residential Investment Corp.
91,900.00
-11,577.48
-11.19%
Starts Proceed Investment Corporation Corporate Events
Starts Proceed REIT details 41st-period results and outlines new management policy
Jun 26, 2026
Starts Proceed Investment Corporation reported highlights for its 41st fiscal period, covering the six months ended April 30, 2026, including financial results, distribution trends, leverage metrics and portfolio performance. The briefing detailed...
Starts Proceed Slightly Raises Earnings and Distribution Outlook for October 2026
Jun 15, 2026
Starts Proceed Investment Corporation has slightly raised its management and distribution forecasts for the fiscal period ending October 2026, reflecting an improved earnings outlook. The REIT now expects modest increases in operating revenue, inc...
Starts Proceed REIT Posts Steady Results and Projects Higher Near-Term Payouts
Jun 15, 2026
Starts Proceed Investment Corporation reported modest performance for its 41st fiscal period ended April 30, 2026, with operating revenue edging up 0.5% to ¥3,661 million, while operating and ordinary income dipped slightly and net income dec...
Starts Proceed Investment Corporation Locks In Fixed Rate on Term Loan via Interest Rate Swap
May 20, 2026
Starts Proceed Investment Corporation has fixed the interest rate on a previously announced term loan by concluding an interest rate swap with Resona Bank, converting a floating-rate borrowing of 2,160 million yen into an effective fixed rate of 2...
Starts Proceed REIT Refinances ¥4.32 Billion Loan and Hedges Rate Risk
May 19, 2026
Starts Proceed Investment Corporation will refinance 4.32 billion yen of borrowings maturing on May 22, 2026 by arranging two new floating-rate term loans totaling the same amount with a syndicate of Japanese banks. The new facilities, a four-year...
Starts Proceed Lifts FY2026 Forecast on Real Estate Disposition Gains
May 7, 2026
Starts Proceed Investment Corporation has revised upward its management and distribution forecasts for the fiscal period ending October 2026, reflecting stronger expected performance from its domestic real estate portfolio. The REIT now projects h...
Starts Proceed to Sell Aging Tokyo Rental Asset in Portfolio Shift
May 7, 2026
Starts Proceed Investment Corporation has agreed to dispose of its trust beneficiary interest in the rental housing property Proceed Nishikasai in Tokyo for ¥1.176 billion to a domestic limited liability company, with closing scheduled for Oc...
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.